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Fidelity® Latin America Fund PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Fidelity® Latin America Fund Key Takeaways MARKET RECAP • For the semiannual reporting period ending April 30, 2021, the fund's The MSCI ACWI (All Country World Retail Class shares returned 25.01%, notably lagging the 33.98% result Index) ex USA Index gained 27.51% for of the benchmark, the MSCI Emerging Markets Latin America Index. the six months ending April 30, 2021, with international equities rising amid improved global economic growth, • Latin American markets benefited from a strong rebound for cyclical widespread COVID-19 vaccinations, fiscal stocks the past six months, most notably in the materials and energy stimulus in the U.S. and abroad, and sectors, amid optimism for a global economic recovery. fresh government spending programs. In addition, foreign securities were • Portfolio Manager Will Pruett's decision to underweight materials bolstered in part by general U.S.-dollar stocks hurt the fund's relative performance the most by far. weakness. The period began with a shift in momentum. In November, • Significantly overweighting stocks that primarily conduct business in international stocks shrugged off a two- Latin America, especially in the consumer discretionary and health month retreat by gaining roughly 13%. care sectors, also detracted, as did Will's picks in health care and The momentum continued in December, materials. as positive news on the effectiveness of vaccines provided a notable boost to international equities. In late December, • In contrast, security selection added value versus the benchmark, as vaccines were approved by especially in the consumer discretionary, industrials and information government regulatory authorities, technology sectors. investors gained more confidence in the • outlook for the global economy. As the By country, positioning in Brazil and Mexico meaningfully hurt the new year began, many economists raised fund's relative return, whereas stock picks and market selection in their expectations for a powerful most other Latin American countries contributed. economic recovery in the U.S. and elsewhere, as opposed to the sluggish • As of April 30, Will's strategy is to maintain exposure to high-quality rebound they had been anticipating. By consumer and health care holdings he thinks could add value, while region, the U.K. (+37%) and Canada avoiding exposure to expensive iron-ore producers. (+35%) led the way. Europe ex U.K. (+33%) and Asia Pacific ex Japan (+31%) also outperformed. Conversely, Japan (+17%) and emerging markets (+23%) lagged. Looking at sectors, energy (+45%) and financials (+40%) fared best, followed by information technology and materials (+39% each). In contrast, notable "laggards" included health care (+13%), consumer staples (+15%) and utilities (+17%). Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Q&A An interview with Portfolio Manager Will Pruett Q: Will, how did the fund perform for the six Will Pruett Portfolio Manager months ending April 30, 2021฀ The fund's Retail Class shares returned 25.01% the past six Fund Facts months, notably lagging the 33.98% result of the benchmark, the MSCI Emerging Markets Latin America Index. The fund Trading Symbol: FLATX also trailed the peer group average by a significant margin. Start Date: April 19, 1993 Looking slightly longer term, the fund returned 32.98% the past 12 months, again meaningfully trailing the benchmark Size (in millions): $362.66 and the peer average. Q: How did the market backdrop influence the fund's performance the past six months฀ Investment Approach As many longer-term investors know, I tend to focus on smaller-cap, value-oriented companies tied closely to the • Fidelity® Latin America Fund is a regional equity local economies in which these firms operate, and I'm biased strategy that invests primarily in the common stocks of companies located, or with primary operations, in against large and expensive exporters of raw materials, Latin America. which I've found to exhibit frequent stock volatility. • The fund employs an actively managed investment This strategy worked against the fund the past six months. approach emphasizing diligent bottom-up stock The materials and energy sectors led Latin American markets selection, focused portfolio construction and a low amid optimism for a global economic recovery and potential turnover rate. for inflation. I significantly underweighted materials and my picks in this sector also underperformed, together resulting • In particular, we seek to own companies with in a large majority of the fund's relative underperformance. attractive risk/reward characteristics, including those with strong business models, good management Significantly overweighting stocks that primarily conduct teams, healthy balance sheets, high free-cash-flow business in Latin America, especially in the consumer yields and sustainably high returns on equity. discretionary and health care sectors, also detracted, as did my picks in