Fund Evaluator:

Fidelity SAI Emerging Mkts Val Idx Overview

Fidelity SAI Emerging Mkts Val Idx (FEMVX) is a passively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2020.

The investment seeks to provide investment results that correspond to the total return of emerging market stocks with attractive valuations. Normally investing at least 80% of assets in securities included in the Fidelity Emerging Markets Value Focus Index℠ and in depositary receipts representing securities included in the index. The Fidelity Emerging Markets Value Focus Index℠ is designed to reflect the performance of large and mid-cap stocks in emerging markets that have attractive valuation metrics.

About Fidelity SAI Emerging Mkts Val Idx (FEMVX)

There are 5 members of the management team with an average tenure of 6.30 years: Louis Bottari (2020), Payal Gupta (2020), Peter Matthew (2020), Navid Sohrabi (2020), Robert Regan (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and Fidelity EM Value Focus TR USD index with a weighting of 100%. Fidelity SAI Emerging Mkts Val Idx has 221 securities in its portfolio. The top 10 holdings constitute 35.7% 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 SAI Emerging Mkts Val Idx is part of the Equity global asset class and is within the International Equity fund group. Fidelity SAI Emerging Mkts Val Idx has 99.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5%. There is 99.5% allocated to foreign stock, and 0.0% 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 SAI Emerging Mkts Val Idx has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $12 billion in total assets, which is above the $992 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.

FEMVX 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 SAI Emerging Mkts Val Idx expense ratio is below average compared to funds in the Diversified Emerging Mkts category. Fidelity SAI Emerging Mkts Val Idx has an expense ratio of 0.20%, which is 83% 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 SAI Emerging Mkts Val Idx has a portfolio turnover rate of 31%, 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 August 2026, Fidelity SAI Emerging Mkts Val Idx returned 4.0%, which earned it a grade of C, as the Diversified Emerging Mkts category had an average return of 3.9%. 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 SAI Emerging Mkts Val Idx has a trailing yield of 3.03%, which is above the 1.65% category average. The fund normally distributes its income 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 SAI Emerging Mkts Val Idx Grades

Year to date, the fund has returned 30.9%, 7.2 percentage points better than the category, which translates into a grade of A. The fund has returned 48.9% over the past year (grade of A), 28.5% over the past three years (grade of A) and 13.2% per year over the past five years (grade of A).

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