QPR.en.xx.20210630.GB00BH7HNY76.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS 2 QUARTERLY PERFORMANCE REVIEW UK OPPORTUNITIES FUND W - ACC SHARES 30 JUNE 2021

Portfolio manager: Leigh Himsworth

Performance over quarter in GBP (%) Performance for 12 month periods in GBP (%)

Fund 4.7

Market index 5.6

FTSE All Share Index Market index is for comparative purposes only. Source of fund performance is Fidelity. Basis: bid-bid with income reinvested, in GBP, net of fees. Other share classes may be available. Please refer to the prospectus for more details.

Fund Index

Market Environment

Markets started on a strong note amid increasing optimism around the prospects of a reopening given an acceleration in vaccination rollouts. A sharp pick-up in corporate earnings and continued strength in economic data boosted investor sentiment. However, a pick-up in inflation readings led to some concerns. While the Bank of England (BoE) continues to see the current inflation pressures as transitory, the US Federal Reserve’s (Fed) more aggressive tone temporarily unsettled markets. Meanwhile, worries about the spread of a more transmissible COVID-19 variant led to a more cautious stance. For the most part, vaccines appear to be keeping hospitalisation rates under control, but virus concerns remain a source of worry going forward. In this environment, most sectors reported flat to positive returns, with the decline in bond yields helping growth stocks and bond proxies outperform. Health care and utilities were among the biggest gainers, while more cyclical sectors such as financials and consumer discretionary underperformed.

Fund Performance

The fund (W-ACC) delivered a 4.7% return over the quarter, but lagged the FTSE All Share Index, which returned 5.6%. The underperformance was largely due to risk-off moves or investors locking in some gains. Conversely, strong security selection within financials and consumer discretionary added value.

Energy holdings underperformed Newly merged oil & gas producer Harbour Energy declined amid likely pressure from former creditors (now shareholders) selling out their exposure. The group has a good track record of buying mature assets from the oil majors, reducing costs and prolonging field life. Alternative energy companies Ceres and ITM Power declined amid profit-taking by investors following a strong rally. Both the stocks are retained due to their exceptional positioning over the longer term, as economies move towards carbon neutrality.

Not holding index-heavyweights hurt returns The lack of exposure to AstraZeneca and Diageo detracted from relative performance. AstraZeneca reported earnings that beat consensus expectations. Meanwhile, drinks maker Diageo provided a positive trading update and positive earnings guidance, as the reopening of pubs/restaurants bolstered demand for its products.

Strong growth prospects lifted preferred holdings The position in Liontrust Asset Management gained on the back of a series of encouraging results and strong fund inflows, especially for its sustainable franchise. Elsewhere, specialist media company benefited from solid half-year results. Strong growth and high incremental profitability from its digital revenue streams drove strong top-line and margin performance.

Fund Positioning

Despite recent concerns, we have thus far only seen a mean reversion in bond yields, the oil price and some measures of inflation. However, we remain cautious that the ‘value-on’ environment may be short-lived if authorities were to withdraw fiscal support prematurely. Given that markets have had such a strong run and that the path forward is unclear, it feels appropriate to adopt a more balanced approach. We continue to improve the fund’s focus by reducing holdings so that we only retain those stocks where we have the highest conviction while retaining the core of attractive longer-term growth opportunities.

Staying disciplined and focusing on best ideas We sold the position in , in favour of holdings in , Qinetiq and James Fisher & Sons. While the protective equipment specialist has good growth prospects, the recovery is proving to be more modest than anticipated. Similarly, we took a modest gain in Grainger, to focus on stocks in the sector that are positioned for a recovery. These include holdings in Helical, Workspace and Great Portland.

Reduced some reopening positions We took profits in Whitbread, as it had become fully valued on most metrics. We also reduced the exposure to Restaurant Group and Entain following their strong run.

Adding a defensive tilt We sold the position in in an attempt to improve the fund’s overall focus. Conversely, as part of the move to move to a slightly more defensive position, we bought a new holding in an attractively-valued supermarket chain. The company has a strong balance sheet and an improved competitive outlook.

