Fidelity Emerging Markets Limited (LON:FEML) has announced its half year report for the six months ended 31 December 2025
- During the six-month period ended 31 December 2025, Fidelity Emerging Markets Limited outperformed the benchmark
- The share price total return was +38.9% while the Net Asset Value (NAV) return was +35.5%,
- Over the same timeframe, the benchmark index, the MSCI Emerging Markets Index, returned +18.1%
- The company’s extensive ‘toolkit’ contributed positively to performance, with long and short positions adding to performance alongside smaller-cap holdings
- Long positions in materials, commodities, and gold miners also added notable value
Financial Highlights
| 31 December2025 | 30 June2025 | |
| Assets | ||
| USD | ||
| Gross Asset Exposure 1 | $1,086.0m | $1,235.3m |
| Equity Shareholders’ Funds | $692.5m | $771.6m |
| NAV per Participating Preference Share 2 | $15.55 | $11.99 |
| Gross Gearing 2,3 | 56.8% | 60.1% |
| Net Gearing 2,4 | 6.0% | 5.5% |
| GBP | ||
| Gross Asset Exposure 1,5 | £807.4m | £901.4m |
| Equity Shareholders’ Funds 5 | £514.9m | £563.1m |
| NAV per Participating Preference Share 2,5 | £11.56 | £8.75 |
| Participating Preference Share Price and Discount Data | ||
| Participating Preference Share Price at the period end | £10.66 | £7.83 |
| Discount to NAV per Participating Preference Share at period end 2 | 7.79% | 10.51% |
| Number of Participating Preference Shares in issue | 44,522,961 | 64,342,245 |
| Earning for the six months ended 31 December | 2025 | 2024 |
| Revenue Earnings per Participating Preference Share 6 | $0.12 | $0.17 |
| Capital Earnings/(Loss) per Participating Preference Share 6 | $2.79 | ($0.37) |
| Total Earnings/(Loss) per Participating Preference Share 6 | $2.91 | ($0.20) |
| Ongoing charges ratio 2 | 0.83% | 0.84% |
1 The value of the portfolio exposed to market price movements.
2 Alternative Performance Measures. See Glossary of Terms.
3 Gross Asset Exposure less Equity Shareholders’ Funds expressed as a percentage of Equity Shareholders’ Funds.
4 Net Market Exposure less Equity Shareholders’ Funds expressed as a percentage of Equity Shareholders’ Funds.
5 The conversion from USD to GBP is based on exchange rates prevailing at the reporting dates.
6 Calculated based on weighted average number of Participating Preference Shares in issue during the period.
