Last Deal Price (p)
657.60Net Change (%) ↑↓
-2.43Estimated NAV (p)
761.22Prem/Disc (%)
-11.46Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.* The data is sourced from Fidelity’s own records. Whilst every effort is made to ensure the accuracy of these records, there may be timing and other differences from the official accounting data compiled by JP Morgan.
Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.
The Company has announced that the acquisition by the Company of 13,531,881 participating redeemable preference shares pursuant to the tender offer commenced by the Company on 22 February 2024 has now been completed, with all Shares being repurchased by the Company and cancelled.
The consideration payable in respect of the Shares accepted in the Tender Offer will be despatched to Shareholders who have validly tendered Shares.
Emerging markets are home to 80% of the world’s population, half of its land mass and 70% of its economic output. They include behemoths such as India, Taiwan and China, as well as fast-growing minnows such as Chile, Malaysia or South Africa.
These economies are rich in innovation. From fintech in India to green energy in China to copper mining in Chile, emerging market companies are often global leaders in their field, bringing diverse opportunities for investors.
Successfully navigating this vast universe requires a breadth of expertise, with research analysts on the ground, steeped in local expertise.
Fidelity Emerging Markets Limited (FEML) draws on Fidelity’s resources across the globe to build a carefully curated portfolio of companies with a strong growth runway. High-quality emerging market companies should deliver strong and sustainable investment returns over the long term but keeping an eye on potential risks is vital. These markets may be more volatile, and company valuations can move to extreme levels in both directions. We strive to ensure our investors can profit from emerging markets’ growth without experiencing every bump in the road.
The world 's emerging markets, whose younger, more dynamic economies provide fertile ground for companies to thrive, are home to opportunities that can't be found elsewhere.
We are embedded in these markets around the globe. This enables us to find opportunities undiscovered by the wider market.
We strive to find opportunities wherever they emerge in the developing world and across large, medium and small companies. The objective is a carefully curated portfolio of quality companies.
Watch this short update from Christopher Tennant, co-portfolio manager of Fidelity Emerging Markets Limited, who provides insight into the investment company’s strategy and capabilities before delving deeper into the regions benefiting most from their growing demographics, falling inflation and exciting growth opportunities.
FEML’s truly active approach and go-anywhere mandate differentiate it from peers in the sector.
2023 has been a volatile year for emerging market equities and whilst the macro backdrop is mixed, easing inflation and the start of rate cutting cycles point to a gradual improvement. Fidelity Emerging Markets portfolio manager reviews what lies ahead and outlines where he believes indiscriminate market moves have left selected high-quality businesses trading at attractive valuations.
Read moreFollowing a conversation with the Fidelity Emerging Markets Ltd investment team, Kepler Partners summarise the multiple growth drivers currently evident for emerging market economies and observe why now, due to depressed valuations, emerging market equities present an interesting proposition for investors.
View PDFCompanies in emerging markets (EM) are at record cheap valuations, their lowest versus developed markets since 2002. While this may be sufficient to convince some investors of the buying opportunity, Chris Tennant, co-manager of Fidelity Emerging Markets Ltd, believes these facts don’t paint the full picture. Here, he outlines five key themes that make EM equities a compelling asset class right now.
Find out moreNick Price led the development of Fidelity’s Emerging EMEA group, launching the team’s first portfolio in 2005. The investment process has been consistently used by the current team since it was first adopted in 2005 and remains the cornerstone of Fidelity’s emerging markets equity strategies. It was subsequently deployed by the group on a global basis in 2009. In 2011, Nick developed and led the launch of the FAST-Emerging Markets strategy, for which he remains Lead Portfolio Manager. Nick joined Fidelity in January 1998 as a research analyst covering several pan-European sectors before being selected as the assistant portfolio manager for Fidelity’s flagship European Growth Fund in September 2004.
Prior to joining Fidelity, Nick 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. Nick holds a Bachelor of Commerce and Diploma in Accounting from the University of Natal and is a Member of the South African Institute of Chartered Accountants and is a CFA Charter holder.
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 on 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.
Portfolio Managers Nick Price and Chris Tennant draw the best emerging market ideas from multiple countries and invest in companies from across the full market cap spectrum. Analyst teams on the ground look for those companies that combine strong potential returns with lower risk.
They take a truly active approach; using the full investment powers of the closed-ended company to exploit the vast investable universe. They are flexible on where they find opportunities, rather than limiting themselves to the largest countries or sectors. Sector and country allocation is a by-product of the companies they choose, rather than being set from the top-down.
They look for companies that are high quality, offer consistency of returns and trade at a compelling price. It is often necessary to bypass the large state-owned companies in emerging markets to find true innovation and growth. They look for companies with dominant franchises, that are well-positioned to take advantage of the abundant structural growth opportunities across these developing markets.
This investment company also has a number of additional levers to generate performance. The managers can take short positions using the powers available through the closed-ended structure to target the weakest stocks most exposed to competitive threats and financial distress. The team can also pursue unlisted (pre-IPO) and illiquid smaller companies’ opportunities.
