June 2019 Quarterly top 10 fund holdings
The Fidelity Global Emerging Markets Fund invests in a portfolio of 30–50 emerging markets securities that we believe are positioned to generate return through market cycles and have demonstrated a track record of strong corporate governance. Fidelity Global Emerging Markets Fund quarterly top 10 holdings provides a high-level snapshot of companies held in the portfolio as at 30 June 2019.
Fidelity Global Emerging Markets Fund quarterly top 10 holdings*
AIA Group has its headquarters in Hong Kong and is the largest independent publicly listed pan-Asia life insurance group, which has a presence in 18 markets and a market capitalisation of US$130 billion. AIA Group services holders of over 33 million individual policies and 16 million participating members of group insurance schemes (four million of whom are Australians).
HDFC Bank is the largest private bank in India, focused on non-mortgage retail lending. It has an impeccable track record and it benefits from an excellent management team. Founded in 1994 and based in Mumbai, India, it has a market capitalisation of US$98 billion.
Taiwan Semiconductor Manufacturing Company (TSMC) has been at the forefront of chip design since the early 1980s and today produces chips for some of the largest clients in the world, for example, Apple. As the name of the company suggests, its headquarters are in Taiwan. Its market capitalisation is US$208 billion.
Housing Development Finance is the largest housing finance company in India, providing services to individuals and corporate customers. It also provides cross-selling products and services such as investment advisory, life, travel, health and general insurance. The company operates through a network of 546 outlets and three representative offices in Dubai, London and Singapore. It has a market capitalisation of US$56 billion.
Li-Ning Company is one of the leading sports brand companies in China with a market capitalisation of US$5.4 billion. Founded by world-class gymnast Mr Li Ning, the company also manufactures and sells various sports products including Double Happiness (table tennis), AIGLE (outdoor sports), Danskin (fashionable fitness products for dance and yoga) and Kason (badminton), which are operated through joint venture/associate with third parties of the group.
Techtronic Industries is a power tool manufacturer operating predominantly in China and selling to the US, Europe and globally. Headquartered in Hong Kong, brands covered include, among others, AEG, RYOBI and HOMELITE. It also provides cleaning solutions under the HOOVER brand, machines and air purifiers under the ORECK brand and various floor care categories. Its market capitalisation is US$14 billion.
Lojas Renner SA is the largest fashion retailer in Brazil and covers Renner, Camicado, Youcom and Ashua stores, as well as the Realise operation. Its market capitalisation is US$9.6 billion. Operating in Uruguay, Renner announced it is opening retail stores in Argentina during 2019.
Tata Consultancy Services is an Indian multinational IT service and consulting company headquartered in Mumbai, India. It is a subsidiary of the Tata Group and it operates in 149 locations across 45 countries. Its market capitalisation is US$8.3 billion.
China Mengniu Dairy Company is the second-largest dairy producer in China, with a leading position in high-end UHT and chilled yoghurt. It was founded in 1999 in Hong Kong and has a market capitalisation of US$15 billion.
Why Fidelity for emerging markets?
Fidelity has been on-the-ground investing in emerging markets for more than 20 years. We use our rigorous research to find the winners of tomorrow – we focus on companies that we believe are well positioned to generate returns through market cycles and have demonstrated a track record of robust corporate governance. Emerging market equities don’t just offer Australian investors growth potential, they also increasingly offer genuine diversity and possible protection from an economic downturn in the developed world.
* Fidelity Global Emerging Markets Fund Quarterly Report Top 10 holdings and Fidelity Global Emerging Markets Fund (Managed Fund) FEMX Quarterly Report Top 10 holdings as at 30 June 2019. Bloomberg market capitalisation as at 1 July 2019.
“ We really get up close and personal with a huge number of companies in EMEA, Latin America and Asia. I think the best way we can add value to clients is to know these companies in detail and find those good businesses and manage the volatility accordingly.” Alex Duffy, Portfolio Manager, Fidelity Global Emerging Markets Fund since 2013
Important information: All figures are as at 31 December 2018, taken from Company websites and annual reports unless otherwise stated. Generally, a minimum of 70% of the portfolio will be invested in securities which are either incorporated in or listed in an emerging market, or where a company generates at least 50% of revenues, profits or has substantial assets in emerging markets. The remaining maximum limit of 30% will constitute up to 20% in frontier market securities and up to an additional 10% in companies that FREAL deems to have exposure to emerging markets. Cash: 0% to 10% Derivatives: 0% to 10%. This document is issued by FIL Responsible Entity (Australia) Limited ABN 33 148 059 009, AFSL No. 409340 (‘Fidelity Australia’). Fidelity Australia is a member of the FIL Limited group of companies commonly known as Fidelity International. Prior to making an investment decision, retail investors should seek advice from their financial adviser. This document has been prepared without taking into account your objectives, financial situation or needs. You should consider these matters before acting on the information. You should also consider the relevant Product Disclosure Statements (‘PDS’) for any Fidelity Australia product mentioned in this document before making any decision about whether to acquire the product. The PDS can be obtained by contacting Fidelity Australia on 1800 119 270 or by downloading it from our website at www.fidelity.com.au. Investments in overseas markets can be affected by currency exchange and this may affect the value of your investment. Investments in small and emerging markets can be more volatile than investments in developed markets. This document may include general commentary on market activity, sector trends or other broadbased economic or political conditions that should not be taken as investment advice. Information stated herein about specific securities is subject to change. Any reference to specific securities should not be taken as a recommendation to buy, sell or hold these securities. While the information contained in this document has been prepared with reasonable care, no responsibility or liability is accepted for any errors or omissions or misstatements however caused. This document is intended as general information only. The document may not be reproduced or transmitted without prior written permission of Fidelity Australia. The issuer of Fidelity’s managed investment schemes is FIL Responsible Entity (Australia) Limited ABN 33 148 059 009. © 2019 FIL Responsible Entity (Australia) Limited. Fidelity, Fidelity International and the Fidelity International logo and F symbol are trademarks of FIL Limited.
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