Edison Investment Research - Genesis Emerging Markets Fund Ltd. (A0YD8N) Fidelity Emerging Markets - Refocusing on higher returns

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Edison Investment Research

Pedro Fonseca

Fidelity Emerging Markets - Refocusing on higher returns

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.

17/12/2021 1 EN

Underlying

Genesis Emerging Markets Fund Ltd.

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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GG00B4L0PD47 Berlin Stock Exchange Guernsey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Fidelity Emerging Markets - Refocusing on higher returns

Fidelity Emerging Markets - A year of two parts

Fidelity Emerging Markets - Repositioned for emerging opportunities

Edison Investment Research Limited: Fidelity Emerging Markets (FEML): Initiation - Refocusing on higher returns

Newron Pharmaceuticals - Evenamide notches up another win (study 008A)

Cobra Resources - Exploring a potential game changer

Esker - Targeting margin recovery in FY24

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