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Fidelity Emerging Markets Limited

Last Deal Price (p)

785.00

Net Change (%) ↑↓

-4.03

Estimated NAV (p)

913.04

Prem/Disc (%)

-14.02

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.

Home to 70% of the world’s population, half of its land mass and 40% of economic output, the case for investing in emerging markets (EM) is clear to see.

However, while the developing world is home to some of the world’s fastest growing and most innovative companies, successfully navigating this large and diverse universe requires a global research capability and local expertise.

Managed by an experienced investment team, Fidelity Emerging Markets Limited (FEML) utilises the breadth and depth of Fidelity’s research resources to build a portfolio of quality growth EM companies that have the ability to deliver strong and sustainable investment returns.

FEML also actively takes advantage of its closed-end structure, with the portfolio management team utilising an extended toolkit to express both positive and negative investment views in an efficient manner. This is particularly attractive in EM, where equity markets are more volatile and valuations can move to extreme levels in both directions.

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.

Portfolio Managers Nick Price and Chris Tennant adopt a truly active approach; using the broad investment powers of the investment company they seek companies across the full market cap spectrum to best exploit what is a vast investable universe. Idea generation draws on Fidelity’s emerging markets investment platform, adopting a rigorous approach which allows for rapid information transmission through team and multiple layers of due diligence on each stock.

The portfolio is run in an unconstrained manner and reflects the very best ideas from across the emerging markets. Stock selection is bottom-up and driven by fundamentals and the team take a consistent approach focusing on quality, consistency of returns and a reasonable price. The portfolio is constructed in a benchmark agnostic manner, only owning stocks represented in the market index when they offer the characteristics outlined above. Stocks present in the market index will generally only be bought for the fund if they satisfy the selection criteria and offer an adequate level of total return. Sector and country allocation are therefore residual exposures resulting from the combination of the underlying individual long and short positions that are selected for the portfolio.

The managers utilise enhanced investment powers; seeking to exploit a broad range of opportunities by adopting an active ‘extension’ investment style. This results in long positions which are focused on dominant franchises positioned to take advantage of structural growth opportunities and short positions are targeted at the weakest stocks most exposed to competitive threats and financial distress. Using short positions, these weaker businesses form some of the additional investment opportunities that we can take advantage of, as an additional source of performance. While the portfolio is managed in a less constrained manner, the team is always fully aware of risk positioning, and the portfolio is subject to stringent risk management and oversight.

The team can also pursue unlisted (pre-IPO) and illiquid smaller companies’ opportunities in order to make the fullest use of the Company’s closed end structure.

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 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.

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

Hélène Ploix

Chairman

Russell Edey

Chairman of the Audit and Risk Committee

Sujit Banerji

Director

Katherine Tsang

Director

Dr Simon Colson

Director

Torsten Koster

Director

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.

Investors should be aware that the content of the Key Information Document (KID), including methodologies for the calculation and presentation of risks, performance scenarios and costs are defined by technical standards under the EU’s PRIIPs Regulation. The forward-looking Performance Scenarios are based on degrees of variation from historic performance, and cannot be guaranteed. The figures in the KID may not reflect the expected returns for the Company and will be higher following periods of strong returns and lower following market falls. Please remember that past performance is not a guide to future performance.

Additional Information

Historical reports and announcements

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News & Insights - Fidelity Emerging Markets Ltd

Update on the Portfolio Transition

The team at Fidelity has been very busy since we last wrote to you at the sta…


Nick Price

Nick Price

Portfolio Manager, Fidelity Emerging Markets Fund

Fidelity Emerging Markets Limited Introductory note from Nick Price

Fidelity Emerging Markets Limited Introductory note from Nick Price


Nick Price

Nick Price

Portfolio Manager, Fidelity Emerging Markets Fund

Appointment of Fidelity International as the Company’s manager conf…

At the extraordinary general meeting of the Company each of the proposed reso…


Fidelity

Fidelity

Research team

*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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