Fund Evaluator:

Fidelity Series Em Mk Dbt Lcl Ccy Overview

Fidelity Series Em Mk Dbt Lcl Ccy (FSEDX) is an actively managed Taxable Bond Emerging-Markets Local-Currency Bond fund. Fidelity Investments launched the fund in 2020.

The investment seeks high total return. The fund normally invests at least 80% of assets in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets and denominated in the local currency of the issuer. It potentially invests in other types of securities, including debt securities of non-emerging market foreign issuers and lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) of U.S. issuers. The fund is non-diversified.

About Fidelity Series Em Mk Dbt Lcl Ccy (FSEDX)

There are 3 members of the management team with an average tenure of 4.92 years: Constantin Petrov (2020), Timothy Gill (2022), Nader Nazmi (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: JPM GBI-EM Global Diversified TR USD index with a weighting of 100%. Fidelity Series Em Mk Dbt Lcl Ccy has 195 securities in its portfolio. The top 10 holdings constitute 22.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity Series Em Mk Dbt Lcl Ccy is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Series Em Mk Dbt Lcl Ccy has 87.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.2% (0.0% domestic bond, 87.2% foreign bond and 0.0% convertible bond). Fidelity Series Em Mk Dbt Lcl Ccy has 12.8% of the portfolio in cash.

Assets Under Management

The fund has $458 million in total assets, which is above the $141 million average for the Emerging-Markets Local-Currency Bond 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.

FSEDX 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 Em Mk Dbt Lcl Ccy expense ratio is low compared to funds in the Emerging-Markets Local-Currency Bond category. Fidelity Series Em Mk Dbt Lcl Ccy has an expense ratio of 0.00%, which is 100% 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 Em Mk Dbt Lcl Ccy has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 93% for the Emerging-Markets Local-Currency Bond category.

Recently, in the month of July 2026, Fidelity Series Em Mk Dbt Lcl Ccy returned 0.3%, which earned it a grade of A, as the Emerging-Markets Local-Currency Bond category had an average return of 0.1%. 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 Em Mk Dbt Lcl Ccy has a trailing yield of 7.41%, which is above the 6.47% category average.

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 Em Mk Dbt Lcl Ccy Grades

Year to date, the fund has returned 2.1%, 0.0 percentage points worse than the category, which translates into a grade of B. The fund has returned 9.6% over the past year (grade of C), 6.6% over the past three years (grade of B) and 3.4% per year over the past five years (grade of B).

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