Fidelity Emerging Markets Discovery Fund
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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Fidelity® Emerging Markets
Discovery Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending April 30, 2021, the fund's The MSCI ACWI (All Country World
Retail Class shares gained 30.90%, lagging the 35.77% advance of the Index) ex USA Index gained 27.51% for
benchmark, the MSCI Emerging Markets SMID Index. the six months ending April 30, 2021,
with international equities rising amid
improved global economic growth,
• Co-Portfolio Manager Gregory Lee says the fund underperformed the widespread COVID-19 vaccinations, fiscal
benchmark the past six months due to its moderate style tilt toward stimulus in the U.S. and abroad, and
momentum- and growth-oriented assets, which lagged cyclical/value fresh government spending programs. In
stocks because investors gained confidence about a global recovery. addition, foreign securities were
bolstered in part by general U.S.-dollar
• As a result, security selection detracted versus the benchmark, weakness. The period began with a shift
especially in the consumer discretionary, information technology, in momentum. In November,
materials and real estate sectors, whereas choices among health care international stocks shrugged off a two-
and communication services stocks were notably positive. month retreat by gaining roughly 13%.
The momentum continued in December,
• An overweighting in South Korean tech firm DuzonBizon was the as positive news on the effectiveness of
fund's biggest detractor. In contrast, a position in Chinese video- vaccines provided a notable boost to
sharing website Bilibili was the fund's single-largest relative international equities. In late December,
as vaccines were approved by
contributor the past six months.
government regulatory authorities,
investors gained more confidence in the
• As of April 30, the co-managers have a positive view of emerging- outlook for the global economy. As the
markets equities, as they expect that global economic growth will new year began, many economists raised
continue to strengthen as COVID-19 wanes, which they believe should their expectations for a powerful
benefit emerging markets. economic recovery in the U.S. and
elsewhere, as opposed to the sluggish
• Greg also notes that many of the headwinds emerging markets have rebound they had been anticipating. By
faced for the past decade could improve if the COVID recovery region, the U.K. (+37%) and Canada
catalyzes a sustained upturn in growth, inflation and commodities. (+35%) led the way. Europe ex U.K.
(+33%) and Asia Pacific ex Japan (+31%)
• On January 1, 2021, James Hayes came off of the fund and the fund's also outperformed. Conversely, Japan
financials, real estate and utilities subportfolios, leaving Gregory Lee (+17%) and emerging markets (+23%)
as sole manager of these sleeves. lagged. Looking at sectors, energy
(+45%) and financials (+40%) fared best,
followed by information technology and
• On January 30, 2021, Jane Wu came off of the fund, leaving Gregory materials (+39% each). In contrast,
Lee as sole manager of the fund's health care subportfolio. Gregory notable "laggards" included health care
Lee assumed co-management responsibilities of the fund's (+13%), consumer staples (+15%) and
information technology subportfolio, joining Xiaoting Zhao. utilities (+17%).
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Q&A
An interview with Co-Portfolio
Managers Gregory Lee and Xiaoting
Zhao, with additional commentary
Gregory Lee Sam Polyak Xiaoting Zhao
Co-Manager Co-Manager Co-Manager from Co-Manager Sam Polyak
Fund Facts Q: Greg, how did the fund perform for the six
months ending April 30, 2021
Trading Symbol: FEDDX
G.L. The fund's Retail Class shares gained 30.90%, lagging
Start Date: November 01, 2011 the 35.77% advance of the benchmark, the MSCI Emerging
Markets SMID Index, and topping the peer group average.
Size (in millions): $314.11
Looking a bit longer term, the fund gained 60.14% for the
trailing 12 months, again lagging its benchmark and
outperforming the peer average.
Investment Approach Q: What factors influenced fund performance
• Fidelity® Emerging Markets Discovery Fund is a global versus the benchmark the past six months
emerging-markets (EM) equity strategy that focuses on
investing in smaller-capitalization companies exposed to G.L. As a refresher, Xiaoting, Sam and I are part of the
the secular-growth trends of ascendant EM economies. Fidelity Stock Selector Emerging Markets Group, a team of
sector-focused co-managers whose collective strategy relies
• The fund employs a team of portfolio managers, with on a fundamental, research-driven approach to stock picking.
each member dedicated to one or more of the major We each choose holdings that are consistent with our own
market sectors. investment philosophies for the sectors we manage.
