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FIDELITY EMERGING MARKETS W

FIDELITY EMERGING MARKETS W - Overview

Overview of FIDELITY EMERGING MARKETS W Buy in ISA Buy in Investment Account

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.

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

Fund summary

Sector Global Emerging Markets
Structure OEIC
Launched May, 2013
Size £2,435m
Yield 0.9%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.98%

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

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.

Portfolio

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 5
Allocation Proportion(%)
UK 5
Europe 4
North America 4
Japan 0
Pacific 24
Emerging Markets 63
Allocation Proportion(%)
Large Caps 83
Mid Caps 16
Small Caps 1
View all performance data for this fund

Investment process

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 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.

Live feed

Bid price(inc) 135.10p
Accum units 137.10p
Fund commentary 04/04/18
Fund data updated on 22/10/18

Asset allocation

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 5

Equity Geographic

Allocation Proportion(%)
UK 5
Europe 4
North America 4
Japan 0
Pacific 24
Emerging Markets 63

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 83
Mid Caps 16
Small Caps 1

Top 10 holdings

As at: 31/08/2018
6.1431%Aia Group Ltd
5.6767%Taiwan Semiconductor Manufacturing
5.5206%Naspers
4.9668%Hdfc Bank Ltd
3.974%Housing Development Finance Corp
3.7285%Sberbank Of Russia
3.12% Sk Hynix Inc
2.8641%Samsung Electronics Co
2.8281%Alibaba Group Hldg Ltd
2.7655%Bank Central Asia
Source: Trustnet

Sector breakdown

Financials 36%
Consumer Discretionary 19%
Information Technology 19%
Money Market 9%
Consumer Staples 8%
Materials 4%
Industrials 2%
Energy 2%
Health Care 2%
Derivatives 0%

Portfolio details

Holdings range c.50-100.

Constraints

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
13/14 14/15 15/16 16/17 17/18   3 years 5 years Career 3 years 5 years Career
0.19% 1.08% -0.31% 0.31% -0.26%   -0.09% 0.20% 0.33% 52.80% 87.90% 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 11.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.33%. During the worst period of relative performance (from November 2015 - June 2016) there was a decline of 9% 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 -9% (November 2015 - June 2016)

Sector record since July 2007 (11 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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