Fidelity Emerging Markets Limited (LON:FEML) has announced its monthly factsheet for April 2026.
Portfolio Manager Commentary
Emerging market equities rebounded strongly in April, recovering March’s losses and outperforming developed markets. Reports of a two-week ceasefire agreement between the US and Iran; and robust performance from several large-cap Asian technology companies supported sentiment.
The portfolio delivered positive returns and outperformed the index over the month. Both the long and short books contributed positively, while short index positions detracted as markets rose. At the country level, strong stock picking in Taiwan and an underweight position in mainland China added value. In contrast, stock picking in Canada (primarily through mining exposure) and positioning in Peru weighed on performance. From a sector perspective, stock picking in information technology and financials contributed, while overall exposure to materials detracted. At the stock level, Taiwanese copperclad laminate producer Elite Material advanced following strong first-quarter results and continued capacity expansion. Electronic components manufacturer Gold Circuit Electronics also rose, supported by positive sentiment around Taiwan’s AI hardware supply chain. Conversely, Mexico-focused Torex Gold declined amid falling gold prices in April, driven by a stronger US dollar and rising US Treasury yields. The Company’s NAV increased by 87.9% over the 12 months to April 2026, outperforming its reference index, which rose by 44.2%.
The Company’s share price increased by 95.2% 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.
