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
Fund performance2
Net returns as at 30 September 2020
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 9.71 | 4.02 | 5.69 |
| 3 yr % pa | 12.30 | 5.55 | 6.75 |
| 5 yr % pa | 12.54 | 8.52 | 4.02 |
| Since inception (16/12/13) % pa | 10.76 | 7.25 | 3.51 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (16/12/13) % pa |
|---|---|---|---|---|
| Fund | 9.71 | 12.30 | 12.54 | 10.76 |
| Benchmark | 4.02 | 5.55 | 8.52 | 7.25 |
| Active return | 5.69 | 6.75 | 4.02 | 3.51 |
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.
Chart as at: 30 September 2020
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 September 2020
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 9.71 | 9.01 | 0.7 |
| 3 yr % pa | 12.3 | 11.55 | 0.75 |
| 5 yr % pa | 12.54 | 11.51 | 1.03 |
| Since inception (16/12/13) % pa | 10.76 | 9.85 | 0.91 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (16/12/13) % pa |
|
|---|---|---|---|---|
| Total return | 9.71 | 12.3 | 12.54 | 10.76 |
| Growth | 9.01 | 11.55 | 11.51 | 9.85 |
| Income | 0.7 | 0.75 | 1.03 | 0.91 |
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 30 September 2020
As at 30 September 2020
| % total net assets | |
|---|---|
| TAIWAN SEMICONDUCTR MFG CO LTD | 6.0% |
| AIA GROUP LTD | 5.0% |
| TECHTRONIC INDUSTRIES CO LTD | 4.1% |
| ALIBABA GROUP HOLDING LTD | 3.9% |
| HDFC BANK LTD | 3.9% |
| LI NING CO LTD | 3.9% |
| MIDEA GROUP CO LTD | 3.8% |
| NASPERS LTD | 3.5% |
| BANK CENTRAL ASIA TBK PT | 3.4% |
| SAMSUNG ELECTRONICS CO LTD | 3.4% |
As at 30 September 2020
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| AIA GROUP LTD | 5.0 | 0.0 | 5.0 |
| TECHTRONIC INDUSTRIES CO LTD | 4.1 | 0.0 | 4.1 |
| HDFC BANK LTD | 3.9 | 0.0 | 3.9 |
| MIDEA GROUP CO LTD | 3.8 | 0.0 | 3.8 |
| LI NING CO LTD | 3.9 | 0.2 | 3.7 |
As at 30 September 2020
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| ALIBABA GROUP HOLDING LTD | 3.9 | 8.7 | - 4.7 |
| TENCENT HLDGS LTD | 2.3 | 5.9 | - 3.6 |
| MEITUAN DIANPING | 0.0 | 1.7 | - 1.7 |
| RELIANCE INDUSTRIES LTD | 0.0 | 1.4 | - 1.4 |
| PING AN INS GROUP CO CHINA LTD | 0.0 | 1.1 | - 1.1 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 30-Sep-20 | 0.0000 | $0.0000 |
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 downloads
- Additional Information
- Quarterly top 10 holdings(898.70KB)
- Infographic: Global emerging markets(317.80KB)
- The case for emerging markets(493.46KB)
- Product Disclosure Statement(113.74KB)
- Fund flyer(511.20KB)
- Application form(651.23KB)
- Fund fact sheet(83.01KB)
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 |
Category winner: International Equities - Emerging Markets and Regional7
2020 Money magazine Best of the Best award8
Morningstar 2020 Australia Fund Manager of the Year9
Related insights
What happens when the stimulus finally ends?
As an emerging market investor, Alex Duffy has seen it all. But with the current level of government debt skyrocketing, what can investors expect once the stimulus ends? Will this policy response lead to inflation down the road?
EM poised to benefit from accelerating trends
Emerging markets (EM) have been growing rapidly in recent years. In fact, they now contribute over 50% of global growth and are expected to contribute over 60% by 2022. Once dominated by agriculture and heap manufacturing, EM countries are today home to some of the world’s fastest-growing economies and most innovative companies.
The structural impacts of COVID
Brazil is looking to near double the share of online retail penetration once we see the other side of the COVID economy. This dramatic shift we are seeing as business adapt and evolve will have far-reaching implications not just for markets, but politics and our social fabric. Portfolio Manager, Alex Duffy shares his thoughts.
Alex Duffy on Fidelity's COVID working group
What is the Fidelity COVID working group and how does it keep our investment teams ahead of the curve? Find out with Portfolio Manager Alex Duffy.
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.
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.
Related insights
What happens when the stimulus finally ends?
As an emerging market investor, Alex Duffy has seen it all. But with the current level of government debt skyrocketing, what can investors expect once the stimulus ends? Will this policy response lead to inflation down the road?
EM poised to benefit from accelerating trends
Emerging markets (EM) have been growing rapidly in recent years. In fact, they now contribute over 50% of global growth and are expected to contribute over 60% by 2022. Once dominated by agriculture and heap manufacturing, EM countries are today home to some of the world’s fastest-growing economies and most innovative companies.
The structural impacts of COVID
Brazil is looking to near double the share of online retail penetration once we see the other side of the COVID economy. This dramatic shift we are seeing as business adapt and evolve will have far-reaching implications not just for markets, but politics and our social fabric. Portfolio Manager, Alex Duffy shares his thoughts.
Alex Duffy on Fidelity's COVID working group
What is the Fidelity COVID working group and how does it keep our investment teams ahead of the curve? Find out with Portfolio Manager Alex Duffy.
Past insights from Alex
- The China challenge - May 2019(128.90KB)
- From the desk of Alex Duffy - The China challenge(8.68KB)
- Assessing the real impacts - January 2019(237.20KB)
- A comment on portfolio construction - May 2018(79.62KB)
- Opportunities abound: Technology adaption - July 2018(268.32KB)
- The new 'Nifty Fifty'? - August 2017(191.80KB)
Awards6
The Fidelity Future Leaders Fund was awarded the Money Management Fund Manager of the Year - Australian Small/Mid Cap Equities - Highly Commended - 20201 at the annual awards on 30 July 2020.
The awards use a combination of FE fundinfo’s quantitative fund data with the expertise of Money Management’s recognised research partners, Lonsec, Mercer, SQM Research and industry partner, IOOF to select winners.
The Fidelity Global Emerging Markets Fund won the Money Management Fund Manager of the Year - Global Emerging Market Equities - Winner - 20201 at the annual awards on 30 July 2020.
The awards use a combination of FE fundinfo’s quantitative fund data with the expertise of Money Management’s recognised research partners, Lonsec, Mercer, SQM Research and industry partner, IOOF to select winners.
Fidelity International has won two categories at the 2019 Zenith Fund Award - International equities – emerging markets & regional and Australian equities - small cap4. Fidelity was also a finalist for Fund Manager of the Year.
The annual awards were held in Sydney on 11 October 2019. The award points to the skill and expertise of Fidelity’s investment team across Fidelity’s Future Leaders Fund, Asia Fund, and Global Emerging Markets Fund. It is awarded in the name of Fidelity rather than to a specific fund.
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.