Launched in July 1989, Fidelity Emerging Markets (formerly Genesis Emerging Markets Fund) was one of the first emerging markets funds in the UK. The company seeks long-term capital appreciation through investment in companies operating in emerging and frontier markets or listed on the stock markets of such countries. Performance is benchmarked against the MSCI Emerging Markets Index.
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.