Fidelity Emerging Markets : Monthly Factsheet

ret.en.xx.20230331.GG00B4L0PD47.pdf

FIDELITY INVESTMENT TRUSTS

Fidelity Emerging Markets Limited Participating Preference Shares

31.03.2023 Monthly Factsheet

Investment Objective

To achieve long term growth by primarily investing in companies whose head office, listing, assets, operations, income, or revenues are predominantly in or derived from emerging markets. The Company is also able to use derivatives for efficient portfolio management, to gain additional market exposure and to seek a positive return from falling asset prices.

Investment Trust Facts

Portfolio Manager Commentary

Emerging markets rose in March and performed broadly in line with most developed markets. At the start of the period, the market struggled with risk-off sentiment as turmoil among developed market banks raised concerns over global financial instability. Sentiment then reversed from mid-March as these concerns began to fade. Emerging market equities were also supported by indications that China was increasing support for the internet sector and carrying out reforms aimed at state-owned enterprises.

Launch date: Portfolio manager: Appointed to trust: Years at Fidelity:

Total Net Assets (TNA):

Participating preference shares in issue: Share price:

NAV:

Discount:

Gross Market Gearing:

Net Market Gearing:

19.06.89

Nick Price, Chris Tennant 04.10.21, 04.10.21 25, 12

• 631m
  91,100,066
  588.60p
  693.17p
  15.09%
  44.7%
  0.0%

The portfolio underperformed the index over the month as select Chinese consumer holdings declined. These include sportswear company Li Ning which released mixed financial results during the month. Whilst China's reopening provides a tailwind for consumption, mixed results in the short-term do not come as a surprise to the team. The underweight exposure to internet company Tencent was also a detractor although this was offset partially by our overweight position in Naspers, which owns 28% of Tencent.

A number of Taiwanese and South Korean technology holdings performed well over the month given the growing expectation of demand recovery in China. Investors were focused on the potential bottoming out of the semiconductor down-cycle and recovery later in 2023, which boosted the positions in Taiwan Semiconductor

Performance Comparator

Market Index:

MSCI Emerging Markets Index (Net)

The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.

Manufacturing Company and SK Hynix.

On a rolling 12-month basis, the Company recorded NAV and share price returns of -8.6% and -11.5% respectively, compared to -4.9% for the index.

Cumulative performance in GBP (%)

Performance for 12 month periods in GBP (%)

Share Price

NAV

Market Index

Performance is shown for the last five years (or since launch for funds launched within that period).

Share Price

NAV

Market Index

Performance to 31.03.23 in GBP (%)

	1m	3m	YTD	1yr	3yr	5yr
Share Price Cumulative Growth	-3.5	-2.2	-2.2	-11.5	4.8	-6.6
NAV Cumulative Growth	-1.7	1.3	1.3	-8.6	5.1	-5.2
Index Cumulative Growth	0.9	1.1	1.1	-4.9	26.4	9.8
Share Price Annualised Growth	-	-	-	-	1.6	-1.4
NAV Annualised Growth	-	-	-	-	1.7	-1.1
Index Annualised Growth	-	-	-	-	8.1	1.9

Basis: bid-bid with income reinvested, in GBP, net of fees.

Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar.

Key Risks

The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.

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FIDELITY INVESTMENT TRUSTS

Fidelity Emerging Markets Limited Participating Preference Shares

31.03.2023 Monthly Factsheet

Equity Exposure % Total Net Assets (% TNA)

	Exposure
	(% TNA)
Gross Market Exposure	144.7
Net Equity	91.5
Other	0.9
Uninvested Cash	7.6

Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.

Market Capitalisation Exposure (% TNA)

GBP	Net	Index	Relative
>10bn	77.8	67.2	10.6
5-10bn	14.0	16.8	-2.7
1-5bn	9.0	14.1	-5.1
0-1bn	6.4	0.1	6.3
Total Market Cap Exposure	107.2	98.1
Other Index / Unclassified	-15.7	1.9
Total Equity Exposure	91.5	100.0

