Fidelity Frontier Emerging Markets ?· Fidelity Frontier Emerging Markets Fund Semi-Annual Report ...…

  • Published on
    10-Jun-2018

  • View
    213

  • Download
    0

Embed Size (px)

Transcript

  • Fidelity Frontier Emerging Markets Fund

    Semi-Annual ReportSeptember 30, 2017

    Notice to Readers The accompanying interim financial statements have not been reviewed by the external auditor of the Fund. The external auditor will be auditing the annual financial statements of the Fund in accordance with Canadian generally accepted auditing standards.

  • 2Semi-Annual Reportport

    See accompanying notes which are an integral part of the financial statements.

    Equities 98.6%Shares / Units Cost

    (000s)Market Value

    (000s)

    Argentina 7.0%FINANCIALS 6.1%Banco Macro SA

    sponsoredADR 12,050 $ 1,184 $ 1,764BBVA Banco Frances SA

    sponsoredADR 12,500 304 318Grupo Financiero Galicia

    SA sponsoredADR 25,471 1,050 1,638TOTAL FINANCIALS 2,538 3,720UTILITIES 0.9%Pampa Holding SA

    sponsoredADR 6,700 549 544

    TOTAL ARGENTINA 3,087 4,264

    Austria 0.6%FINANCIALS 0.6%Erste Group BankAG 6,500 323 350

    Bailiwick of Jersey 0.9%INDUSTRIALS 0.5%Wizz Air HoldingsPLC 6,357 262 304MATERIALS 0.4%Glencore XstrataPLC 46,800 209 267

    TOTAL BAILIWICK OF JERSEY 471 571

    Bangladesh 3.4%CONSUMER STAPLES 0.5%Olympic Industries Ltd. 70,078 345 290FINANCIALS 1.2%BRAC Bank Ltd. 324,798 303 424The City Bank Ltd. 492,230 235 342TOTAL FINANCIALS 538 766HEALTH CARE 1.1%Square Pharmaceuticals Ltd. 141,879 587 660MATERIALS 0.6%HeidelbergerCement

    Bangladesh Ltd. 52,152 438 340

    TOTAL BANGLADESH 1,908 2,056

    Bermuda 4.2%CONSUMER DISCRETIONARY 1.6%Central European Media

    Enterprises Ltd. ClassA 110,600 467 559Yue Yuen Industrial

    (Holdings) Ltd. 84,500 411 401TOTAL CONSUMER DISCRETIONARY 878 960FINANCIALS 2.6%Credicorp Ltd. (United

    States) 6,200 1,333 1,586

    TOTAL BERMUDA 2,211 2,546

    Fidelity Frontier Emerging MarketsFund

    Schedule of Investments September 30,2017 (Unaudited)Showing Percentage of Net Assets Attributable to Securityholders (Net Assets)

    Shares / Units Cost

    (000s)Market Value

    (000s)

    Brazil 1.6%CONSUMER DISCRETIONARY 0.5%International Meal Comp

    Holdings S.A. 74,900 $ 157 $ 315INDUSTRIALS 1.1%IochpeMaxion SA 41,200 296 349Randon Participacoes Sa

    (PN) 108,400 172 296TOTAL INDUSTRIALS 468 645

    TOTAL BRAZIL 625 960

    British Virgin Islands 0.6%CONSUMER DISCRETIONARY 0.6%Arcos Dorados Holdings,

    Inc. ClassA 27,900 203 350

    Canada 1.1%ENERGY 0.3%ShawCor Ltd. ClassA 7,800 251 215MATERIALS 0.8%Detour Gold Corp. 15,700 279 216Major Drilling Group

    International, Inc. 35,900 255 251TOTAL MATERIALS 534 467

    TOTAL CANADA 785 682

    Cayman Islands 1.1%CONSUMER DISCRETIONARY 0.5%Shenzhou International

    Group Holdings Ltd. 32,500 261 318INDUSTRIALS 0.6%SITC International Holdings

    Co. Ltd. 305,000 240 345

    TOTAL CAYMAN ISLANDS 501 663

    Chile 2.0%CONSUMER DISCRETIONARY 0.5%S.A.C.I. Falabella 26,321 266 319INDUSTRIALS 1.3%LATAM Airlines GroupSA 26,857 366 440Sociedad Matriz SAAMSA 2,590,220 284 343TOTAL INDUSTRIALS 650 783MATERIALS 0.2%CAP SA 10,000 144 130

    TOTAL CHILE 1,060 1,232

    China 1.1%CONSUMER STAPLES 0.5%Wuliangye Yibin Co. Ltd.

