QPR.en.xx.20210630.GB00B82ZSC67.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS QUARTERLY PERFORMANCE REVIEW CONSUMER FUND W - ACC SHARES 30 JUNE 2021

Portfolio manager: Hyomi Jie

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

Fund 1.1

Market index 2.9

MSCI China Capped 10% Index (Net) 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

Chinese stocks advanced over the quarter against the backdrop of strong foreign inflows, upbeat investor sentiment and an appreciation of the renminbi. However, Chinese equities underperformed their global peers, indicating that the country’s economic recovery since last year has been strong but quite uneven. Higher commodity prices, the US’s tough stance towards China, and regulatory scrutiny on the internet and education sectors were among the headwinds restraining sentiment. On the economic front, Chinese industrial production, retail sales and fixed asset investments rose below consensus forecasts in May. Meanwhile, Hong Kong equities tracked mainland China markets higher. At a sector level, health care led gains, while real estate was a laggard. Health care stocks rose as policymakers mentioned they would support traditional Chinese medicine and laid out plans to upgrade the health care system with a focus on handling infectious diseases. Property firms are under pressure as China moves to curb leverage in the sector.

Fund Performance

The portfolio returned 1.1% over the quarter, while the index returned 2.9%. The underperformance was primarily driven by weaker security selection in the consumer discretionary and communication services sectors.

Internet-related names held back gains Concerns about rising regulatory risks in China’s technology sector, which is home to prominent regional bellwether stocks, weighed on market sentiment. Against this backdrop, positions in Kuaishou Technology and Autohome declined despite reporting in-line results. TAL Education was another notable detractor from returns. Shares in the online education services provider were weighed down by the potential measures/policy that maybe implemented in the education/tutoring sector.

Selected recovery names detracted The holding in casino operator Galaxy Entertainment Group, a high-quality franchise in the Macau gaming space, weighed on returns. While the recovery continues to make progress, further lockdown restrictions due to the pandemic has caused some delays. In a similar vein, travel services provider Trip.com fell out of favour amid the uncertainty caused by a resurgence in COVID-19 cases in . Conversely, not holding Chinese car maker NIO hurt relative returns as its shares rallied following strong sales in May.

Selected stocks buoyed returns Sportswear retailer Li Ning was the standout contributor to performance after the company announced a series of positive trading updates. Meanwhile, the position in WuXi AppTec, benefited from solid first quarter results. Property management services provider Shimao Services and medical device manufacturer Peija Medical were other key contributors to returns.

Fund Positioning

The manager believes the opportunity to invest in how and what China consumes is significant and continues to impact a broad range of companies beyond traditional consumer sectors. This theme, powered by the twin drivers of urbanisation and a rising middle class, offers a long runway of growth. In China, the innovation of mobile technology, interaction with consumers and mobile payments already surpasses the West. In this environment, there is an opportunity to invest in companies that are at the forefront of these shifts.

Increased exposure to heavily sold out internet names China’s State Administration for Market Regulation (SAMR) continues to investigate prominent technology-driven businesses for suspected monopolistic practices which resulted in a broad-based sell-off for the technology stocks during the quarter. However, the manager used the temporary weakness in these stocks as an opportunity to build up positions in names such as and KE Holdings, where fundamentals remain strong.

Added to cyclical recovery plays in the consumption space despite near-term headwinds The allocation to Trip.Com was raised. The company maintains a dominant online travel agency in China with a strong client base, supplier network and services. The exposure to Galaxy Entertainment was also increased despite the near-term impact from rising COVID-19 cases in Guangdong.

Took profits in certain names The position in Shenzhen Yuto Packaging was sold in view of its deteriorating near-term outlook. The manager took profits in RemeGen, where valuations remain full relative to the visibility in its product pipeline.

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. This fund invests in emerging markets which can be more volatile than other more developed markets. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be difficult to sell. QPR.en.xx.20210630.GB00B82ZSC67.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS QUARTERLY PERFORMANCE REVIEW CHINA CONSUMER 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 (%) -1.06

Position Contribution (%) 3 months

Average Relative Average Relative Relative Performance Relative Performance TOP CONTRIBUTORS Weight Contribution TOP DETRACTORS Weight Contribution LI NING CO LTD 2.8 1.74 TAL ED GROUP 1.6 -1.04 WUXI APPTEC CO LTD 1.8 0.59 PING AN INS GROUP CO CHINA LTD 3.5 -0.75 SHIMAO SERVICES HOLDINGS LTD 1.2 0.52 GALAXY ENT GROUP LTD 4.5 -0.67 PEIJIA MEDICAL LIMITED 0.8 0.30 AUTOHOME INC 1.6 -0.66 BILIBILI INC 1.5 0.28 NIO INC -1.6 -0.54 POP MART INTERNATIONAL GROUP LTD 1.0 0.25 KUAISHOU TECHNOLOGY 1.4 -0.51 ZHONGSHENG GROUP HOLDINGS LTD 1.6 0.24 APPLIANCES INC OF 1.5 -0.31 -2.5 0.23 BYD CO LTD -0.7 -0.25 SHENZHOU INTL GROUP HLDGS LTD 1.4 0.23 TRIP.COM GROUP LTD 2.0 -0.25 INDUSTRIAL & COML BK CHINA -1.4 0.22 ANTA SPORTS PRODUCTS LTD -0.7 -0.24

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 GICS Sector Weight Selection Selection Contribution Weight Selection Selection Contribution Real Estate -1.3 0.62 0.15 0.77 China -13.1 -0.04 0.00 -0.04 Health Care 0.0 -0.18 0.60 0.42 Hong Kong 9.3 -0.64 0.00 -0.64 Consumer Staples 8.9 -0.07 0.22 0.15 Utilities -2.0 0.00 -0.02 -0.02 Materials -2.2 -0.11 0.06 -0.05 Energy -1.3 0.00 -0.07 -0.07 Financials -5.0 -0.01 -0.17 -0.17 Industrials -4.4 0.14 -0.33 -0.19 Information Technology -3.0 0.12 -0.37 -0.25 Communication Services 0.0 -0.81 0.46 -0.35 Consumer Discretionary 6.4 -0.39 -0.54 -0.93

Total Primary Assets -3.8 -0.68 0.00 -0.68 Total Primary Assets -3.8 -0.68 0.00 -0.68 Other* 3.8 -0.38 Other* 3.8 -0.38 TOTAL 0.0 -1.06 TOTAL 0.0 -1.06 *Other includes portfolio components not already listed such as cash, expenses and other miscellaneous items. QPR.en.xx.20210630.GB00B82ZSC67.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS QUARTERLY PERFORMANCE REVIEW CHINA CONSUMER FUND W - ACC SHARES 30 JUNE 2021

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