health care. Many of these stocks posted double- • We strive to uncover these companies through in- depth fundamental analysis, working in concert with digit gains for the period, but they lagged materials, which Fidelity's global research organization, which includes rose 73% within the benchmark. a team of dedicated "on-the-ground" emerging- Within materials, producers of iron ore posted the strongest markets specialists. results. A combination of limited output, limited shipping, and very strong demand for steel boosted iron-ore prices to levels not seen in a decade. By country, positioning in Brazil and Mexico, the two largest positions in the benchmark, hurt the fund's relative return meaningfully, whereas stock picks and market selections in most other Latin American countries added value. Q: Which stock decisions held back the fund's relative result the most฀ Not owning iron-ore producer Vale, which makes up about 10% of the fund's benchmark, hurt more than any other stock decision by far. Early in the period, I worried about Vale's 2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 continued output challenges related to the Brumadinho dam A non-benchmark stake in CVC Brasil Operadora (+114%), failure in 2019 that killed hundreds. I also didn't like its which offers travel-agency services, added more value than exposure to what I viewed as declining longer-term price any other fund position. I added to this stock before the start dynamics for iron ore, largely due to reduced demand for of the period at attractive prices, and this decision steelmaking in China. contributed for the past six months. Much like in the U.S., demand for travel began to recover significantly by period I didn't anticipate the supply squeeze that drove prices near end. Similarly, owning airline holding company Azul (+79%), new records, partly influenced by production cuts in China's another non-benchmark position, added relative value. I Hebei province. Vale shares doubled for the period. reduced our stake by period end. Also in materials, it hurt not to own Mexico's Cemex, a major Not owning Magazine Luiza (-13%), a Brazilian retailer of global producer of cement. This company continued to electronics and appliances, contributed as well. This struggle with billions in debt in excess of its cash on hand, so company runs a successful e-commerce business, but its I didn't want to own it in the fund. shares suffered as many investors worried the company Its shares rose 94% for the period, as healthier demand would not be able to easily top year-ago comparisons. I trends and higher cement prices helped the company reduce believe the earnings are fine, but many, including me, its leverage and, in April, report its highest quarterly profit worried about this stock's high valuation. since the third quarter of 2007. I'll also mention that owning a non-benchmark stake in The fund didn't own either Vale or Cemex at period end. Mexico-based Banco del Bajio (+92%) and avoiding several Outside of materials, exposure to several education stocks other financial firms, such as Brasil Bolsa Balcao (+10%), detracted, including a large non-benchmark stake in Afya, a Creditcorp (+4%), and Itau Unibanco Holding (+27%), company that specializes in medical education and runs a contributed versus the benchmark. medical technology business. Q: Did you make any major changes in the The company did fine fundamentally the past six months, but portfolio's positioning this period฀ returned about -7% for the fund, driven by negative currency effects that hurt this Brazilian company's U.S.-listed stock. I added notably to the fund's materials position by period Similarly, owning Vasta Platform, an out-of-benchmark Brazil- end, focusing on the segments I believed had solid longer- based company that sells learning systems for private K-12 term outlooks, such as copper, lithium, and pulp and paper. I schools, returned -15% for the fund. It also suffered due to added a non-benchmark position in Canada-based copper declining enrollment in private schools. I added to our stake company First Quantum Minerals, and lithium company in each of these companies this period. Sociedad Química y Minera de Chile. I also slightly added to the fund's stake in Brazil's Suzano, a provider of hardwood A few other non-index names in the fund suffered due to pulp and paper products. lackluster sentiment for defensively oriented, domestic- focused Brazilian companies. Genomma Lab Internacional, a I'm still avoiding iron-ore producers because I see a lot of personal care products company, gained about 13% the past speculation among these stocks – and very high prices. six months, but significantly lagged the benchmark. The Elsewhere, I reduced the fund's stake in information same is true for health care equipment services company technology companies and added exposure to consumer Qualicorp Consultoria (+11%), which the fund did not own at staples, while maintaining overweightings among higher- the end of the six-month period.
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