• Portfolio sector weightings are kept similar to those of
By design, stock selection is typically the primary driver of the
the index in an effort to add value through active stock
fund's relative performance, as was the case this period. The
selection – our core competency – and also to reduce
fund's moderate style tilt toward momentum- and growth-
the risks associated with sector or market timing.
oriented assets made it difficult to keep up with a benchmark
• Focused sector expertise, supported by our deep that rallied 36% on a rotation into cyclical/value stocks as
research infrastructure, is combined with disciplined investors gained confidence about a global economic
portfolio construction to provide investment-process recovery.
consistency in seeking to deliver attractive risk-adjusted
returns over time. This resulted in security selection detracting from our relative
result, especially in the information technology, consumer
• Our sector-based structure preserves individual creativity
discretionary, materials and real estate sectors. A cash
and accountability, core to Fidelity's investment culture.
position of around 3%, on average, also weighed on relative
performance, given the strength of the market the past six
months. Conversely, our choices among health care and
communication services stocks were notably positive.
Q: In the sleeves you manage, which stocks
influenced relative performance most
G.L. China Communications Services (-25%) detracted this
period. We believed the provider of construction services to
China's telecom industry was meaningfully undervalued,
with the potential for that value to be unlocked by a
moderate upturn in growth driven by China's 5G rollout. But
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
the shares underperformed because the company's parent, 2020, when growth outperformed value. For example, our
China Telecom, was included in President Trump's executive position in Bilibili (+150%) was the fund's single-largest
order banning investment in certain Chinese businesses. relative contributor the past six months. Shares of the
Although China Comm itself was excluded, lack of clarity on Chinese video-sharing website – sometimes called the
whether subsidiaries were banned, or would be eventually, "YouTube of China" – benefited from continued growth in its
added to the concern. We remain optimistic about potential user base and improvement in monetization. We think the
future upside for the stock, so this period we added to our company is on the right track to ramp up its profit margin.
position in the stock.
Kakao, another non-benchmark stock, was another key
Hyundai Merchant Marine (HMM), a benchmark component contributor, gaining about 75% this period. Kakao is the
we chose to not own, hurt our relative result. Shares of the leading social-media and messenger application in South
Korea-based container-shipping company gained 346% this Korea, and the company continued to execute well on all
period, benefiting from a meteoric rise in freight rates the fronts, especially with innovating its advertising channel and
past nine months. Bottlenecks at major global ports, due to expanding its e-commerce business.
COVID-related labor constraints, caused ships to sit idle and
reduced effective supply in the shipping industry, driving Q: Greg, what's your outlook as of April 30
freight rates higher. We believe this is a short-term
phenomenon caused by consumer demand normalizing G.L. The team has a positive view of emerging-markets
faster than working conditions, and as supply and demand equities, as we expect that global economic growth will
come back into balance shipping rates should normalize. continue to strengthen as COVID wanes.
Conversely, a non-benchmark stake in Adani Ports (+105%) Expansion is generally good for emerging markets, for many
contributed the past six months. The company has been a reasons. First, strong growth in global demand tends to
core, long-term holding in the fund, as we believe that its benefit export economies, such as China, Taiwan and South
standing as India's dominant port operator is substantially Korea, which together represented about 47% of the
undervalued. This period, good execution in a difficult benchmark the past six months. It is also generally good for
backdrop, combined with easing governance concerns capital-consuming countries, including Brazil and South
related to the company's parent group, led to significant Africa, because liquidity and increased risk tolerance can
upside in the shares. stimulate foreign investment, which is supportive of their
sometimes-fragile currencies. Lastly, there are many
commodity producers and commodity-driven countries in
Q: Xiaoting, what can you tell us about the
the benchmark, and these markets should benefit if this
technology sleeve recent global pickup in inflation continues.
X.Z. Our investment process led us to primarily invest in Emerging-markets stocks have struggled versus the rest of
growth-oriented tech stocks – a style choice that hurt the the world for the better part of a decade, but we believe this
subportfolio's relative performance this period, as the has been a cyclical phenomenon. As such, we remain
smaller-cap value tech stocks in our benchmark fared better confident in the longer-term opportunity. Specifically, the
the past six months. Among individual holdings, an underperformance has come amid a prolonged period of
overweighting in DuzonBizon (-14%) was the fund's largest meager global growth, weak commodity prices, low inflation
detractor. The firm provides a steady, dominating enterprise and declining interest rates.
resource planning (ERP) business in South Korea. Its
transition from ERP to a software-as-a-service (SaaS) business While it's challenging to predict the timing of a lasting
model resulted in a temporary bump in spending, causing reversal in these factors, as of April 30 they are all moving in
near-term concern. However, we remain bullish on the firm's such a direction. At the very least, the current global macro
longer-term prospects, so we increased exposure. backdrop indicates that many of the headwinds emerging-
markets equities have faced for the past decade are not
An out-of-benchmark position in Semiconductor necessarily permanent. Should the COVID-recovery catalyze
Manufacturing International, a chipmaker based in China, a sustained upturn in growth, inflation and commodities,
was another laggard. Our stake here returned roughly -21% emerging markets are likely to enjoy a much more favorable
before we sold the stock by period end. backdrop, in our view. ■
Q: How did the communications services
subportfolio fare
X.Z. Within this sleeve, several of the growth names we
owned were among the fund's top relative contributors.
