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The fund aims to achieve long-term capital growth by investing in a portfolio of large and mid-cap emerging markets equities. Manager Nick Price forms the portfolio from the best ideas of Fidelity’s three regional emerging market portfolios (Asia, EMEA and Latin America). He is unconstrained by any benchmark, instead focusing on company fundamentals and bottom-up stock selection to target high quality companies that he believes are capable of delivering sustainable returns over the medium term.
|Sector||Global Emerging Markets|
|Dividends paid||Acc units only|
|Standard initial charge||0.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||1.00%|
|Ongoing charges figure||1.13%|
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.
Nick Price is an experienced emerging markets equities manager, having been running money in the space for over more than a decade and running this fund since 2010. He is an accountant by background and scrutinises companies’ balance sheets rigourously, which we believe is helpful in selecting the better quality companies that he favours. Historically these companies have enabled the fund to deliver a more defensive performance profile, often providing a degree of protection in falling markets. The approach is team-based with members having over 17 years experience on average.
|High yield bonds||0|
Stocks are researched by Fidelity’s emerging markets analysts based around the globe, who rate them from 1 (strong buy) to 5 (strong sell). Fidelity’s emerging markets fund managers use the highest conviction stocks to construct concentrated regional equity portfolios for each of the three main regions of the GEM universe - Latin America, EMEA and Emerging Asia. Holdings from these portfolios form the pool of ideas from which Nick Price selects for the Fidelity Emerging Markets fund. He favours companies with strong market positions and competitive advantages, as these are typically able to deliver attractive earnings throughout the economic cycle. He also looks for companies that deliver superior returns on their assets and have well capitalised balance sheets. Such companies are usually more able to fund internal growth without diluting existing shareholder earnings through issuing new shares. The manager and the team analyse each stock for quality, consistency of returns and attractive valuation, being the primary drivers of portfolio construction. Risk is monitored on both the individual stock and portfolio levels.
|Fund data updated on||21/06/19|
|High yield bonds||0|
As at: 31/05/2019
6.9069%Aia Group Ltd
6.0123%Sberbank Of Russia
5.8633%Hdfc Bank Ltd
4.6672%Taiwan Semiconductor Manufacturing
4.0826%China Mengniu Dairy Co
4.0615%Housing Development Finance Corp
3.5534%Bank Central Asia
2.9718%Alibaba Group Hldg Ltd
2.8838%Inner Mongolia Yili Energy Co Ltd
Holdings range c.50-100.
Stock and sector positions are limited to +/-4% and +/- 15% relative to the index, respectively
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.
|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|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
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.
Nick Price has 11.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.31%. 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)|
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.