Fund Evaluator:
Strategic Advisers Fidelity Em Mkts (FGOMX)
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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
Strategic Advisers Fidelity Em Mkts Overview
Strategic Advisers Fidelity Em Mkts (FGOMX) is an actively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2018.
The investment seeks capital appreciation. The fund invests at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets and in shares of other emerging markets equity funds. It normally invests primarily in equity securities, allocates investments across different emerging market countries, allocates assets among affiliated emerging markets funds, etc.
About Strategic Advisers Fidelity Em Mkts (FGOMX)
There are 2 members of the management team with an average tenure of 4.04 years: Wilfred Chilangwa (2018), Sean McCarthy (2026). 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%. Strategic Advisers Fidelity Em Mkts has 319 securities in its portfolio. The top 10 holdings constitute 60.9% 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.
Strategic Advisers Fidelity Em Mkts is part of the Equity global asset class and is within the International Equity fund group. Strategic Advisers Fidelity Em Mkts has 95.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.9%. There is 95.9% 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). Strategic Advisers Fidelity Em Mkts has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $39 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.
FGOMX 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 Strategic Advisers Fidelity Em Mkts expense ratio is below average compared to funds in the Diversified Emerging Mkts category. Strategic Advisers Fidelity Em Mkts has an expense ratio of 0.30%, which is 74% 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. Strategic Advisers Fidelity Em Mkts has a portfolio turnover rate of 53%, 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, Strategic Advisers Fidelity Em Mkts returned -6.0%, 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.
Strategic Advisers Fidelity Em Mkts has a trailing yield of 2.88%, 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.
Strategic Advisers Fidelity Em Mkts Grades
Year to date, the fund has returned 21.6%, 2.5 percentage points better than the category, which translates into a grade of B. The fund has returned 40.3% over the past year (grade of B), 20.7% over the past three years (grade of B) and 8.7% per year over the past five years (grade of B).
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FGOMX 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 |
|
| FGOMX Return (NAV) | -6.0% | 2.4% | 40.3% | 20.7% | 8.7% | na |
| FGOMX Grade | C | C | B | B | B | na |
| +/- Category | -1.0% | -0.1% | 4.4% | 2.7% | 2.2% | na |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| FGOMX Tax Cost Ratio | na | na | 2.0% | 1.3% | 1.2% | na |
FGOMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FGOMX Return (NAV) | 21.6% | 34.8% | 7.9% | 12.2% | -22.5% | -0.2% | 22.1% | 22.3% | na | na | na |
| FGOMX Grade | B | B | B | B | C | C | C | C | na | na | na |
| +/- Category | 2.5% | 3.4% | 1.7% | 0.1% | 0.2% | 0.0% | 0.5% | 0.4% | 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: | 16.1% |
| Total Risk Index: | 1.31 - Above Average |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (40% Rank) |
| Beta: | 1.02 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $39589 Mil |
| Fund Total Assets: | $39,590 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 53% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Chilangwa Wilfred (2018), McCarthy Sean (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 319 |
| % in Top 10 Holdings: | 60.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 95.9% |
Portfolio Allocation |
|
| Domestic Stock: | 1.9% |
| Foreign Stock: | 95.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 30, 2018 |
| 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 (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | Strategic Advisers Fidelity Em Mkts |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
