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Switzerland Fund A-Chf 31 August 2021

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Switzerland Fund A-Chf 31 August 2021 MPR.en.xx.20210831.LU0054754816.pdf For Investment Professionals Only FIDELITY FUNDS MONTHLY PERFORMANCE REVIEW SWITZERLAND FUND A-CHF 31 AUGUST 2021 Portfolio manager: Andrea Fornoni, Alberto Chiandetti Performance over month in CHF (%) Performance for 12 month periods in CHF (%) Fund 1.5 Market index 2.3 MSCI Switzerland Index (Net) Market index is for comparative purposes only. Source of fund performance is Fidelity. Basis: nav-nav with income reinvested, in CHF, net of fees. Other share classes may be available. Please refer to the prospectus for more details. Fund Index Market Environment European equity markets continued to rise in August, driven by strong quarterly earnings and optimism over an economic recovery, supported by high rates of vaccination. At the annual Jackson Hole Symposium, US Federal Reserve Chair Jerome Powell indicated that the central bank is in no rush to tighten its monetary policy. However, gains were capped as data showed that inflation surged to a 10-year high in August, and that further rises were likely, challenging the European Central Bank's (ECB) benign view on price growth. Consumer prices saw an increase of 3% this month (2.2% in July), well above the ECB’s target of 2%, fuelled by rising costs of energy, food and industrial goods. However, the ECB argues that the majority of the inflation increase can be attributed to supply chain constraints and should ease by early next year. There were increased uncertainties surrounding the ECB’s next steps regarding the future of its asset purchase programme, as differences over when to relax stimulus measures grew within the governing council. Almost all sectors posted positive returns, with technology, health care and utilities leading the way. Conversely, consumer discretionary lagged the market. From an investment style perspective, quality and growth outperformed value stocks. Meanwhile, small-cap companies outperformed their mid and large-cap counterparts. Fund Performance The fund returned 1.5% (A-CHF, net of fees) in August, underperforming the index, which returned 2.3%. Stock selection within health care and the overweight position in industrials hampered performance. Meanwhile, stock selection in the information technology (IT) sector offset some of these losses. The position in market expansion services provider DKSH Holding was the most notable detractor from performance. The structural underweight in pharmaceuticals giant Roche pared gains as its shares rallied after the UK drug regulator approved Ronapreve, the antibody cocktail developed by Roche and Regeneron to prevent and treat COVID-19. The lack of exposure to eye-care specialist Alcon also held back gains, as its shares were supported by consensus beating second quarter results. It also raised its guidance for the year, indicating a recovery in its business. Amid weakness in the luxury sector, shares in luxury goods conglomerate Richemont and watch company Swatch Group declined. Their shares were hurt by the pullback in Chinese markets after its government signalled possible wealth policy developments to introduce curbs on high incomes. Both these businesses derive substantial revenue from Chinese consumers. Conversely, the structural underweight allocation to food and beverage company Nestle added notable value. Dental implants manufacturer Straumann Holdings supported performance after it reported further growth in the second quarter to deliver record first half result. Meanwhile, shares in financial advisory firm VZ Holding gained as the company continued to grow in a positive environment. Its management is also positive on its growth outlook for the second half of the year. Fund Positioning The manager continues to focus on companies with high quality business models and management teams. The fund maintains a sizable allocation to the health care, industrials, financials and materials sectors in absolute terms. Compared to the index, the fund has a large underweight position in consumer staples and health care, and an overweight stance in industrials and financials. Within health care, pharmaceuticals giants Novartis and Roche are key holdings in the portfolio. Life sciences tool firm Tecan and hearing aid manufacturer Sonova are other attractive positions. Global private equity firm Partners Group and insurer Zurich Insurance Group are core positions in the financials sector. In recent months, the managers sold operationally/financially levered businesses due to increased uncertainty in favour of reasonably valued high-quality businesses. Over the month, no new positions were purchased. However, the manager reinvested proceeds from the sale of luxury names to strengthen positions in pharmaceutical giants. 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. MPR.en.xx.20210831.LU0054754816.pdf For Investment Professionals Only FIDELITY FUNDS MONTHLY PERFORMANCE REVIEW SWITZERLAND FUND A-CHF 31 AUGUST 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 Swiss Franc (CHF) One month relative return (%) -0.63 Position Contribution (%) 1 month Average Relative Average Relative Relative Performance Relative Performance TOP CONTRIBUTORS Weight Contribution TOP DETRACTORS Weight Contribution NESTLE SA -11.5 0.18 DKSH HOLDING AG 3.3 -0.32 STRAUMANN HOLDING AG 3.4 0.11 ROCHE HOLDING AG -10.7 -0.30 VZ HOLDING AG 2.4 0.09 ALCON INC -2.2 -0.25 COMET HOLDING AG 0.6 0.09 SWATCH GROUP AG 0.5 -0.19 LOGITECH INTERNATIONAL SA -1.1 0.09 COMPAGNIE FIN RICHEM AG SWITZ 0.1 -0.16 SIG COMBIBLOC SERVICES AG 3.1 0.08 SONOVA HLDG AG 4.1 -0.13 NOVARTIS AG -6.7 0.08 ADECCO GROUP AG 0.9 -0.08 HOLCIM LTD -1.7 0.07 KUEHNE & NAGEL INTER'L AG -1.1 -0.08 AMS AG 1.4 0.07 DAETWYLER HOLDINGS AG 2.1 -0.06 ARYZTA AG 1.8 0.06 LINDT & SPRUENGLI AG CHOCOLAD -1.4 -0.06 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 (%) 1 month CONTRIBUTIONS TO RELATIVE RETURN Average Sector/ Total Relative Security Industry Relative GICS Sector Weight Selection Selection Contribution Information Technology 3.1 0.17 0.06 0.24 Consumer Staples -11.6 0.05 0.14 0.19 Materials 5.3 0.10 0.07 0.18 Financials 4.1 0.02 0.11 0.13 Communication Services -0.9 0.00 0.03 0.03 Real Estate -0.5 0.00 0.00 0.00 Consumer Discretionary 2.2 -0.01 -0.36 -0.37 Industrials 7.7 -0.13 -0.35 -0.48 Health Care -10.7 -0.67 0.13 -0.54 Index / Unclassified 0.3 0.00 0.00 0.00 Total Primary Assets -0.9 -0.46 -0.16 -0.62 Other* 0.9 -0.01 TOTAL 0.0 -0.63 *Other includes portfolio components not already listed such as cash, expenses and other miscellaneous items. MPR.en.xx.20210831.LU0054754816.pdf For Investment Professionals Only FIDELITY FUNDS MONTHLY PERFORMANCE REVIEW SWITZERLAND FUND A-CHF 31 AUGUST 2021 Important Information This information must not be reproduced or circulated without prior permission. Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances, other than when specifically stipulated by an appropriately authorised firm, in a formal communication with the client. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Unless otherwise stated all products and services are provided by Fidelity International, and all views expressed are those of Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are registered trademarks of FIL Limited. FIL Investment Management (Luxembourg) S.A. reserves the right to terminate the arrangements made for the marketing of the sub-fund and/ or its shares in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU. Prior notice of this cessation will be made in Luxembourg.Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.
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