Fund Evaluator:

Fidelity Series Emerging Markets Opps Overview

Fidelity Series Emerging Markets Opps (FEMSX) is an actively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2008.

The investment seeks capital appreciation. The fund normally invests at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. It normally invests primarily in common stocks. The adviser allocates investments across different emerging market countries. The adviser uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

About Fidelity Series Emerging Markets Opps (FEMSX)

There are 8 members of the management team with an average tenure of 5.08 years: Michael Reznikas (2024), Sam Polyak (2010), Greg Lee (2012), Yuanlin Lang (2025), Lewis Chung (2022), Christopher Bartoli (2024), Jennifer Moon (2025), Tong Chen (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Fidelity Series Emerging Markets Opps has 253 securities in its portfolio. The top 10 holdings constitute 48.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity Series Emerging Markets Opps is part of the Equity global asset class and is within the International Equity fund group. Fidelity Series Emerging Markets Opps has 96.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.6%. There is 96.9% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Series Emerging Markets Opps has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $31 billion in total assets, which is above the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FEMSX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Series Emerging Markets Opps expense ratio is low compared to funds in the Diversified Emerging Mkts category. Fidelity Series Emerging Markets Opps has an expense ratio of 0.01%, which is 99% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Series Emerging Markets Opps has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Fidelity Series Emerging Markets Opps returned -6.1%, which earned it a grade of C, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Fidelity Series Emerging Markets Opps has a trailing yield of 2.00%, which is above the 1.72% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Fidelity Series Emerging Markets Opps Grades

Year to date, the fund has returned 22.5%, 3.4 percentage points better than the category, which translates into a grade of B. The fund has returned 42.8% over the past year (grade of B), 21.7% over the past three years (grade of A) and 8.5% per year over the past five years (grade of B) and 10.9% per year over the past 10 years (grade of A).

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