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This fund invests primarily in Indian equities, although it can invest within foreign companies as long as they derive the majority of their earnings from India. Fidelity are known for their bottom up approach to investing and this fund is no exception. In depth analysis of companies underlies stock selection and Fidelity make use of their locally based team. Valuations are a consideration although the manager is also very focused on the potential growth opportunities created by Indian economic growth.
The index is of little relevance to this fund, therefore all stocks within the portfolio should be considered to be high conviction ideas. The fund is typically biased towards small and mid sized companies.