Fidelity Emerging Markets

LN: FEML

Market Cap£570m

Last Close 626p

Launched in July 1989, Genesis Emerging Markets was one of the first emerging markets funds in the UK. Managed by Fidelity from 4 October 2021 (and renamed Fidelity Emerging Markets), it seeks long-term capital appreciation through investing in securities and financial instruments, providing exposure to emerging markets companies. Performance is benchmarked against the MSCI Emerging Markets Index.

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Investment summary

Fidelity Emerging Markets (FEML, formerly Genesis Emerging Markets, GSS) was transferred to Fidelity in October 2021, following board recommendation and a favourable shareholder vote. FEML mirrors the FAST fund (£346m at 30 November, see chart below), which has achieved a strong track record over the past 10 years, consistently outperforming the MSCI Emerging Markets Index under lead fund manager Nick Price. Like FAST, FEML can take both long and short positions (subject to strict limits). It is differentiated by the ability to buy less liquid stocks, due to its closed-ended structure. Relative to long-only strategies, FEML can build a higher gross long exposure, which the Fidelity team believes offers greater scope for outperformance.