These stocks performed particularly well in the later part of
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Sam Polyak on the fund's consumer-
Average Relative
related investments: Relative Contribution
Holding Market Segment Weight (basis points)*
"The consumer discretionary and consumer staples Communication
Bilibili, Inc. ADR 1.17% 85
sectors both lagged the broader benchmark the Services
past six months, gaining 34% and 19%, respectively. Adani Ports & Special
Industrials 1.03% 58
The latter is considered a defensive category, so it Economic Zone Ltd.
makes sense that it lagged consumer discretionary CEMEX S.A.B. de CV
Materials 1.18% 51
and other cyclical sectors that rallied amid prospects sponsored ADR
for economic recovery. China Machinery
Engineering Co. (H Industrials 0.15% 48
"Looking ahead, I have a positive view of these two Shares)
sectors. There appears to be a lot of pent-up Information
Silergy Corp. 1.67% 48
demand for consumer goods and services, Technology
especially in India, Brazil, Mexico, Southeast Asia * 1 basis point = 0.01%.
and Eastern Europe – all areas that fared poorly
amid the pandemic and a period of a stronger U.S.
dollar against weak local currencies. I expect that LARGEST DETRACTORS VS. BENCHMARK
prospects for these markets, and others, should
markedly improve as currencies stabilize and as
Average Relative
growth returns after COVID-related lockdowns ease. Relative Contribution
These are the markets where I've been finding the Holding Market Segment Weight (basis points)*
most attractive investment opportunities. Information
DuzonBizon Co. Ltd. 1.08% -69
Technology
"As for China, South Korea and Taiwan – some of
Semiconductor
the benchmark's largest country components this Information
Manufacturing 0.36% -55
period – I expect steady growth to continue, but not International Corp.
Technology
at the accelerated pace I think we should see in the
China
countries and regions I mentioned. Communications
Industrials 0.58% -42
Services Corp. Ltd. (H
"In terms of specific stocks, the fund's two largest Shares)
consumer discretionary holdings at period end are
HMM Co. Ltd. Industrials -0.20% -36
Cashbuild and Fourlis Holdings. Cashbuild is a
Consumer
South Africa-based 'do-it-yourself' home PChome Online, Inc.
Discretionary
0.56% -33
improvement retailer that operated well amid a
* 1 basis point = 0.01%.
tough environment. Additionally, the company has a
strong management team, and the acquisition it
made during the COVID downturn has started to
benefit the company. Meanwhile, Fourlis is Greece's
exclusive franchisee of Swedish home furnishing
giant IKEA. Fourlis also owns a sportwear brand. The
company operates in Greece, the Balkans and
Turkey. I expect Fourlis to benefit as Greece's
economy recovers due to government initiatives
and consumer health improves from the bottom.
"In consumer staples, I'm particularly bullish on
Brazilian cosmetics company Natura, which
maintained cost controls throughout the downturn
and did a good job integrating its big acquisitions of
The Body Shop and Avon. I believe Natura should
see demand strongly return as reopenings continue
and people go back to work."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
International Equities 98.09% 100.00% -1.91% 4.26%
Emerging Markets 96.17% 100.00% -3.83% 4.23%
Developed Markets 1.92% 0.00% 1.92% 0.03%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Domestic Equities 0.49% 0.00% 0.49% -2.77%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 1.42% 0.00% 1.42% -1.49%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
COUNTRY DIVERSIFICATION
Relative Change
From Six Months
Country Portfolio Weight Index Weight Relative Weight Ago
China 18.84% 14.12% 4.72% -5.31%
Taiwan 12.75% 19.21% -6.46% 1.42%
India 11.08% 12.46% -1.38% -1.27%
Brazil 10.44% 6.90% 3.54% 3.99%
Korea (South) 9.73% 14.56% -4.83% 2.56%
Mexico 6.39% 2.92% 3.47% 3.06%
South Africa 4.95% 6.23% -1.28% -0.29%
Russia 3.94% 2.30% 1.64% -0.50%
Greece 2.89% 0.90% 1.99% 0.70%
Hong Kong 2.15% 0.20% 1.95% 0.34%
Argentina 1.82% 0.67% 1.15% 0.61%
United Kingdom 1.69% -- 1.69% 0.03%
Thailand 1.39% 3.55% -2.16% -2.16%
Hungary 1.31% 0.34% 0.97% 0.97%
Indonesia 1.27% 1.64% -0.37% -0.47%
Chile 1.15% 0.91% 0.24% 0.24%
Turkey 1.12% 1.64% -0.52% -0.68%
Other Countries 5.87% N/A N/A N/A
Cash & Net Other Assets 1.22% 0.00% 1.22% -1.46%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Silergy Corp. Information Technology 2.27% 1.67%
CEMEX S.A.B. de CV sponsored ADR Materials 1.95% 1.44%
Sunny Optical Technology Group Co. Ltd. Information Technology 1.86% 1.58%
