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FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA (EMEA) A

FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA (EMEA) A - Overview

Overview of FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA (EMEA) A Buy in ISA Buy in Investment Account

This fund targets long term capital growth by investing in equities in the emerging economies of Europe, the Middle East and Africa ("EMEA"). The fund will typically be heavily invested in the Russian and South African markets, since the region's other stock markets are on the whole relatively shallow. The manager looks for undervalued companies with strong franchises rather than "flavours of the month" and is prepared to hold them for the long term to realise value.

  • Standard Initial Charge 3.50%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Specialist
Structure OEIC
Launched January, 2008
Size £106m
Yield 1.0%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 3.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.89%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

No information available.

Portfolio

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 6
Europe 0
North America 2
Japan 0
Pacific 0
Emerging Markets 92
Allocation Proportion(%)
Large Caps 52
Mid Caps 34
Small Caps 14
View all performance data for this fund

Investment process

The fund aims to generate long-term capital growth through investing primarily in securities of companies having their head office or exercising a predominant part of their activity in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Africa that are considered as emerging markets according to the MSCI Emerging EMEA index. The manager has a bottom-up approach with a value style, looking for unloved companies which can deliver solid long term returns. Typical portfolio companies will have strong franchises, high dividend yields, low PEs, strong cashflows and high returns on investment. The manager sets a target price for portfolio companies but does not require a short term catalyst for change, instead being prepared to wait for a number of years before value is realised. He has a dedicated team of EMEA analysts at his disposal, as well as Fidelity's worldwide network of emerging markets professionals.

Live feed

Bid price(inc) 179.20p
Accum units 179.20p
Fund commentary 21/01/11
Fund data updated on 19/03/19

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

Equity Geographic

Allocation Proportion(%)
UK 6
Europe 0
North America 2
Japan 0
Pacific 0
Emerging Markets 92

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 52
Mid Caps 34
Small Caps 14

Top 10 holdings

As at: 31/01/2019
10.0289%Sberbank Of Russia
8.8523%Naspers
6.4518%Absa Grp Ltd
5.8202%Discovery Ltd
5.1033%Gazprom Pjsc
4.8391%Lukoil Pjsc
4.083%Abu Dhabi Commercial Bank
3.7315%Magnitogorsk Iron & Steel Works
3.5637%Emirates Nbd Pjs
2.5478%Phosagro Pjsc
Source: Trustnet

Sector breakdown

Financials 43%
Energy 15%
Materials 13%
Communications 12%
Consumer Discretionary 10%
Money Market 3%
Consumer Staples 2%
Industrials 1%
Utilities 1%
Derivatives 0%

Portfolio details

Holds between 50 and 80 stocks. No currency hedging is used. Investable universe: companies in the MSCI EM EMEA Index as well as non benchmark companies where they have significant exposure to the region.

Constraints

Minimum market cap $1-2bn to ensure liquidity. There are no other limits on market cap, sector or country weightings.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
0.71% 0.21% -0.03% 0.35% -0.33%   0.00% 0.18% 0.32% 62.90% 85.80% 99.40%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Nick Price

Manager. Price joined Fidelity International in 1998. He originally worked as a research analyst covering pan European chemicals, food manufacturing, tobacco and the telecommunications sectors before becoming assistant portfolio manager on the FF European Growth Fund in September 2004. In 2005 he established Fidelity’s Emerging EMEA team. Prior to Fidelity, he was an Accountant with SBC Warburg from 1996-1997, based in London; an FX Product Accountant with Daiwa Europe Bank between 1995-1996, based in London; a Project Accountant for JP Morgan from 1993-1995, based in London and Senior Auditor for Price Waterhouse from 1991-1993, based in Johannesburg. Price has a Bachelor of Commerce & Accounting from the University of Natal and is a Member of the South African Institute of Chartered Accountants. He is a CFA charter holder.

Track record

Nick Price has 11.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.32%. During the worst period of relative performance (from November 2015 - December 2018) there was a decline of 10% relative to the index. The worst absolute loss has been 44%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -44% (May 2008 - October 2008)
Relative -10% (November 2015 - December 2018)

Sector record since July 2007 (12 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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