Emerging markets are volatile and can be riskier; detailed due diligence is a vital part of our company selection. The team is always fully aware of the risks they are taking, and the portfolio is subject to stringent risk controls and oversight.
The Company’s investment objective is to achieve long-term capital growth from an actively managed portfolio made up primarily of securities and financial instruments providing exposure to Emerging Market companies, both listed and unlisted.
The Company aims to achieve long term growth by primarily investing in securities and financial instruments providing exposure to emerging markets companies.
The Investment Manager will invest at least 80% in companies whose head office, listing , assets, operations, income, or revenues are predominantly in or derived from emerging markets.
The Investment Manager will maintain a portfolio with at least 75 holdings in companies listed or operating in at least 15 countries.
The Company may also invest into other transferable securities, investment companies, money market instruments, unlisted shares, cash and deposits and is also able to use derivatives for efficient portfolio management, to gain additional market exposure (gearing), to seek a positive return from falling asset prices, and for other investment purposes.
Hélène Ploix (French) is a Partner and former chairman of Paris-based private equity firm Pechel Industries. She has had an extensive career in finance and investment in the public and private sectors, both in France (primarily at the French state-owned Caisse des Dépôts et Consignations) and internationally (notably as an Executive Director at the IMF, World Bank and as a Member of the Investments Committee of the UN Joint Staff Pension Fund). She is currently a NonExecutive Director of Ferring (Switzerland) and SES-imagotag, Non-Executive Chairman of Sogama Crédit Associatif and was previously at a number of other companies, including Sofina, The Boots Company PLC, BNP Paribas and Publicis. Mrs Ploix was educated at the Institut d’Etudes Politiques, the University of California at Berkeley and INSEAD. She is based in France.
Member of the Audit and Risk Committee
Chairman of the Nomination Committee
Appointed 2 November 2012
Sujit Banerji (Indian) is an independent advisor on corporate strategy to a number of companies in the finance and finance-related technology sectors globally. In 2009 he completed a 33 year career at Citigroup where he had been a Managing Director since 1996, latterly serving as Head of Strategy and Institutional M&A for Europe, the Middle East and Africa (‘MENA’). His career at Citi covered a number of regional roles including strategy and corporate finance, and relationships with multinational clients across the MENA region. He has also served as the country and region head for Citi in India, and as the head of the corporate business in Thailand. Over the course of his career he has been based in India, Bangladesh and Thailand as well as in Europe, and is currently based in Singapore. He was educated at the University of Poona (Pune) and the University of Bombay (Mumbai)
Appointed 31 October 2013
Saffet Karpat (Swiss/Turkish) is a consultant on strategy to management teams of organisations based in Turkey. He is a Board member of Eczacıbaşı group, a Turkish conglomerate with businesses in construction materials, consumer goods, mining and medical services. Previously he worked for Procter & Gamble (‘P&G’) for 30 years in various financial and senior management roles across a number of emerging markets; prior to retiring from P&G in 2013 he was Vice President and General Manager of the Central and Eastern Europe and Middle East and Africa Division, responsible for Turkey, Central Asia, Israel and the Caucasian region. From 2013 to 2016 he was a member of the Board and the Executive Committee of Sütaş Dairy Company, and he has been an investor in agriculture in the Aegean region of Turkey since 2011. He studied Business Administration at Istanbul University and received an MBA from Lausanne University. He is based in Switzerland.
Member of the Audit and Risk Committee
Appointed 1 October 2011
Katherine Tsang (Canadian) spent 22 years with Standard Chartered Bank, latterly in the role of Chairperson of Greater China, before retiring in 2014. Following her retirement, Ms Tsang founded Max Giant that trades in different markets as well as making direct investments in Asia. Ms Tsang is currently an independent Non Executive Director on the Board of China CITIC Bank International Limited and Budweiser Brewing Company APAC Limited. She also serves as a member of the Advisory Council for China of the City of London, and is an honorary Board member of Shanghai Jiao Tong University. She has previously served as an independent Non-Executive Director of Gap Inc., and Baoshan Iron & Steel Co. Limited, a member of the World Economic Forum’s Global Agenda Council on China, and a member of Sotheby’s Advisory Board. She is based in Hong Kong.
Appointed 19 July 2017
Dr Simon Colson (British) has over 30 years’ experience in financial markets, working in investment banking, investment management and financial consulting. From 1995-2001 he was Managing Director, Deutsche Bank AG London, in charge of closed-end fund origination and distribution, and in previous roles was responsible for the launch, restructuring and repurposing of a significant number of investment companies. From 2002-2005 he was a non-executive director of The Association of Investment Companies. In 2002 he started his own FCA regulated consulting and distribution business which raised assets for emerging managers across a range of traditional and alternative asset classes (including closed-end funds). In 2017 he relinquished his FCA licence to concentrate on unregulated advisory and non-executive work. He is currently a non-executive director of the Children’s Liver Disease Foundation. He is a qualified medical doctor and holds an MBA in Finance & Investment from Cass Business School (University of London). Dr Colson is based in the UK.
