Fidelity Emerging Markets Limited Edison issues review on Fidelity Emerging Markets
August 11 2022 - 1:00AM
RNS Non-Regulatory
TIDMFEML
Fidelity Emerging Markets Limited
11 August 2022
London, UK, 11 August 2022
Edison issues review on Fidelity Emerging Markets (FEML)
Fidelity Emerging Markets (FEML) was transferred to Fidelity in
October 2021. FEML mirrors the FAST EM Fund (FAST, GBP178m AUM at
30 June 2022), which has achieved a strong track record over the
past 10 years, outperforming the MSCI Emerging Markets Index (MSCI
EM Index) under lead fund manager Nick Price. Russia's invasion of
Ukraine in February 2022, concerns about inflation and the outlook
for global growth have shaken riskier assets and the MSCI EM Index
is down 8.1% year to date (in GBP to end July). While FEML was not
immune to the setback, Fidelity's comprehensive team of 45
analysts, together with manager Nick Price and co-portfolio manager
Chris Tennant, can react to market shocks efficiently, while
identifying and investing in the widest range of attractively
valued, high-quality EM growth opportunities.
The unprecedented event of Russia, a meaningful emerging market,
becoming uninvestible has had a negative impact on FEML's recent
performance relative to peers, but the managers acted swiftly to
deal with the issue. In 2021 FEML had a conviction overweight
position in selective Russian stocks (c 18% country weight). Given
rising geopolitical tensions in late 2021, the team took steps to
reduce exposure to Russia by employing a country hedge. The
aggregate Russia weight of the fund was 0.06% (net exposure at 31
March 2022). These efforts are ongoing and FEML will not invest in
Russia in the foreseeable future. The advantages of FEML's
closed-ended structure are starting to emerge, as highlighted by
its recent outperformance relative to the open-ended FAST.
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