US stocks were little changed Friday after a week where both the highs and lows were extreme.
The world equity market has now corrected by 6% from its peak in May. Emerging markets have been hit harder than the developed western markets however, with the MSCI APxJ Index down 21% since April 28th.
The emerging market debt (EMD) sector has performed strongly yearto- date, with excellent risk-adjusted returns over a 10-year period. On top of the asset class returns, the FF Emerging Market Debt Fund has a strong track record of delivering alpha over a range of market environments in both up and down markets.
The fund underperformed the index in April, largely due to unrewarding security selection in the energy sector.
We are pleased to inform you that the unaudited semi-annual reports of Fidelity WorldWide Fund for the period ended 30 June 2015 is now available and can be accessible on the Fidelity Website* at www.fidelity.com.hk/literature_download_en.
Please find enclosed the Notice convening the Annual General Meeting of the Fund that will be held on Thursday, 1 October 2015 at the registered office of the Fund in Luxembourg. The Annual General Meeting will commence at 12 noon local time.
The Board of Directors of Fidelity Funds (the “Board”) constantly aims to adapt their product range to market requirements with aim to provide choice, diversity and value for their investors. To this end, pursuant to Article 21.bis of the Articles of Incorporation of Fidelity Funds (the “Articles”), the Board has approved the proposed merger of Fidelity Funds II and specifically the allocation of the assets of each of Fidelity Funds II – Australian Dollar Currency Fund, Fidelity Funds II – Euro Currency Fund, Fidelity Funds II – Sterling Currency Fund and Fidelity Funds II – US Dollar Currency Fund (the “Merging Funds”) into Fidelity Funds – Australian Dollar Cash Fund, Fidelity Funds – Euro Cash Fund, Fidelity Funds – Sterling Cash Fund and Fidelity Funds – US Dollar Cash Fund respectively (the “Receiving Funds”) (the “Merger”). The Board and the Board of Directors of the Merging Funds targets 18 January 2016 or any such later date determined by the Board of Directors of the Merging Funds as the effective date of the Merger (the “Effective Date”). Should the above Merger proceed, Fidelity Funds II will cease to exist as of the Effective Date.