Fund Evaluator:

Fidelity Series Emerging Markets Overview

Fidelity Series Emerging Markets (FHKFX) is an actively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2018.

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. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the adviser identifies as having similar emerging markets characteristics. It normally invests primarily in common stocks. The advisor allocates investments across different emerging markets countries.

About Fidelity Series Emerging Markets (FHKFX)

There are 1 members of the management team with an average tenure of 6.58 years: John Chow (2020). 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 has 156 securities in its portfolio. The top 10 holdings constitute 43.7% 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 Series Emerging Markets is part of the Equity global asset class and is within the International Equity fund group. Fidelity Series Emerging Markets has 96.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.0%. There is 96.1% 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 Series Emerging Markets has 1.9% of the portfolio in cash.

Assets Under Management

The fund has $8 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.

FHKFX 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 expense ratio is low compared to funds in the Diversified Emerging Mkts category. Fidelity Series Emerging Markets 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 has a portfolio turnover rate of 100%, 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 Series Emerging Markets returned 3.4%, 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 Series Emerging Markets has a trailing yield of 1.88%, 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 Series Emerging Markets Grades

Year to date, the fund has returned 26.3%, 2.6 percentage points better than the category, which translates into a grade of B. The fund has returned 42.1% over the past year (grade of B), 25.1% over the past three years (grade of B) and 8.3% per year over the past five years (grade of B).

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