    ClassA 30,088 212 323

  • 3 Semi-Annual Report

    See accompanying notes which are an integral part of the financial statements.

    Equities continuedShares / Units Cost

    (000s)Market Value

    (000s)

    China continuedINDUSTRIALS 0.6%Zhengzhou Yutong Bus Co.

    Ltd. 76,700 $ 307 $ 354

    TOTAL CHINA 519 677

    Colombia 8.6%FINANCIALS 6.9%BancolombiaSA 188,718 2,146 2,629Grupo de Inversiones

    SuramericaSA 74,563 1,233 1,295Grupo de Inversiones

    SuramericaSA 17,682 288 302TOTAL FINANCIALS 3,667 4,226MATERIALS 1.7%Inversiones ArgosSA 112,569 952 1,010

    TOTAL COLOMBIA 4,619 5,236

    Greece 0.5%CONSUMER DISCRETIONARY 0.5%Fourlis HoldingsSA 35,600 226 309

    Hungary 1.3%ENERGY 0.6%MOL Hungarian Oil and

    Gas PLC Series A (For. Reg.) 25,600 361 363

    FINANCIALS 0.6%OTP Bank PLC 8,200 289 384HEALTH CARE 0.1%Richter GedeonPLC 2,000 62 62

    TOTAL HUNGARY 712 809

    India 0.9%CONSUMER DISCRETIONARY 0.5%Bajaj Auto Ltd. 5,124 277 304INFORMATION TECHNOLOGY 0.2%Redington India Ltd. 48,540 139 145UTILITIES 0.2%Gujarat State Petronet Ltd. 31,000 120 119

    TOTAL INDIA 536 568

    Indonesia 1.6%CONSUMER STAPLES 0.1%PT Kino IndonesiaTbk 656,300 225 102ENERGY 0.5%PT United TractorsTbk 107,000 255 317

    Shares / Units Cost

    (000s)Market Value

    (000s)

    FINANCIALS 1.0%PT Bank Danamon

    Indonesia Tbk SeriesA 540,800 $ 275 $ 261PT Bank Rakyat

    IndonesiaTbk 234,200 287 331TOTAL FINANCIALS 562 592

    TOTAL INDONESIA 1,042 1,011

    Kenya 2.8%FINANCIALS 0.8%KCB Group Ltd. 1,015,300 520 504TELECOMMUNICATION SERVICES 2.0%Safaricom Ltd. 4,054,100 1,030 1,214

    TOTAL KENYA 1,550 1,718

    Malaysia 0.6%CONSUMER DISCRETIONARY 0.6%Padini HoldingsBhd 284,000 231 382

    Morocco 1.7%FINANCIALS 1.0%Attijariwafa Bank 9,871 596 607REAL ESTATE 0.7%Douja Promotion Groupe

    AddohaSA 71,046 463 406

    TOTAL MOROCCO 1,059 1,013

    Nigeria 4.8%CONSUMER STAPLES 1.4%Nigerian BreweriesPLC 1,460,297 876 837FINANCIALS 2.9%Guaranty Trust BankPLC 6,708,405 670 933Zenith BankPLC 10,682,824 703 869TOTAL FINANCIALS 1,373 1,802MATERIALS 0.5%Dangote CementPLC 372,148 281 275

    TOTAL NIGERIA 2,530 2,914

    Oman 1.0%FINANCIALS 1.0%BankMuscat SAOG 464,633 653 593

    Pakistan 4.5%CONSUMER DISCRETIONARY 0.5%Indus Motor Co. Ltd. 14,330 258 292ENERGY 0.5%Shell Pakistan Ltd. 60,550 414 298FINANCIALS 2.2%MCB Bank Ltd. 293,800 827 727United Bank Ltd. 266,800 675 601TOTAL FINANCIALS 1,502 1,328

  • 4Semi-Annual Reportport

    See accompanying notes which are an integral part of the financial statements.