Sector/Industry Exposure (% TNA)				Country Exposure (% TNA)
GICS Sector	Net	Index	Relative			Net	Index	Relative
Financials	31.8	21.0	10.7		China	19.2	32.6	-13.4
Information Technology	20.8	20.5	0.3		India	17.2	13.0	4.2
Consumer Discretionary	20.5	13.8	6.8		South Africa	12.0	3.5	8.5
Materials	9.7	8.6	1.0		Taiwan	11.8	15.2	-3.4
Consumer Staples	9.4	6.5	2.9		Hong Kong	10.8	0.0	10.8
Industrials	9.3	6.0	3.3		Brazil	6.9	4.9	2.0
Energy	6.3	4.7	1.5		Mexico	5.2	2.6	2.6
Communication Services	1.6	10.5	-9.0		Kazakhstan	4.7	0.0	4.7
Health Care	-0.1	3.8	-3.9		Canada	4.2	0.0	4.2
Real Estate	-0.9	1.9	-2.9		Indonesia	4.1	1.9	2.2
Utilities	-1.1	2.6	-3.7		Others	13.9	26.2	-12.3
Total Sector Exposure	107.2	100.0			Total Country Exposure	110.2	100.0
Other Index / Unclassified	-15.7	0.0			Other Index / Unclassified	-18.7	0.0
Total Equity Exposure	91.5	100.0			Total Equity Exposure	91.5	100.0
Top Net Long Positions (% TNA)
	GICS Sector			Country	Net	Index	Relative
TAIWAN SEMICONDUCTOR MFG CO	Information Technology		Taiwan	10.0	6.6	3.4
HDFC BANK LTD	Financials			India	6.3	0.0	6.3
NASPERS LTD	Consumer Discretionary		South Africa	5.0	0.6	4.4
KASPI/KZ JSC	Financials			Kazakhstan	4.7	0.0	4.7
AIA GROUP LTD	Financials			Hong Kong	4.0	0.0	4.0
ICICI BANK LTD	Financials			India	3.8	0.8	2.9
SAMSUNG ELECTRONICS CO LTD	Information Technology		Korea (South)	3.5	4.1	-0.6
CHINA MENGNIU DAIRY CO	Consumer Staples		China	3.3	0.2	3.1
ALIBABA GROUP HOLDING LTD	Consumer Discretionary		China	3.1	2.9	0.2
BANK CENTRAL ASIA TBK PT	Financials			Indonesia	3.0	0.5	2.5

Top Overweight Positions (% TNA)

	Net	Index	Relative
HDFC BANK LTD	6.3	0.0	6.3
KASPI/KZ JSC	4.7	0.0	4.7
NASPERS LTD	5.0	0.6	4.4
AIA GROUP LTD	4.0	0.0	4.0
TAIWAN SEMICONDUCTOR MFG CO	10.0	6.6	3.4
CHINA MENGNIU DAIRY CO	3.3	0.2	3.1
ICICI BANK LTD	3.8	0.8	2.9
BANK CENTRAL ASIA TBK PT	3.0	0.5	2.5
LOCALIZA RENT A CAR SA	2.4	0.1	2.3
CHAILEASE HOLDING CO LTD	2.2	0.2	2.1
Net Long Positions Concentration (% TNA)
	Fund	Index
Top 10	46.5	24.5
Top 20	68.2	31.1
Top 50	106.3	42.9

Top Underweight Positions (% TNA)

	Net	Index	Relative
TENCENT HLDGS LTD	0.7	4.7	-4.0
MEITUAN	0.0	1.4	-1.4
RELIANCE INDUSTRIES LTD	0.0	1.3	-1.3
Short Position - name withheld	-1.1	0.0	-1.1
Short Position - name withheld	-1.0	0.0	-1.0
Short Position - name withheld	-1.0	0.0	-1.0
CHINA CONSTRUCTION BANK	0.0	1.0	-1.0
Short Position - name withheld	-0.9	0.0	-0.9
Short Position - name withheld	-0.9	0.0	-0.9
VALE SA	0.0	0.9	-0.9

Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts.

Figures may not always sum to totals due to rounding

The data presented in this document is sourced from Fidelity's own records. Whilst every effort is made to ensure the accuracy of these records, there may timing and other differences from the official accounting data compiled by JPMorgan.

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ret.en.xx.20230331.GG00B4L0PD47.pdf

FIDELITY INVESTMENT TRUSTS

Fidelity Emerging Markets Limited Participating Preference Shares

31.03.2023 Monthly Factsheet

Approach and Style

Administrative & Dealing Information

Fidelity Emerging Markets Limited adopts a truly active approach; using the broad investment powers of the investment company the Company seeks businesses across the full market cap spectrum to best exploit the large 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 Portfolio Manager takes 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 Company utilises enhanced investment powers; seeking to

Financial Year End: Reference currency: Company domicile:

Company legal structure: Capital guarantee:

ISIN:

SEDOL:

Bloomberg: Distribution frequency:

Charges made to income or capital: Other Ongoing Costs (including AMC/excluding Portfolio transaction costs): Portfolio Transaction Costs:

Annual Management Charge:

30th June

US Dollar (USD) Guernsey Investment Trust No GG00B4L0PD47 B4L0PD4

FEML LN

Bi Annual 25/75

0.80% -0.01

0.60% (net assets)

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 the Company can take advantage of, as an additional source of performance.

