Fidelity Emerging Markets Limited (LON:FEML) has announced its monthly factsheet for November 2025.
Portfolio Manager Commentary
Emerging markets declined in November, marking the first negative month of performance this year, and underperforming developed markets. Concerns over a potential AI-driven market bubble weighed on sentiment, putting pressure on technology markets in Korea and Taiwan.
The portfolio delivered positive returns and outperformed the index in November. Both the long and short books were a source of strength, while the short index positions detracted marginally. At a country level, robust stock picking in Canada and the UK (via the mining exposure) and Taiwan proved rewarding, while stock picking in China held back gains. Also detracting was stock selection in South Africa (also this was partly offset by the overweight exposure). At a sector level, stock picking within materials (as well as the overweight exposure) and industrials sectors supported performance, while stock selection in communication services and healthcare held back gains. At a stock level, gold mining conglomerates Pan African Resources and Endeavour Mining benefitted from the strength in gold prices. Conversely, the position in South African holding company Naspers, which owns a large stake in China’s Tencent, underperformed despite reporting in-line results.
The Company’s NAV rose by 45.3% during the 12-month period ended November 2025, outperforming its reference index which rose by 24.2% in GBP terms. The Company’s share price rose 51.1% over the same period.
Fidelity Emerging Markets Limited (LON:FEML) is an investment trust that aims to achieve long-term capital growth from an actively managed portfolio made up primarily of securities and financial instruments providing exposure to emerging markets companies, both listed and unlisted.
