Fidelity Emerging Markets Equity ESG Fund

The Fund aims to increase the value of your investment over 5 years or more. At least 70% of the Fund’s assets are invested in equities (and their related securities) of companies having their head office or exercising a predominant part of their activity in emerging markets globally including Asia, Latin America, Europe, Middle East and Africa according to the MSCI Emerging Markets (Net Total Return) Index. The Fund aims to achieve an ESG score for its portfolio greater than the benchmark index (MSCI Emerging Markets (Net Total Return) Index) after the exclusion of the 20% of securities in the benchmark with the lowest ESG ratings. The Fund may invest in securities of issuers with lower ESG ratings, including those with low but improving ESG characteristics. The Investment Manager aims to ensure companies held within the fund follow good governance practices. The Fund aims to hold a concentrated portfolio of 30-50 companies or other types of investment. The Fund may also hold other transferable securities, collective investment schemes, money market instruments, cash and deposits and derivatives for efficient portfolio management purposes. The Fund is actively managed. The Investment Manager will consider the MSCI Emerging Markets (Net Total Return) Index for the purposes of selecting investments and monitoring risk, however the Investment Manager has a wide degree of freedom to invest outside the index or take larger or smaller positions relative to it. The Investment Manager takes steps to prevent the Fund’s investments from conflicting with the sustainability characteristics by ensuring all assets comply with the Investment Manager’s exclusion framework. Exclusions include exposure to controversial weapons, conventional weapons, semi-automatic-weapons, tobacco, thermal coal, arctic oil and gas, oil sands, as well as those relating to international norms, such as human rights. Revenue thresholds and transition criteria apply. Fund specific exclusions may also be applied. The Investment Manager regularly monitors the Fund’s holdings to verify compliance with the investment policy and exclusions and looks at the following metrics: (i)The ESG score of the Fund measured against the ESG score of its benchmark excluding 20% of the securities in the benchmark with the lowest ESG ratings; (ii) There is no exposure to investments that undertake activities that are excluded completely or at a company revenue threshold in accordance with the Fund’s investment policy.