Fidelity Global Emerging Markets Performance Review | News

What is the Fidelity Global Emerging Markets fund?

Fidelity Global Emerging Markets aims to achieve returns in excess of the MSCI Emerging Markets Index over the suggested minimum investment time period of seven years plus.

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Latest News & Updates For Fidelity Global Emerging Markets

Fidelity Global Emerging Markets Fund Commentary December 31, 2022

During the quarter, the Fund delivered 5.9% while the MSCI Emerging Markets Index delivered 4.0%. At the sector and country level, stock picking added value. Here, financials and consumer staples were among the top contributors to returns. From a country perspective, Hong Kong and Taiwan added value. Security selection in Hong Kong and China aided relative returns Selected Chinese stocks featured among the top contributors to returns as the market regained lost ground. Zhongsheng Group, Shenzhou International and Yifeng Pharmacy enhanced gains. Likewise, Hong Kong-based life insurance company AIA Group, which operates in the Chinese market, advanced on expectations of a recovery in Chinese demand.

In addition, it reported an in-line third quarter despite a challenging macroeconomic backdrop. Tencent was a notable detractor An underweight exposure to Tencent hurt relative returns. The company reported 2% year-on-year growth in adjusted profits in its latest quarterly results, after four consecutive quarters of decline. Furthermore, the stock rallied as authorities granted licences to over 100 new games. Losses were partially offset by our position in South Africa’s Naspers, which holds a key stake in Tencent.

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Performance Review
Product Overview
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Performance Review

Fund Name	Last Month ? Returns after fees in the most recent (last) month).	3 Months Return ? Returns after fees in the most recent 3 months.	1 Year Return ? Trailing 12 month returns.	3 Years Average Return ? Average Annual returns from the last 3 years.	Since Inc. Average Return ? Average (annualised) returns since inception	1 Year Std. Dev. (Annual) ? The standard deviation (or annual volatility) of the last 12 months.	3 Years Std. Dev. (Annual) ? The average standard deviation (or annual volatility) from the last 3 years.	Since Inc. Std. Dev. (Annual) ? The average standard deviation (or annual volatility) since the fund inception.	1 Year Max Drawdown ? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	3 Year Max Drawdown ? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	Since Inc. Max Drawdown ? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Fidelity Global Emerging Markets	6.36%	4.79%	6.77%	-2.98%	8.04%	12.3%	13.2%	11.28%	-6.1%	-24.61%	-27.18%

Product Overview

Fund Name	APIR Code ? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.	Structure ?	Asset Class ? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.	Asset Category ? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.	Peer Benchmark Name ? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.	Broad Market Index ? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.	FUM ? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.	Management Fee ? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.	Performance Fee ? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.	Spread ? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Fidelity Global Emerging Markets	FID0031AU	Managed Funds	Foreign Equity	Emerging Markets	Foreign Equity - Emerging Markets Index	World Emerging Markets Index	496.53 M	1%	0.00%	0.49%

Peer Comparison

Fund Name	Peer Index Name ? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.	12 Months Excess Return ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	Excess Return Annualised Since Inception ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	12 Months Alpha ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	Alpha Annualised Since Inception ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	12 Months Beta ? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	Beta Annualised Since Inception ? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	12 Months Tracking Error ? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	Tracking Error Since Inception ? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	12 Months Correlation ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.	Correlation Since Inception ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Fidelity Global Emerging Markets	Foreign Equity - Emerging Markets Index	-7.52%	1.43%	NA%	NA%	NA%	1.49	5.78%	4.47%	0.95	0.92

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Fidelity Global Emerging Markets	Yes		-	https://www.fidelity.com.au/	-

Product Due Diligence

What is Fidelity Global Emerging Markets

Fidelity Global Emerging Markets is an Managed Funds investment product that is benchmarked against World Emerging Markets Index and sits inside the Foreign Equity - Emerging Markets Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Fidelity Global Emerging Markets has Assets Under Management of 496.53 M with a management fee of 1%, a performance fee of 0.00% and a buy/sell spread fee of 0.49%.

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Historical Performance Commentary

Performance Commentary - September 30, 2022

Selected exposure to materials We are underweight in the materials sector. The only commodity we own a stake in is copper, underpinned by our view that the metal is supply constraint and benefits from the move towards a greener energy and electric vehicles.

Our exposure is through First Quantum Minerals, a Canadian listed group with copper assets located across emerging markets, and Peru’s Southern Copper. Other than that, the Fund also continues to hold a position in Chinese waterproofing company Beijing Oriental Yuhong, which is also classified under materials. Biased towards financials AIA Group remains one of the high-conviction positions in the portfolio. It is the largest independent life insurance player in PanAsia, operating across HK, mainland China, Thailand, Singapore, Malaysia, etc. It has an excellent track record of execution, resulting in a strong balance sheet and disciplined capital allocation. Elsewhere, Indian lender HDFC Bank is favoured for its strong franchise, pristine asset quality, good management team and solid asset quality. Key trades We moved capital from Tencent to Naspers amid growth challenges on slowing game approvals in an uncertain macroeconomic environment.

Elsewhere, we sold the position in India-based service provider Tata Consultancy Services amid lower demand and expensive valuation. Within industrials, electrical light manufacturer Havells and power tools company Techtronic Industries were amongst the key contributors to returns. The latter reported encouraging results, posting robust growth from its Milwaukee, do-it-yourself (DIY) and Ryobi brands. The company continues to benefit from moving up the value chain and gaining market share with its battery-operated cordless power tool products.

Performance Commentary - June 30, 2022

Performance Commentary - September 30, 2021

Performance Commentary - June 30, 2021

Performance Commentary - December 31, 2020

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Fidelity Global Emerging Markets (FID0031AU) Report & Performance