Independent Assessment

Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results.

Morningstar ratingTM	**

Portfolio Construction - Explained

How data is calculated and presented

This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.

The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.

The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.

Portfolio composition data has been calculated and presented according to several general principles, which are listed below.

• Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities - ie not aggregated.
• Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.
• Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted.Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.
• "Basket" securities: securities that represent a number of company shares - like index futures or options - are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.

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FIDELITY INVESTMENT TRUSTS

Fidelity Emerging Markets Limited Participating Preference Shares

31.03.2023 Monthly Factsheet

ESG Metrics

The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. Representation of this data is for informational purposes only. If the SFDR classification is shown as 6 below then this fund does not promote environmental or social characteristics nor does it have a sustainable investment objective. If it is shown as 8, the fund promotes environmental or social characteristics. If it is shown as 9, the fund has a sustainable investment objective. Product-specific information can be found on our website at www.fidelityinternational.com

Sustainability Characteristics (31.03.2023)				MSCI Ratings Distribution % (31.03.2023)
	Fund	Index
MSCI ESG Fund Rating (AAA-CCC)	N/R	N/R
Weighted Average Carbon Intensity (tCo2e/$M Revenue)	206.4	318.5
SFDR Classification	N/A	N/A
SFDR Classification	N/A	N/A

N/A - Not Applicable

N/R - Not Rated

Fund

Index

Glossary

MSCI ESG Fund Rating: This shows the fund's ESG rating based on the Quality Scores given to the fund by MSCI. This ranges from AAA, AA (Leader), A, BBB, BB (Average) to B, CCC (Laggard). To be included in MSCI ESG Fund Ratings, 65% of the fund's gross weight must come from covered securities (and excluding cash), the fund's holdings date must be less than one year old and the fund must have at least ten securities.

Weighted Average Carbon Intensity: is calculated as the sum of each portfolio weight multiplied by the Co2e per $M of Revenue of each holding. This metric provides a snapshot of the fund's exposure to carbon-intensive companies and includes scope 1 and scope 2 carbon emissions. For carbon data, the coverage of underlying securities must be over 50% for data to be shown.

SFDR Classification: Shows the classification given to each fund as part of the EU Sustainable Finance Disclosure Regulation (SFDR). Article 9 funds aim to achieve an ESG outcome and are products with ESG objectives. Article 8 funds focus on promoting ESG characteristics and this must be a primary focus of the product. Article 6 funds integrate sustainability risks into investment analysis and decision-making, without the funds promoting environmental or social characteristics or having sustainable investments as their objective.

MSCI Ratings Distribution: This shows the percentage distribution of ESG ratings in the fund, based on the Net Asset Value of holdings excluding cash, liquidity funds, derivatives and Exchange Traded Funds.

Disclaimer

ESG Rating Source: ©2023 MSCI ESG Research LLC. Reproduced by permission, no further distribution. MSCI ESG Research LLC and its affiliates (the "ESG Parties"), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The information is as at the date of production based on data provided by MSCI. There may be timing differences between the date at which data is captured and reported. For more up to date information, you can visit https://www.msci.com/esg-fund-ratings

Carbon Data Source: Data provided by ISS ESG. All rights in the information provided by Institutional Shareholder Services Inc. and its affiliates (ISS) reside with ISS and/or its licensors. ISS makes no express or implied warranties of any kind and shall have no liability for any errors, omissions or interruptions in or in connection with any data provided by ISS. The information is as at the date of production based on carbon data provided by ISS. There may be timing differences between the date at which data is captured and reported.

SFDR Classification is assigned by Fidelity in line with the EU Sustainable Financial Disclosure Regulation.

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FIDELITY INVESTMENT TRUSTS

Fidelity Emerging Markets Limited Participating Preference Shares

31.03.2023 Monthly Factsheet

Glossary / Additional Notes

Equity Exposure notes

GROSS MARKET EXPOSURE

Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).

NET EQUITY

The net positive exposure to the market with short and hedge positions subtracted from long positions.

OTHER

The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.

UNINVESTED CASH

This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.

Investment Trust Facts

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

PREMIUM

If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING

Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.

FAIR VALUE

The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and

Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.

General notes

TOTAL NET ASSETS (TNA)

The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.

INDEX

The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.

TOP NET LONG POSITIONS

Those companies in which the largest percentages of the trust's total net assets are effectively invested. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.

TOP OVERWEIGHT & UNDERWEIGHT POSITIONS

Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds)

• can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.

NET LONG POSITIONS CONCENTRATION

Illustrates the weight of the top 10, 20 and 50 positions in the trust and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.

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