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Fidelity Emerging Markets Limited

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Source: 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.

Completion of Tender Offer

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.

We speak the language of opportunity - wherever it emerges

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.

Three reasons to invest


Compelling structural growth

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.


Research expertise on the ground

We are embedded in these markets around the globe. This enables us to find opportunities undiscovered by the wider market.


A ‘go-anywhere’ approach

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.

Why invest in the emerging markets?

News and Insights - Emerging Markets Limited

Kepler interview - Fidelity Emerging Markets update with Chair Heather Manners

In this short update, Kepler speaks to the Chair of the Company, Heather Manners. They discuss the Company's recent performance, the key drivers behind them, what the Company's strengths are, and what investors are likely to find attractive about the Company.

Insights to research trips, investment idea generation and current trends

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.

Kepler Trust Intelligence - latest research note on the Company

FEML’s truly active approach and go-anywhere mandate differentiate it from peers in the sector.

Read more

Unlocking opportunities in emerging markets

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 more

Low valuations meet big opportunities in emerging markets

Following 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.

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Five reasons to hold emerging markets

Companies 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 more
Nick Price, Portfolio Manager

Nick 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

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.

Investment Objective

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.

Summary of the key aspects of the Investment Policy

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.

ESG Policy

Our Approach
Investment Process

Your Board of Directors

Heather Manners


Torsten Koster

Senior Independent Director

Mark Little

Audit Chairman

Katherine Tsang


Dr Simon Colson


Reports and Literature

Latest monthly factsheet

Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.

Annual report

The latest annual report includes an update on the trust’s strategy, governance and financial performance.

Half-yearly report

The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.

Key Information Document

This document provides you with key information about this investment product. It is not marketing material.

AIFMD Disclosure Document

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.

Additional Information

Historical reports and announcements

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News & Insights - Fidelity Emerging Markets Ltd

Unlocking opportunities in emerging markets

2023 has been a volatile year for emerging market equities and whilst the mac…

Nick Price

Nick Price

Portfolio Manager, Fidelity Emerging Markets Fund & Fidelity Emerging Markets Limited

Fidelity Emerging Markets Ltd Results Announcement 2023

The Company has announced its Annual Results for the year ended 30 June 2023



Investment Team

Low valuations meet big opportunities in emerging markets

Following a conversation with the Fidelity Emerging Markets investment team, …

Fidelity International

Fidelity International

a view from our analysts

*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.