Morningstar Fund Report  | 05/04/2025Print

Fidelity Funds - Emerging Markets Fund A-DIST-USD

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Fidelity Funds - Emerging Markets Fund A-DIST-USD
Fund1.0-25.81.16.3-2.5
+/-Cat2.5-13.7-3.0-1.8-1.8
+/-B’mrk1.9-17.9-2.8-2.7-1.6
 
Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD
Key Stats
NAV
04/04/2025		 USD 26.69
Day Change -4.26%
Morningstar Category™ Global Emerging Markets Equity
ISIN LU0048575426
Fund Size (Mil)
28/02/2025		 USD 2976.70
Share Class Size (Mil)
04/04/2025		 USD 666.54
Max Initial Charge 5.25%
Ongoing Charge
30/07/2024		  1.92%
Morningstar Research
Analyst Report17/07/2024
Lena Tsymbaluk, Associate Director
Morningstar, Inc

The Fidelity Emerging Markets strategy boasts an experienced portfolio manager, substantial resources and an established approach highlighting the firm's best EM ideas. The clean Y share class retains its Morningstar Analyst Rating of Silver. The...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent24
Process25
Performance
Price
Investment Objective: Fidelity Funds - Emerging Markets Fund A-DIST-USD
The fund aims to achieve capital growth over time. The fund invests at least 70% (and normally 75%) of its assets, in equities of companies with activities in areas experiencing rapid economic growth including countries and emerging markets in Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The fund may also invest in money market instruments on an ancillary basis. The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate). In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors.
Returns
Trailing Returns (GBP)04/04/2025
YTD-9.55
3 Years Annualised-5.93
5 Years Annualised2.63
10 Years Annualised2.14
12 Month Yield 0.63
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Nick Price
02/12/2019
Chris Tennant
30/06/2024
Inception Date
18/10/1993

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM NR USDMorningstar EM TME NR USD
Portfolio Profile for  Fidelity Funds - Emerging Markets Fund A-DIST-USD28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.670.0099.67
Bond0.010.000.01
Property0.000.000.00
Cash1.270.960.31
Other0.000.000.00
Top 5 Regions%
Asia - Emerging39.85
Asia - Developed19.96
Africa14.26
Latin America12.36
Europe - Emerging4.11
Top 5 Sectors%
Technology26.61
Financial Services26.46
Consumer Cyclical16.30
Communication Services10.78
Industrials6.26
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology9.33
Naspers Ltd Class NCommunication ServicesCommunication Services8.78
Kaspi.kz JSC ADSTechnologyTechnology4.00
Samsung Electronics Co LtdTechnologyTechnology3.75
HDFC Bank LtdFinancial ServicesFinancial Services3.48
Increase Decrease New since last portfolio
Fidelity Funds - Emerging Markets Fund A-DIST-USD
Growth Of 1000 (GBP) 31/03/2025
Fund:  Fidelity Funds - Emerging Markets Fund A-DIST-USD
Category:  Global Emerging Markets Equity
Category Index:  Morningstar EM TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-15.7123.1522.621.03-25.771.146.32-2.50
+/- Category-4.438.888.562.48-13.71-2.97-1.79-1.82
+/- Category Index-8.248.798.731.89-17.93-2.84-2.69-1.62
% Rank in Category896132898717081
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-4.26   -1.83-2.06
1 Week-8.33   -4.20-4.55
1 Month-7.09   -3.75-4.32
3 Months-10.85   -7.15-7.49
6 Months-13.08   -6.89-6.68
YTD-9.55   -6.74-6.91
1 Year-11.77   -12.53-14.32
3 Years Annualised-5.93   -6.62-7.32
5 Years Annualised2.63   -4.08-4.90
10 Years Annualised2.14   -2.08-3.10
 
Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-2.50---
20247.222.98-3.01-0.72
20232.02-1.55-0.901.62
2022-15.57-7.57-6.121.31
20213.023.23-5.180.19
2020-19.0118.4710.7515.40
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearLowBelow Average1 star
5-YearBelow AverageAverage2 star
10-YearBelow AverageAverage2 star
OverallBelow AverageAverage2 star
 
Category :  Global Emerging Markets EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev13.01 %
3-Yr Mean Return-1.89 %
 
3-Yr Sharpe Ratio-0.46
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM TME NR USD  MSCI AC Asia Pacific NR USD
3-Yr Beta0.981.00
3-Yr Alpha-4.86-5.99
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 35529-
Market Capitalisation% of Equity
Giant48.50
Large34.66
Medium12.52
Small4.32
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings11.911.00
Price/Book2.001.21
Price/Sales2.351.57
Price/Cash Flow7.621.19
Dividend-Yield Factor2.800.88
 
