Fund information
Manager(s): Juan dances
Trading symbol: FEMKX
Start date: November 1, 1990
Size (in millions): $9,903.95
Morningstar Category: Diversified funds in emerging markets
Stock markets, especially foreign ones, are volatile and may decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Foreign securities are subject to interest rate, exchange rate, economic and political risks, all of which are magnified in emerging markets.
Definitions and important information
The information provided in this document and its presentation are for informational and educational purposes only and do not constitute a recommendation to take any particular action or any action at all, or an offer or solicitation to buy or sell the securities or services presented. It does not constitute investment advice. Fidelity does not provide legal or tax advice.
Before making any investment decision, you should consult with your own professional advisors and take into account all the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products and certain investment services.
Characteristics
Earnings per share growth measures the growth in earnings per share reported over the trailing one- and five-year periods.
Earnings per share growth (IBES 1-year forecast) measures the growth in reported earnings per share as estimated by Wall Street analysts.
Average market capitalization identifies the average market capitalization of the portfolio or benchmark, determined by the market capitalizations of the underlying securities.
Price/Book Ratio (P/B) is the relationship between a company's current stock price and its reported earnings and accumulated equity.
Price/Cash Flow is the relationship between a company's current stock price and its cash flow per share over the past 12 months.
Price-earnings ratio (P/E) (IBES 1-year forecast) is the relationship between a company's current stock price and Wall Street analysts' earnings estimates.
Closing price-earnings (P/E) ratio is the relationship between a company's current stock price and its earnings per share over the past 12 months.
Return on equity (ROE) for the last 5 years It is the relationship between the historical profitability of a company over the last five years and the share capital of its shareholders.
Preferred shares are included as part of each company's net worth.
Sales per share growth measures the growth in reported sales over the specified past time period.
Weighted average market capitalization identifies the market capitalization of the average stock holdings as determined by the dollars invested in the portfolio or benchmark.
Weighted average market capitalization identifies the market capitalization of the median stock holding as determined by the dollars invested in the portfolio or benchmark.
Important information about the fund
The relative positioning data presented in this commentary is based on the fund's primary benchmark, unless a secondary benchmark is provided to assess performance.
Indexes
It is not possible to invest directly in an index. None of the indexes represented are managed. All indexes include reinvestment of dividends and interest income unless otherwise stated.
MSCI Emerging Markets Net MA Linked Index (June 29, 2018) represents the performance of the MSCI Emerging Markets Index (Net MA) since June 29, 2018 and the MSCI Emerging Markets Index (Net MA) since January 1, 2004. The composition differed in periods prior to January 1, 2004.
Market segment weightings
Market segment weightings illustrate examples of sectors or industries in which the fund may invest and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.
Classification information
© 2024 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is the property of Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not guaranteed to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damage or loss arising from the use of this information. Fidelity does not review Morningstar data, and for mutual fund performance, you should refer to the fund's current prospectus for the most current information on applicable fees, expenses, and charges.
The Morningstar Category Rank % is the fund's total return percentile relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile is 1 and the lowest (or least favorable) percentile is 100. The best-performing fund in a category will always receive a 1% rating. The Morningstar Category Rank % is based on total returns that include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes within a fund have a common portfolio but impose different expense structures.
Relative weights
Relative weights represent the percentage of the fund's assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight and a negative number represents an underweight. The fund's benchmark appears immediately below the fund name in the Performance Summary.
3-year risk/return statistics
Beta is a measure of a fund's volatility relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.
Information relationship measures a fund's active performance (the fund's average monthly return minus the benchmark's average monthly return) relative to the volatility of its active returns.
R-squared measures how a fund's performance is correlated with the performance of a benchmark index and shows how much of it can be explained by the performance of the overall market/index. The R-squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-squared value less than 0.5 indicates that the annualized alpha and beta are not reliable performance statistics.
Sharpe ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month “risk-free” rate of return) and dividing by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The 3-month “risk-free” rate used is the 90-day Treasury bill rate.
Standard deviation is a statistical measure of the dispersion of a fund's returns over a given period of time. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period and then annualizes the figure. Investors can look at the historical standard deviation alongside historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and therefore higher historical volatility. The standard deviation does not indicate the fund's actual performance, but simply the volatility of its returns over time.
Tracking error is the divergence between the price performance of a position or portfolio and the price performance of a benchmark index, creating an unexpected gain or loss.
Before investing in any mutual fund, carefully consider the investment objectives, risks, charges and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Please read it carefully before investing.
Past performance is no guarantee of future results.
The opinions expressed are as of the end of the period indicated and do not necessarily represent the views of Fidelity. Opinions are subject to change at any time based on market or other conditions, and Fidelity assumes no responsibility to update such opinions. These opinions should not be considered investment advice and, since investment decisions for a Fidelity fund are based on numerous factors, they cannot be relied upon as an indication of trading intent by any Fidelity fund. Securities mentioned are not necessarily holdings in which portfolio managers or FMR LLC invest. References to specific company securities should not be construed as investment advice or recommendations.
Diversification does not ensure profits nor guarantee against losses.
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Not insured by NCUA or NCUSIF. May lose value. Not guaranteed by the credit union.
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