Appointed 1 July 2019
Torsten Koster (Swiss) has over 30 years’ experience working for large multi-national companies. He spent two periods at Nestle SA (1991-1997 and 2003-2016). During his second spell he held the positions of Chief Financial Officer Nestle Russia & Eurasia (2007-2011) and Chief Financial Officer Nestle Nespresso SA (2011-2016). He also held the positions of Chief Financial Officer at Lukoil SA (1998-2000) and Elca Informatique SA (2000-2003). In 2016 Torsten started his own consultancy business, Baussan Concept SA providing due diligence and portfolio services to European and US based private equity firms. He was a board member of SodaStream International (2016-2018) (NASDAQ:SODA) and is currently a board member of Banque Heritage SA and Natra SA (both of which are unlisted entities). He holds a Masters degree from HEC Lausanne
Appointed 1 July 2020
Appointed Senior Independent Director 4 May 2023
Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.
The latest annual report includes an update on the trust’s strategy, governance and financial performance.
The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.
This document provides you with key information about this investment product. It is not marketing material.
Fidelity Emerging Markets Limited, Investor Disclosure Document
Fidelity took over the management of the Company from Genesis Investment Management from 4th October 2021. Please note some literature will still reference Genesis Investment Management.
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2023 has been a volatile year for emerging market equities and whilst the mac…
Nick Price
Portfolio Manager, Fidelity Emerging Markets Fund & Fidelity Emerging Markets Limited
30 November 2023
The Company has announced its Annual Results for the year ended 30 June 2023
Fidelity
Investment Team
13 October 2023
Following a conversation with the Fidelity Emerging Markets investment team, …
Fidelity International
a view from our analysts
18 September 2023
*The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Important information:
The value of investments can go down as well as up and investors may not get back the amount invested. Overseas investments will be affected by movements in currency exchange rates. Investments in emerging markets can be more volatile than other more developed markets. The use of financial derivative instruments for investment purposes, may expose the fund to a higher degree of risk and can cause investments to experience larger than average price fluctuations. Increased and more complicated use of derivatives may result in leverage. In such situations performance may rise or fall more than it would have done otherwise. Investors may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults. Emerging Market portfolios are likely to have, high volatility owing to its portfolio composition or the portfolio management techniques. Currency hedging may be used to substantially reduce the risk of losses from unfavourable exchange rate movements on holdings in currencies that differ from the dealing currency. Hedging also has the effect of limiting the potential for currency gains to be made.
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Heather Manners (British) is an award-winning market professional with some 34 years' experience of investment in Asia, mostly recently, and for the past 15 years as the co-founder, CEO and CIO of Prusik Investment Management. Heather is also a non-executive director of Montanaro Asset Management and Collidr Asset Management respectively and previously was a non-Executive Director of Aberdeen New Dawn. Heather began her career at Henderson Global Investors Limited where, latterly, she was Head of Asia and Emerging Markets.
Appointed on 5 May 2022
Appointed Chairman on 8 December 2022
Julian Healy (British) has over 25 years of experience working for large financial institutions with a focus on emerging and frontier markets, including roles at a number of investment companies and banks in Asia and Central and Eastern Europe. In addition to the roles described above, he served as a director of XacBank, a retail and business bank in Mongolia. Previously, Mr Healy led the Private Equity team at the European Bank for Reconstruction & Development, prior to which he spent ten years at JP Morgan Fleming Investment Management and its predecessor, Fleming Investment Management.
Mr Healy is a chartered accountant and a graduate of Cambridge University with a BA in Modern Languages.
Appointed 12 December 2022
Appointed Audit Chairman 4 May 2023
Mark Little (British) is a Chartered Accountant with extensive financial services experience in fund management, research, and private banking, and has a strong understanding of compliance and regulation in the modern financial services world.
He is a non-executive Director and Chairman of the audit committees of BlackRock Smaller Companies Trust plc, Majedie Investments Plc, Securities Trust of Scotland Plc and Abrdn Equity Income Trust plc. Previously Mr Little was Managing Director, Scotland & Northern Ireland at Barclays Wealth (formerly Gerrard) and Global Head of Automotive Research at Deutsche Bank. Mr Little has a wealth of experience in the financial services sector and began his career as a fund manager with Scottish Widows Investment Management after qualifying as a chartered accountant with Price Waterhouse in 1991. He subsequently worked as Global Head of Automotive Research for Deutsche Bank and joined Barclays Wealth in 2005, where he became Managing Director of Barclays Wealth (Scotland and Northern Ireland).
Mr Little is an Accountancy and Economics graduate from Aberdeen University.
Appointed 17 January 2024
Appointed Audit Chairman 17 January 2024
Overview