Globant SA Information Technology 1.82% 1.31%
Nanya Technology Corp. Information Technology 1.57% 1.21%
Titan Cement International Trading SA Materials 1.27% 0.98%
Unimicron Technology Corp. Information Technology 1.27% 0.92%
Kakao Corp. Communication Services 1.23% 1.17%
Fourlis Holdings SA Consumer Discretionary 1.21% 0.82%
JK Cement Ltd. Materials 1.20% 1.02%
10 Largest Holdings as a % of Net Assets 15.64% 14.79%
Total Number of Holdings 173 184
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Information Technology 16.86% 16.50% 0.36% 2.43%
Materials 14.21% 14.94% -0.73% -0.47%
Industrials 13.36% 13.93% -0.57% 1.27%
Financials 11.05% 11.81% -0.76% 0.89%
Consumer Discretionary 11.00% 12.06% -1.06% -0.98%
Health Care 8.06% 8.04% 0.02% 0.00%
Consumer Staples 6.58% 6.63% -0.05% 0.39%
Communication Services 5.84% 4.28% 1.56% -0.01%
Real Estate 4.97% 5.45% -0.48% -0.65%
Utilities 3.77% 3.77% 0.00% 0.79%
Energy 2.56% 2.58% -0.02% 0.14%
Multi Sector 0.32% -- 0.32% -2.32%
Other 0.00% 0.00% 0.00% 0.00%
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending April 30, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Emerging Markets Discovery Fund
30.90% 8.44% 60.14% 6.56% 12.03% 8.05%
Gross Expense Ratio: 1.24%2
MSCI Emerging Markets SMID Index (Net MA) 35.77% 11.17% 62.46% 6.03% 9.89% 5.53%
Morningstar Fund Diversified Emerging Mkts 24.71% 5.63% 51.66% 7.69% 11.81% --
% Rank in Morningstar Category (1% = Best) -- -- 17% 63% 44% --
# of Funds in Morningstar Category -- -- 792 689 595 --
1 Life
of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2011.
2 Thisexpense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-
quarter performance.
7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Definitions and Important Information and/or its content providers; (2) may not be copied or
redistributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are
Information provided in this document is for informational and
responsible for any damages or losses arising from any use of this
educational purposes only. To the extent any investment information
information. Fidelity does not review the Morningstar data and, for
in this material is deemed to be a recommendation, it is not meant to
mutual fund performance, you should check the fund's current
be impartial investment advice or advice in a fiduciary capacity and is
prospectus for the most up-to-date information concerning
not intended to be used as a primary basis for you or your client's
applicable loads, fees and expenses.
investment decisions. Fidelity, and its representatives may have a
conflict of interest in the products or services mentioned in this % Rank in Morningstar Category is the fund's total-return
material because they have a financial interest in, and receive percentile rank relative to all funds that have the same Morningstar
compensation, directly or indirectly, in connection with the Category. The highest (or most favorable) percentile rank is 1 and
management, distribution and/or servicing of these products or the lowest (or least favorable) percentile rank is 100. The top-
services including Fidelity funds, certain third-party funds and performing fund in a category will always receive a rank of 1%. %
products, and certain investment services. Rank in Morningstar Category is based on total returns which
include reinvested dividends and capital gains, if any, and exclude
FUND RISKS sales charges. Multiple share classes of a fund have a common
Stock markets, especially foreign markets, are volatile and can portfolio but impose different expense structures.
decline significantly in response to adverse issuer, political,
regulatory, market, or economic developments. Foreign securities
RELATIVE WEIGHTS
are subject to interest rate, currency exchange rate, economic, and
political risks, all of which are magnified in emerging markets. The Relative weights represents the % of fund assets in a particular
securities of smaller, less well-known companies can be more market segment, asset class or credit quality relative to the
volatile than those of larger companies. benchmark. A positive number represents an overweight, and a
negative number is an underweight. The fund's benchmark is listed
immediately under the fund name in the Performance Summary.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
MSCI Emerging Markets Small Mid Cap Index is a market
capitalization-weighted index that is designed to measure the
investable equity market performance of small and mid-cap stocks
for global investors in emerging markets.