    Fidelity Frontier Emerging MarketsFundSchedule of Investments (Unaudited) continued

    Equities continuedShares / Units Cost

    (000s)Market Value

    (000s)

    Pakistan continuedINDUSTRIALS 0.1%Pak Electron Ltd. 70,000 $ 61 $ 63MATERIALS 1.2%Engro Corp. Ltd. 149,900 593 538Maple Leaf Cement Factory

    Ltd. 233,400 311 232Maple Leaf Cement Factory

    Ltd. rights 10/24/17 29,175 0 6TOTAL MATERIALS 904 776

    TOTAL PAKISTAN 3,139 2,757

    Peru 3.5%CONSUMER STAPLES 0.7%Alicorp SA ClassC 124,016 361 439INDUSTRIALS 0.8%FerreycorpSAA 440,000 357 358Grana y Montero SAA

    sponsoredADR 22,200 121 133TOTAL INDUSTRIALS 478 491MATERIALS 2.0%Cementos PacasmayoSAA 67,260 209 216Compania de Minas

    Buenaventura SA sponsoredADR 61,064 973 975

    TOTAL MATERIALS 1,182 1,191

    TOTAL PERU 2,021 2,121

    Philippines 14.7%CONSUMER DISCRETIONARY 0.9%Jollibee Food Corp. 95,150 560 569CONSUMER STAPLES 1.8%PUREGOLD Price Club, Inc. 250,000 291 320Universal Robina Corp. 204,880 1,003 768TOTAL CONSUMER STAPLES 1,294 1,088FINANCIALS 5.5%Ayala Corp. 71,630 1,500 1,704BDO Unibank, Inc. 514,860 1,565 1,650TOTAL FINANCIALS 3,065 3,354INDUSTRIALS 5.9%International Container

    Terminal Services, Inc. 155,000 405 395JG Summit Holdings, Inc. 758,440 1,463 1,395LT Group, Inc. 808,500 318 349SM Investments Corp. 67,630 1,190 1,464TOTAL INDUSTRIALS 3,376 3,603TELECOMMUNICATION SERVICES 0.6%Globe Telecom, Inc. 7,020 313 353

    TOTAL PHILIPPINES 8,608 8,967

    Shares / Units Cost

    (000s)Market Value

    (000s)

    Poland 1.8%CONSUMER DISCRETIONARY 0.9%Inter CarsSA 3,000 $ 314 $ 296LPP SA 100 232 279TOTAL CONSUMER DISCRETIONARY 546 575FINANCIALS 0.4%Kruk SA 2,739 177 275REAL ESTATE 0.5%Globe Trade CentreSA 88,000 243 284

    TOTAL POLAND 966 1,134

    Romania 3.0%FINANCIALS 3.0%Banca TransilvaniaSA 1,158,771 731 826BRDGroupe Societe

    Generale 178,909 695 715Fondul Propietatea SAGDR 23,600 317 325TOTAL FINANCIALS 1,743 1,866

    Slovenia 0.5%CONSUMER DISCRETIONARY 0.5%Petrol d.d., Ljubljana 569 272 301

    South Africa 5.3%CONSUMER DISCRETIONARY 0.5%Imperial Holdings Ltd. 17,600 262 310CONSUMER STAPLES 0.5%Shoprite Holdings Ltd. 15,500 266 296FINANCIALS 0.6%Sanlam Ltd. 55,700 364 347INDUSTRIALS 1.4%Barloworld Ltd. 26,700 222 306Grindrod Ltd. 202,800 242 258Murray & Roberts Holdings

    Ltd. 225,600 247 333TOTAL INDUSTRIALS 711 897MATERIALS 2.3%African Rainbow Minerals

    Ltd. 35,000 345 329DRDGOLD Ltd. 612,300 323 291Nampak Ltd. 310,800 567 504Pretoria Portland Cement

    Co. Ltd. 491,300 272 286TOTAL MATERIALS 1,507 1,410

    TOTAL SOUTH AFRICA 3,110 3,260

    Spain 1.1%FINANCIALS 0.6%Prosegur CashSA 106,200 326 399MATERIALS 0.5%Cemex Latam HoldingsSA 60,845 355 298

    TOTAL SPAIN 681 697

  • 5 Semi-Annual Report

    See accompanying notes which are an integral part of the financial statements.