Important Information Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested. The use of financial derivative instruments may result in increased gains or losses within the fund. QPR.en.xx.20210630.GB00BH7HNY76.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS 2 QUARTERLY PERFORMANCE REVIEW UK OPPORTUNITIES FUND W - ACC SHARES 30 JUNE 2021

Attribution

Performance attribution is produced in the currency shown below. For funds with multiple share classes, the attribution return reflects the aggregate performance across all the share classes. It may therefore deviate from the published return for a particular share class. When using the analysis for hedged share classes, please consider that the attribution is shown before the impact of hedging. The contributions shown in the tables are before the impact of charges. If charges are applied, their effect is captured in the “Other” category in the tables and will also be reflected in the fund return. All investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage for each issuing company. The sector/industry and geographic contribution tables (where relevant) display a maximum of eleven individual entries. Where applicable, only top five and bottom five are listed, with the remaining contribution shown in the "Other Sectors" or “Others” category.

Currency of attribution UK Sterling (GBP) Three month relative return (%) -0.83

Position Contribution (%) 3 months

Average Relative Average Relative Relative Performance Relative Performance TOP CONTRIBUTORS Weight Contribution TOP DETRACTORS Weight Contribution LIONTRUST ASSET MANAGEMENT PLC 2.8 0.60 ASTRAZENECA PLC -4.3 -0.60 FUTURE PLC 1.2 0.57 CERES POWER HOLDINGS PLC 2.1 -0.48 OXFORD BIOMEDICA PLC 1.3 0.35 DIAGEO PLC -3.2 -0.31 PLC 1.4 0.30 HARBOUR ENERGY PLC 1.5 -0.28 PRUDENTIAL PLC -1.7 0.29 VODAFONE GROUP PLC 2.0 -0.26 HSBC HOLDINGS PLC -3.8 0.27 DIRECT LINE INSURANCE GRUP PLC 2.3 -0.25 ENTAIN PLC 2.9 0.25 PLC 1.1 -0.24 FLUTTER ENTERTAINMENT PLC -1.0 0.23 WHITBREAD PLC 0.4 -0.23 SMITH & NEPHEW PLC 1.9 0.20 MARKS & SPENCER GROUP PLC 1.8 -0.19 BARCLAYS PLC (UNGTD) -1.3 0.19 JET2 PLC 1.5 -0.19

Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Index / Unclassified" category which will appear in the table(s) below when relevant.

Sector/Industry Contribution (%) 3 months Geographic Contribution (%) 3 months

CONTRIBUTIONS TO RELATIVE RETURN CONTRIBUTIONS TO RELATIVE RETURN

Average Sector/ Total Average Total Relative Security Industry Relative Relative Security Geographic Relative icb Industry Weight Selection Selection Contribution Weight Selection Selection Contribution Financials -8.0 1.24 0.20 1.43 South Africa 0.0 0.02 0.00 0.02 Consumer Discretionary 9.2 1.47 -0.89 0.58 Netherlands -0.4 0.00 0.01 0.01 Technology 1.2 -0.01 0.02 0.02 Tanzania 0.0 0.00 0.00 0.00 Consumer Staples -10.6 0.36 -0.41 -0.05 Bailiwick of Jersey 0.0 0.00 0.00 0.00 Utilities 1.0 0.00 -0.06 -0.06 Bermuda 0.0 0.00 0.00 0.00 Real Estate 2.5 -0.29 0.11 -0.18 Japan 0.0 0.00 0.00 0.00 Basic Materials -0.1 -0.12 -0.07 -0.19 Bailiwick of Guernsey -0.1 0.00 0.00 0.00 Telecommunications 1.2 -0.34 -0.02 -0.36 Russia -0.2 0.00 -0.02 -0.02 Health Care -4.1 0.01 -0.45 -0.45 Ireland -1.2 0.00 -0.03 -0.03 Industrials 0.2 -0.51 -0.02 -0.53 United Kingdom -1.6 -0.46 0.00 -0.46 Energy 4.0 -0.74 0.04 -0.69

Index / Unclassified 0.0 0.00 0.00 0.00 Total Primary Assets -3.5 -0.44 -0.04 -0.48 Total Primary Assets -3.5 1.07 -1.55 -0.48 Other* 3.5 -0.35 Other* 3.5 -0.35 TOTAL 0.0 -0.83 TOTAL 0.0 -0.83 *Other includes portfolio components not already listed such as cash, expenses and other miscellaneous items. QPR.en.xx.20210630.GB00BH7HNY76.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS 2 QUARTERLY PERFORMANCE REVIEW UK OPPORTUNITIES FUND W - ACC SHARES 30 JUNE 2021

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