MSCI Emerging Markets SMID Index (Net MA) is a market
capitalization-weighted index that is designed to measure the
investable equity market performance of small and mid-cap stocks
for global investors in emerging markets.
MSCI ACWI (All Country World Index) ex USA Index is a market
capitalization-weighted index designed to measure the investable
equity market performance for global investors of large and mid-cap
stocks in developed and emerging markets, excluding the United
States.
MARKET-SEGMENT WEIGHTS
Market-segment weights 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.
RANKING INFORMATION
© 2021 Morningstar, Inc. All rights reserved. The Morningstar
information contained herein: (1) is proprietary to Morningstar
8 |PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Equity division at Fidelity Investments. Fidelity Investments is a
Manager Facts leading provider of investment management, retirement
planning, portfolio guidance, brokerage, benefits outsourcing,
Gregory Lee is a portfolio manager in the Equity division at and other financial products and services to institutions, financial
Fidelity Investments. Fidelity Investments is a leading provider of intermediaries, and individuals.
investment management, retirement planning, portfolio
guidance, brokerage, benefits outsourcing, and other financial In this role, Mr. Zhao co-manages Fidelity Emerging Asia Fund
products and services to institutions, financial intermediaries, and Fidelity Advisor Emerging Asia Fund. He also manages the
and individuals. information technology and communication services sleeves of
Fidelity Emerging Markets Equity Central Fund, Fidelity Series
In this role, Mr. Lee co-manages Fidelity and Fidelity Advisor Emerging Markets Opportunities Fund, Fidelity Emerging
Emerging Markets Discovery Fund, Fidelity and Fidelity Advisor Markets Equity Investment Trust, Fidelity Emerging Markets
Total Emerging Markets Fund, and Fidelity Series Emerging Discovery Fund, and Fidelity Total Emerging Markets Fund.
Market Fund.
Prior to joining Fidelity as an international equity intern in 2009,
Prior to assuming his current position in 2012, Mr. Lee served as Mr. Zhao served as assistant vice president of the Global
an emerging markets equity analyst and as a U.S. equity analyst. Markets Group at Bank of America. Previously, he was an officer
in Citigroup's Global Corporate and Investment Banking division
Before joining Fidelity in 2007, Mr. Lee worked as an equity and a management trainee at HSBC Group. He has been in the
research associate at Raymond James & Associates. In this financial industry since 2005.
capacity, he was responsible for covering stocks in the
technology and defense sectors. He has been in the financial Mr. Zhao earned his bachelor of economics degree in business
industry since 2002. English from the Shanghai Institute of Foreign Trade, his master
of science degree in computer science from the University of
Mr. Lee earned his bachelor of arts degree in economics from Bath, and his master of business administration degree in
the University of Pennsylvania and his master of business finance and economics from Columbia Business School.
administration degree from New York University. He is also a
CFA® charterholder.
Sam Polyak is a portfolio manager in the Equity division at
Fidelity Investments. Fidelity Investments is a leading provider of
investment management, retirement planning, portfolio
guidance, brokerage, benefits outsourcing, and other financial
products and services to institutions, financial intermediaries,
and individuals.
In this role, he is responsible for the Emerging Markets Multi-
Manager product with an emphasis on the consumer and
materials space, and serves as co-manager of Fidelity Advisor
Emerging Markets Fund and VIP Emerging Markets Portfolio.
Prior to joining Fidelity in June 2010, Mr. Polyak was a principal,
co-portfolio manager at Ninth Wave Capital Management from
2007 to 2009, where he was a founding partner of the long-only
and long-short Emerging Markets Equity fund. Previously, he
worked as head of emerging markets (EM) research at
Oppenheimer Funds from 2005 to 2007, and as a co-portfolio
manager, head of EM research, and analyst at Pioneer
Investments from 1998 to 2005. He has been in the financial
industry since 1998.
Mr. Polyak earned his bachelor of arts degree in finance from the
University of Massachusetts Amherst and his master of business
administration degree in finance from New York University
Leonard N. Stern School of Business. He is also a CFA®
charterholder.
Xiaoting Zhao is a research analyst and portfolio manager in the
9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PERFORMANCE SUMMARY: Annualized
Quarter ending September 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Emerging Markets Discovery Fund
32.53% 13.06% 10.01% 7.84%
Gross Expense Ratio: 1.24%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2011.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
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