    Equities continuedShares / Units Cost

    (000s)Market Value

    (000s)

    Sri Lanka 1.1%INDUSTRIALS 0.9%John Keells Holdings Ltd. 427,942 $ 575 $ 567MATERIALS 0.2%Chevron Lubricants Lanka

    Ltd. 96,228 149 96

    TOTAL SRI LANKA 724 663

    Taiwan 0.6%CONSUMER STAPLES 0.4%President Chain Store Corp. 25,000 307 262INFORMATION TECHNOLOGY 0.2%United Microelectronics

    Corp. 200,000 130 125

    TOTAL TAIWAN 437 387

    Thailand 1.3%CONSUMER DISCRETIONARY 0.4%MC Group PCL 422,500 244 242CONSUMER STAPLES 0.4%Thai BeveragePCL 327,500 256 271ENERGY 0.5%Star Petroleum Refining PCL

    unit 470,000 261 311

    TOTAL THAILAND 761 824

    United Arab Emirates 2.5%CONSUMER DISCRETIONARY 0.5%Dubai Parks and Resorts

    PJSC 1,128,913 448 291CONSUMER STAPLES 0.3%Agthia Group PJSC 113,541 267 205FINANCIALS 0.6%Dubai Financial Market

    PJSC 999,663 431 377INDUSTRIALS 1.1%Aramex Co. 202,265 321 342DP World Ltd. 11,386 330 319TOTAL INDUSTRIALS 651 661

    TOTAL UNITED ARAB EMIRATES 1,797 1,534

    United Kingdom 4.4%FINANCIALS 2.8%ALDREES Petroleum and

    Transport Services Co. ELS (HSBC Warrant Program) warrants 1/30/20 35,700 384 330

    Banque Saudi Fransi ELS (HSBC Bank Warrant Program) warrants 3/24/20 25,700 247 258

    BGEO GroupPLC 2,000 118 109

    Shares / Units Cost

    (000s)Market Value

    (000s)

    Bupa Arabia ELS (HSBC Warrant Program) warrants 10/19/18 5,475 $ 243 $ 215

    Fawaz Alhokair Group ELS (HSBC Bank Warrant Program) warrants 2/28/20 16,500 214 237

    The Savola Group ELS (HSBC Warrant Program) warrants 1/24/20 17,800 236 270

    United International Transportation Co. (HSBC Bank Warrant Program) warrants 7/8/20 40,817 292 318

    TOTAL FINANCIALS 1,734 1,737HEALTH CARE 0.9%Georgia Healthcare

    GroupPLC 44,600 247 220NMC HealthPLC 6,591 137 303TOTAL HEALTH CARE 384 523MATERIALS 0.7%AntofagastaPLC 28,500 390 452

    TOTAL UNITED KINGDOM 2,508 2,712

    Vietnam 6.9%CONSUMER STAPLES 2.7%Vietnam Dairy Products

    Corp. 198,630 1,580 1,627ENERGY 1.1%Petrovietnam Dr & Well

    SerJsc 447,320 508 348PetroVietnam Technical

    Services Corp. 344,800 344 309TOTAL ENERGY 852 657FINANCIALS 1.5%Bank For Foreign TradeJsc 302,383 614 624Saigon Securities, Inc. 228,210 284 314TOTAL FINANCIALS 898 938INDUSTRIALS 1.6%Binh Minh PlasticJSC 62,376 330 265Ho Chi Minh City

    Infrastructure InvestmentJSC 123,510 212 217

    Vietjet AviationJSC 84,000 452 499TOTAL INDUSTRIALS 994 981

    TOTAL VIETNAM 4,324 4,203TOTAL EQUITIES 55,942 60,330TOTAL INVESTMENT IN

    SECURITIES 98.6% $55,942 60,330

    NET OTHER ASSETS (LIABILITIES) 1.4% 835NET ASSETS 100% $ 61,165

  • 6Semi-Annual Reportport

    See accompanying notes which are an integral part of the financial statements.

