Fidelity Global Emerging Markets Fund
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Investment objective

To achieve returns in excess of the MSCI Emerging Markets Index NR over the suggested minimum investment time period of seven years plus.

Invests in a concentrated portfolio of typically 30 to 50 companies in emerging markets. The fund favours those companies that have a track record of robust corporate governance.  

A rigorous bottom-up stock selection process that focuses on companies that we believe are well positioned to generate returns through market cycles and have demonstrated a track record of strong corporate governance.

A portfolio construction process based on conviction of quality and returns over time, with no reference to an underlying index.

Key facts

About this fund
Unit prices (at 09/12/19) Buy 18.5150 / Sell 18.3674 Unit price history
Buy/sell spread 0.40%/0.40%
Management costs1 0.99% p.a. Fee disclosure document
Fund size (at 09/12/19) A$119.78M
Inception date 16 December 2013
Distribution frequency Annually
Currency Australian dollar
Benchmark MSCI Emerging Markets Index NR
About the manager
Portfolio manager Alex Duffy
Appointed to fund 16 December 2013
Location London
Joined Fidelity 2004
Unique identifiers
APIR code FID0031AU
ARSN code 165837150
mFund code FIL31

Fund performance2

Net returns as at 30 November 2019

Timeframe Fund Benchmark Active return
1 yr % 30.12 15.82 14.30
3 yr % pa 18.02 12.26 5.76
5 yr % pa 11.94 8.03 3.91
Since inception (16/12/13) % pa 11.63 8.26 3.37
Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
Since inception
(16/12/13) % pa
Fund 30.12 18.02 11.94 11.63
Benchmark 15.82 12.26 8.03 8.26
Active return 14.30 5.76 3.91 3.37

Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI Emerging Markets Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.

The chart below represents the value now of $10,000 invested in the Fidelity Global Emerging Markets Fund in December 2013 compared with $10,000 invested in the MSCI Emerging Markets Index NR. 

    Fidelity Global Emerging Markets Fund
    0
    MSCI Emerging Markets Index NR
    0

    Chart as at: 30 November 2019

    Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI Emerging Markets Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.

    Net as at 30 November 2019

    Total return Growth Income
    1 yr % 30.12 28.74 1.38
    3 yr % pa 18.02 17.02 1
    5 yr % pa 11.94 10.88 1.06
    Since inception (16/12/13) % pa 11.63 10.7 0.93
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (16/12/13) % pa
    Total return 30.12 18.02 11.94 11.63
    Growth 28.74 17.02 10.88 10.7
    Income 1.38 1 1.06 0.93

    Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.

    Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI Emerging Markets Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.

    Sectors, holdings and distributions

    As at 31 October 2019

    As at 31 October 2019

    % total net assets
    TAIWAN SEMICONDUCTR MFG CO LTD 5.2%
    BANK CENTRAL ASIA TBK PT 5.0%
    AIA GROUP LTD 5.0%
    HDFC BANK LTD 4.2%
    SAMSUNG ELECTRONICS CO LTD 3.5%
    TECHTRONIC INDUSTRIES CO LTD 3.3%
    LOJAS RENNER SA 3.2%
    LI NING CO LTD 3.1%
    TATA CONSULTANCY SERVICES LTD 3.0%
    CLICKS GROU LTD 3.0%

    As at 31 October 2019

    Fund % Benchmark % Relative %
    AIA GROUP LTD 5.0 0.0 5.0
    BANK CENTRAL ASIA TBK PT 5.0 0.4 4.6
    HDFC BANK LTD 4.2 0.0 4.2
    TECHTRONIC INDUSTRIES CO LTD 3.3 0.0 3.3
    LOJAS RENNER SA 3.2 0.2 3.0

    As at 31 October 2019

    Fund % Benchmark % Relative %
    TENCENT HLDGS LTD 0.9 4.2 - 3.3
    ALIBABA GROUP HOLDING LTD 2.3 4.5 - 2.2
    CHINA CONSTRUCTION BANK 0.0 1.4 - 1.4
    PING AN INS GROUP CO CHINA LTD 0.0 1.3 - 1.3
    NASPERS LTD 0.0 1.1 - 1.1
    Distribution Distribution (CPU) Reinvestment price
    28-Jun-19 18.413 $17.1658

    CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed. 

    Fund ratings3

    Organisation Rating / Recommendation
    Lonsec
    Rated4
    The Lonsec Report is only available to financial advisers, please contact us for a copy.
    Morningstar Bronze5
    Zenith Highly Recommended6
     

    From the desk of Alex Duffy

    Sign up for Alex's insights on emerging markets

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    Amit Lodha

    Related insights

    This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.

    1Management costs are current as at the date of publication of this website. These fees may be subject to change in the future.

    2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed. 

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    4The Lonsec Rating (assigned April 2019) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    5© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned March 2019. 

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned October 2019) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines

    Why this fund

    Access to a prudent, focused investment process designed to provide investors with attractive returns over time.

    A strong track record backed by more than 20 years' experience investing in emerging markets, informed by over 50 on-the-ground analysts.

    A concentrated portfolio with low turnover and a patient approach which allows opportunities time to come to fruition.

    Meet Alex Duffy

    Alex Duffy, Portfolio Manager of the Fidelity Global Emerging Markets Fund outlines how he approaches investing and why emerging markets are so unique.

    More insights

    Related insights

    From the desk of Alex Duffy

    Sign up for Alex's insights on emerging markets

    Subscribe 

    Amit Lodha

    Awards6

    This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.

    1Management costs are current as at the date of publication of this website. These fees may be subject to change in the future.

    2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed. 

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    4The Lonsec Rating (assigned April 2019) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    5© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned March 2019. 

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned October 2019) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines