Fidelity Global Emerging Markets Fund (FEMX) H2 2024 earnings summary

Executive summary

• The fund reported a net loss of $4.33 million for the year ended 30 June 2024, compared to a profit of $12.82 million in the prior year, driven by negative investment performance.

• Distributions paid and payable totaled $7.38 million (21.03 cents per unit), up from $1.50 million (4.26 cents per unit) the previous year.

• No significant changes in the fund's activities or state of affairs occurred during the year, and no material events occurred after year-end.

Financial highlights

• Total investment income fell sharply, with net losses on financial instruments of $6.31 million versus a gain of $12.27 million last year.

• Total net investment loss was $1.12 million, compared to net investment income of $15.78 million year-over-year.

• Operating expenses increased to $2.55 million from $2.29 million year-over-year.

• Net assets attributable to unitholders decreased to $202.03 million from $214.24 million at the prior year-end.

• Cash and cash equivalents rose to $6.24 million from $5.24 million year-over-year.

Outlook and guidance

• The fund will continue to be managed according to its investment objectives and guidelines, with future results dependent on market performance.

• Investment performance is not guaranteed, and future returns may differ from past returns due to changing market conditions.