Long-Term Projected Earnings Growth12.961.23
Historical Earnings Growth13.012.34
Sales Growth4.951.08
Cash-Flow Growth17.363.71
Book-Value Growth5.090.58
 
Category: Global Emerging Markets Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.670.0099.67
Bond0.010.000.01
Property0.000.000.00
Cash1.270.960.31
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States2.072.47
Canada1.1110.07
Latin America12.361.35
United Kingdom1.183.89
Eurozone3.492.72
Europe - ex Euro0.000.00
Europe - Emerging4.111.86
Africa14.264.14
Middle East1.610.33
Japan0.000.00
Australasia0.00-
Asia - Developed19.960.69
Asia - Emerging39.850.82
 
Category: Global Emerging Markets Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials6.011.39
Consumer CyclicalConsumer Cyclical16.301.11
Financial ServicesFinancial Services26.461.09
Real EstateReal Estate1.700.88
Consumer DefensiveConsumer Defensive4.660.98
HealthcareHealthcare1.170.33
UtilitiesUtilities0.060.04
Communication ServicesCommunication Services10.781.04
EnergyEnergy0.000.00
IndustrialsIndustrials6.260.96
TechnologyTechnology26.611.07
 
Category: Global Emerging Markets Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings101
Total Number of Bond Holdings1
Assets in Top 10 Holdings41.78
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan9.33
Naspers Ltd Class N308South Africa8.78
Kaspi.kz JSC ADS311Kazakhstan4.00
Samsung Electronics Co Ltd311Korea, Republic Of3.75
HDFC Bank Ltd103India3.48
ANTA Sports Products Ltd102China2.78
PT Bank Central Asia Tbk103Indonesia2.63
Grupo Mexico SAB de CV Class B101Mexico2.53
ICICI Bank Ltd ADR103India2.26
Grupo Aeroportuario del Pacifico SAB ... 310Mexico2.25
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity
 
Management
Name of CompanyFidelity (FIL Inv Mgmt (Lux) S.A.)
Phone+ 352 250 404 2400
Websitewww.fidelity-international.com
Address2a, rue Albert Borschette
 Luxembourg   L-1246
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date18/10/1993
Fund Advisor(s)
FIL Fund Management Limited
Fund ManagerNick Price
Manager Start Date02/12/2019
Education
University of Natal, B.S.
 
Biography
Nick Price is Fidelity’s primary Global Emerging Market (GEM) and Emerging EMEA equity portfolio manager. He joined Fidelity in January 1998 as a research analyst before being selected as the assistant portfolio manager for Fidelity’s flagship European Growth Fund in 2004. He launched the team’s first EMEA portfolio in late 2005 and was later appointed to manage Fidelity’s GEM strategies in mid 2009. Before joining Fidelity, Nick worked for a variety of investment banks in London and prior to that, worked as a Senior Auditor for PriceWaterhouse in Johannesburg. Nick holds a Bachelor of Commerce and Diploma in Accounting from the University of Natal, is a Member of the South African Institute of Chartered Accountants and is a CFA Charterholder.
Fund ManagerChris Tennant
Manager Start Date30/06/2024
 
Biography
Chris Tennant, Co-Portfolio Manager for the FAST-Emerging Markets strategy, joined Fidelity in January 2011 as an Equity Analyst, covering European Transportation. In October 2012, he rotated onto the London based EM team to cover EMEA and Latin America Metals & Mining stocks. In January 2015, Chris was chosen by Nick to undertake a newly created EM shorting analyst role. Since then, they have worked in close partnership to identify opportunities for the short book, initially focused EMEA and Latin America. In July 2019, Chris was appointed to an as Assistant Portfolio Manager on the FAST-Emerging Markets strategy, before his subsequent promotion to Co-Portfolio Manager in 2021. In this role, Chris’ primarily focus remains on the short book. He continues to work in conjunction with the wider team of short analysts contributing to the strategy. In parallel with these responsibilities Chris is a member of the Emerging EMEA and Latin America Equities portfolio management teams. Chris has spent his entire career at Fidelity. He holds a master’s degree in Engineering from Imperial College London.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.25%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.92%
Purchase Details
Minimum Investments
Initial2500  USD
Additional1000  USD
Savings-
Tax Free Savings Schemes
ISAsYes