Fidelity Emerging Markets Limited (LON:FEML) has announced its monthly factsheet for October 2023.
Portfolio Manager Commentary
The Trust’s NAV rose 2.6% during the 12-month period ended 31 October 2023, underperforming its reference index which rose by 5.1%. The Trust’s share price rose 5.7% over the same period.
Emerging markets declined in October and marginally underperformed developed markets as tensions in the Middle East and rising government bond yields dented risk appetite, while a higher-than-expected US inflation reading raised the prospect that interest rates would stay elevated for longer. Indications that China was embarking on a round of fiscal stimulus and improved macroeconomic data from the country provided some comfort to investors. All regions posted negative returns, led by Latin America, Emerging Asia and Emerging Europe, the Middle East and Africa (EMEA).
