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The fund aims to generate long-term capital growth through investing primarily in securities of companies having their head office or exercising a predominant part of their activity in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Africa that are considered as emerging markets according to the MSCI Emerging EMEA index. The manager has a bottom-up approach with a value style, looking for unloved companies which can deliver solid long term returns. Typical portfolio companies will have strong franchises, high dividend yields, low PEs, strong cashflows and high returns on investment. The manager sets a target price for portfolio companies but does not require a short term catalyst for change, instead being prepared to wait for a number of years before value is realised. He has a dedicated team of EMEA analysts at his disposal, as well as Fidelity's worldwide network of emerging markets professionals.