Fund Evaluator:
Fidelity SAI Em Mkts Lw Vol Idx (FGKPX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
| 55.1% | Invesco Emerging Markets ex-China Y (GTDYX) |
| 51.1% | WCM Focused Emerging Mkts Ex Chn Inv (WCFEX) |
| 47.2% | Matthews Emerging Markets Sust Fut Inv (MASGX) |
| 46.5% | Lazard Emerging Markets Equity Instl (LZEMX) |
| 46.5% | LSV Emerging Markets Equity Inv (LVAZX) |
Fund Details
Fidelity SAI Em Mkts Lw Vol Idx Overview
Fidelity SAI Em Mkts Lw Vol Idx (FGKPX) is a passively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2019.
The investment seeks to provide investment results that correspond to the total return of low volatility emerging market stocks. The fund normally invests at least 80% of assets in securities included in the Fidelity Emerging Markets Low Volatility Focus Index℠, which reflects the performance of a broad range of emerging market equities that in the aggregate have lower volatility relative to the broader emerging equity markets.
About Fidelity SAI Em Mkts Lw Vol Idx (FGKPX)
There are 5 members of the management team with an average tenure of 7.30 years: Louis Bottari (2019), Payal Gupta (2019), Peter Matthew (2019), Navid Sohrabi (2019), Robert Regan (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and Fidelity EM Low Volatility Focus TR USD index with a weighting of 100%. Fidelity SAI Em Mkts Lw Vol Idx has 172 securities in its portfolio. The top 10 holdings constitute 18.3% 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 SAI Em Mkts Lw Vol Idx is part of the Equity global asset class and is within the International Equity fund group. Fidelity SAI Em Mkts Lw Vol Idx has 98.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.1%. There is 98.9% 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 Em Mkts Lw Vol Idx has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $3 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.
FGKPX 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 Em Mkts Lw Vol Idx expense ratio is below average compared to funds in the Diversified Emerging Mkts category. Fidelity SAI Em Mkts Lw Vol Idx has an expense ratio of 0.24%, which is 79% 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 Em Mkts Lw Vol Idx has a portfolio turnover rate of 44%, 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 SAI Em Mkts Lw Vol Idx returned -0.6%, which earned it a grade of A, 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 SAI Em Mkts Lw Vol Idx has a trailing yield of 3.01%, which is above the 1.72% 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 Em Mkts Lw Vol Idx Grades
Year to date, the fund has returned 12.7%, 6.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.6% over the past year (grade of F), 11.4% over the past three years (grade of F) and 7.2% per year over the past five years (grade of C).
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FGKPX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FGKPX Return (NAV) | -0.6% | 4.8% | 16.6% | 11.4% | 7.2% | na |
| FGKPX Grade | A | A | F | F | C | na |
| +/- Category | 4.3% | 2.3% | -19.3% | -6.5% | 0.7% | na |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| FGKPX Tax Cost Ratio | na | na | 2.0% | 1.4% | 1.1% | na |
FGKPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FGKPX Return (NAV) | 12.7% | 12.6% | 6.0% | 15.3% | -13.0% | 10.8% | 5.2% | na | na | na | na |
| FGKPX Grade | F | F | C | B | A | A | F | na | na | na | na |
| +/- Category | -6.3% | -18.8% | -0.2% | 3.2% | 9.6% | 11.0% | -16.4% | na | na | na | na |
| Diversified Emerging Mkts Avg | 19.1% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.6% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 10.1% |
| Total Risk Index: | 0.82 - Average |
| Category Risk Index: | 0.60 - Low |
| Category Risk Grade: | A (0% Rank) |
| Beta: | 0.62 |
| R-Squared: | 72% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $3150 Mil |
| Fund Total Assets: | $3,151 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 44% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.5 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Bottari Louis (2019), Matthew Peter (2019), Regan Robert (2019), Gupta Payal (2019), Sohrabi Navid (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 172 |
| % in Top 10 Holdings: | 18.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.9% |
Portfolio Allocation |
|
| Domestic Stock: | 1.1% |
| Foreign Stock: | 98.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | January 30, 2019 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.24% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | Fidelity SAI Em Mkts Lw Vol Idx |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