    Fidelity Frontier Emerging MarketsFundSchedule of Investments (Unaudited) continued

    PresentationNotes Cost amount includes broker commissions and other trading expenses, ifany.

    Investment ValuationThe following is a summary of the inputs used, as of September 30, 2017 and March 31, 2017, involving the Funds assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

    Valuation Inputs at September 30, 2017:Description Total Level 1 Level 2 Level 3(Amounts in thousands)Investments in Securities:Equities:

    Consumer Discretionary $ 5,837 $ 5,837 $ $ Consumer Staples 5,740 5,740 Energy 2,161 2,161 Financials 25,751 24,123 1,628 Health Care 1,245 1,245 Industrials 9,694 9,694 Information Technology 270 145 125 Materials 6,712 6,712 Real Estate 690 690 Telecommunication Services 1,567 1,567 Utilities 663 663

    Total Investments in Securities: $ 60,330 $ 58,577 $ 1,753 $

    Valuation Inputs at March 31, 2017:Description Total Level 1 Level 2 Level 3(Amounts in thousands)Investments in Securities:Equities:

    Consumer Discretionary $ 5,141 $ 5,141 $ $ Consumer Staples 5,477 5,477 Energy 2,553 2,553 Financials 20,673 19,373 1,300 Health Care 1,343 1,343 Industrials 8,016 8,016 Materials 5,663 5,454 209 Real Estate 1,259 1,259 Telecommunication Services 1,453 1,453 Utilities 452 452

    Total Investments in Securities: $ 52,030 $ 50,521 $ 1,509 $

    The following is a summary of transfers between Level 1 and Level 2 for the periods ended September 30, 2017. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

    Transfers Total (000s)Level 1 to Level2 $ 0Level 2 to Level1 $ 209

  • 7 Semi-Annual Report

    See accompanying notes which are an integral part of the financial statements.

    Financial Statements (Unaudited)

    Statements of Financial Position

    Amounts in thousands of Canadian Dollars (except per security amounts)

    As atSeptember 30,

    2017March 31,

    2017

    Current assets (Note 3)Investments at fair value through profit or loss $ 60,330 $ 52,030Cash 848 1,014Receivable for investments sold 255Other receivables 1 5Accrued interest and dividends receivable 211 206Subscriptions receivable 123 90

    61,513 53,600

    Current liabilities (Note 3)Payable for investments purchased 251 804Redemptions payable 31 11Management and advisory fees payable (Note 4) 35 30Other payables to affiliates (Note 4) 6 5Other payables and accrued expenses (Notes 4 and 5) 25 44

    348 894Net assets attributable to securityholders (Notes 3 and 6) $ 61,165 $ 52,706

    Net assets attributable to securityholders per Series and per security (Note 6)Series A: ($3,101 and $2,345, respectively) $ 17.80 $ 17.35

    Series B: ($14,672 and $14,270, respectively) $ 17.91 $ 17.43

    Series F: ($6,223 and $3,000, respectively) $ 19.31 $ 18.69

    Series O: ($31,392 and $30,196, respectively) $ 6.70 $ 6.44

    Series E1: ($1,306 and $1,103, respectively) $ 12.33 $ 11.99

    Series E2: ($177 and $96, respectively) $ 12.33 $ 11.99

    Series E3: ($178 and $1, respectively) $ 12.35 $ 12.02

    Series E4: ($1 and $1, respectively) $ 12.38 $ 12.03

    Series P1: ($2,532 and $814, respectively) $ 11.61 $ 11.23

    Series P2: ($809 and $880, respectively) $ 10.90 $ 10.54

    Series P3: ($773 and $, respectively) $ 10.12 $

    Series P4: ($1 and $, respectively) $ 9.77 $

  • 8Semi-Annual Reportport

    See accompanying notes which are an integral part of the financial statements.

    Financial Statements (Unaudited) continued

    Statements of Comprehensive Income

    Amounts in thousands of Canadian Dollars (except per security amounts)For the six-month periods ended September 30, (Note 1) 2017 2016

    Investment income (Note 3)Interest $ $ Dividends 932 260

    Net gain (loss) on investments Net realized gain (loss) on investments 862 430Change in net unrealized appreciation (depreciation) on investments 641 1,382

    1,503 1,81...

Recommended

View more >