Fidelity Emerging Markets - A year of two parts
Fidelity Emerging Markets (FEML) has been managed by portfolio managers Nick Price and Chris Tennant since October 2021. The portfolio faced a challenging 2022 as emerging markets declined sharply in what was the worst year for the asset class since the global financial crisis. According to Fidelity, valuations now appear attractive, with the MSCI Emerging Market Index trading on a multiple of c 12x P/E at the end of 2022, relative to the MSCI World Index (23 developed markets), which traded on c 17x. The portfolio’s underperformance over the year was driven by its overweight exposure to Russia, although performance started to stabilise towards the end of the period. The managers continue to seek out high-quality companies with strong balance sheets and have looked for opportunities to increase exposure to value-oriented parts of the market on a highly selective basis.Genesis Emerging Markets Fund is a Guernsey based authorized closed-ended investment scheme, which is managed by Genesis Asset Managers, LLP. Co. primarily invest in equity markets of developing countries. The investments of Co. are principally in listed equities. At June 30 2017, Co.'s investments of $1.28 billion were measured at fair value and consisted of a portfolio of primarily quoted securities from emerging markets. As of June 30 2017, Co.'s portfolio consists of a diversified group of 125 companies from 36 countries (including several businesses at the smaller end of the opportunity set).
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