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Semi-Annual Report and Accounts Fidelity Active STrategy Société d’investissement à capital variable Established in Luxembourg RCS Luxembourg B 102 944 Semi-Annual Report and Accounts For the period ended 31 March 2019 Unaudited This Semi-Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information conta ined in the current Prospectus (and the documents referred to within it) supplemented by the last available Annual Report of the Comp any and any subsequently published Semi-Annual Report. Copies of the current Prospectus, latest Annual and Semi-Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Active Strategy or, for Investors in Switzerland, from the representative of the Company in this country. Fidelity Active STrategy Contents Introduction 2 Directors and Conducting Officers 3 Investment Manager’s Report 4 . Schedule of Investments Equity Funds Asia Fund 5 Emerging Markets Fund 7 Europe Fund 9 Global Fund 10 UK Fund 12 US Fund 13 . Statement of Net Assets 16 Statement of Net Asset Value per Share 18 Notes to the Financial Statements 19 Supplementary Information 23 Directory 24 1 Fidelity Active STrategy Introduction Fidelity Active STrategy (the "Company") is an open-ended investment company established in Luxembourg as a société d'investissement à capital variable (SICAV). Its assets are held in different sub-funds. Each sub-fund holds a separate portfolio of securities and other assets managed in accordance with specific investment objectives. Separate classes of Shares are or may be issued in relation to the sub-funds. Swiss investors are advised that all the present sub-funds of the Company have been authorised by the Swiss Financial Market Supervisory Authority for distribution in Switzerland. Board of Directors The Directors of the Company are listed on page 3. There are no service contracts proposed or in existence between any of the Directors and the Company. Mr Stephen Fulford resigned from his position as a Director of the Company with effect from 1 February 2019. Ms Corinna Valentine was appointed as the permanent representative of FIL (Luxemoburg) S.A. (in replacement of Mr Claude Hellers) as Corporate Director of the Company with effect from 4 December 2018. 2 Fidelity Active STrategy Directors and Conducting Officers Board of Directors of Fidelity Active STrategy as at 31 March 2019 Florence Alexandre Christopher Brealey Steven Edgley Director Director Director Grand Duchy of Luxembourg Grand Duchy of Luxembourg United Kingdom FIL (Luxembourg) S.A. Corporate Director Grand Duchy of Luxembourg Represented by Corinna Valentine Board of Directors of FIL Investment Management (Luxembourg) S.A. (the "Management Company") Christopher Brealey Chairman of the Board Grand Duchy of Luxembourg Eliza Dungworth Rachel Holmes Allan Pelvang Director Director Director United Kingdom Grand Duchy of Luxembourg Bermuda Dominic Rossi Jon Skillman Director Director United Kingdom Grand Duchy of Luxembourg Conducting Officers of the Management Company Florence Alexandre Stephan von Bismarck Corinne Lamesch Conducting Officer Conducting Officer Conducting Officer Grand Duchy of Luxembourg United Kingdom Grand Duchy of Luxembourg Karin Winklbauer Conducting Officer Grand Duchy of Luxembourg 3 Fidelity Active STrategy Investment Manager’s Report* Market Environment Global equity markets, as measured by the MSCI All Country World (Net Total Return) Index, returned -2.1% in US dollar terms over the review period. During the first half of the period, global equities declined sharply as concerns about a possible global economic slowdown a nd the US Federal Reserve's (Fed) interest rate hikes weighed on sentiment. Continued Brexit-related uncertainties and ongoing US-China trade frictions further worried investors. The markets rebounded sharply in the first quarter of 2019, as investors were buoyed by signs of progress in trade talks between the US and China. An upbeat risk sentiment was bolstered further by the more accommodative stance from major central banks. Regional Developments European equities, as measured by the MSCI Europe (Net Total Return) Index, returned 0.1% in euro terms (-3.0% in US dollar terms) over the review period. The end of 2018 was impacted negatively by ongoing trade worries, Brexit-related uncertainty and weak corporate earnings. However, equities rebounded strongly in the first quarter of 2019. The European Central Bank (ECB) indicated that i t will hold interest rates steady at least to the end of 2019. It also said that it could provide additional long-term loans to eurozone banks in a bid to revive the region's weakening economy. The strength in the market moderated as the ECB lowered its GDP growth and inflation forecasts for the 2019---- 2021 period, due to the weakening growth momentum in the eurozone. At a sector level, utilities, consumer staples and health care stocks were the biggest gaine rs. Among the key decliners were the financials, energy, consumer discretionary and industrials sectors. UK equities, as measured by the FTSE All Share (Total Return) Index, returned -1.8% in sterling terms (-1.9% in US dollar terms) over the review period. Markets fell sharply towards the end of 2018 but recovered in the first quarter of 2019. Hopes of progress in US-China trade talks offset worries around weakening global growth and the negative impact of Brexit related uncertainty. On the policy front, the Bank of Englan d kept interest rates steady, as all nine members of the bank's Monetary Policy Committee voted to keep rates at 0.75%. Overall, the technology and materials sectors outperformed, while industrials and telecommunications stocks lagged the broader market. US equities, as measured by the S&P 500 (Net Total Return) Index, fell -2.02% in US dollar terms over the review period. Concerns over US economic growth, trade tensions with China and higher interest rates weighed on stocks. Consumer confidence declined in March driven by more pessimis tic views about current business and labour market conditions. However, investor sentiment was lifted as US lawmakers reached a t entative agreement to avert another federal government shutdown. Easing worries about US-China trade frictions and the US Fed's signalling of a "patient approach" towards interest rate hikes this year, supported equities towards the end of the period. Meanwhile, the US mid-term election results in November were broadly in line with expectations. The Democratic Party won back a maj ority in the House of Representatives and the Republicans maintained control of the Senate. From a sector perspective, stocks in energy and financials fell. On a positive note, real estate and utilities sectors advanced. Asia ex Japan equities, as measur ed by the MSCI AC Asia ex Japan (Net Total Return) Index, advanced 1.8% in US dollar terms over the review period. Stock markets came under pressure during the first half of the period. Investor sentiment improved towards the latter half of the period. Chinese and Hong Kong equities strengthened amid optimism about economic stimulus measures in China and signs of progress on tra de negotiations with the US. In a noteworthy development, index provider MSCI announced that it will quadruple the weight of Chines e mainland listed A-shares in its global benchmarks. Indonesian equities also rose, supported by gains in consumer staples and financials stocks. The Philippines market received support from buying activity by foreign institutional investors. Conversely, S outh Korean equities lagged. Taiwanese stocks also declined due to concerns about near-term profitability at some semiconductor firms and at Apple supply chain companies. At a sector level, real estate stocks outperformed broader markets. The consumer and financial sectors also reported strong returns. Emerging markets, as measured by the MSCI Emerging Markets (Net Total Return) Index rose 1.71% in US dollar terms over the pe riod. Concerns over Chinese growth and US-China trade war weighed on equities initially. However, progress in US-China trade talks and expectations of encouraging manufacturing data in China lifted sentiment towards riskier assets. Chinese stocks rose after MSCI announced tha t it would substantially increase exposure to mainland share s in its indices. In the country's annual legislative session, Chinese policymakers promised to implement tax cuts and infrastructure funding over the year to boost economic growth. In Latin America, Brazilian stocks adva nced as political uncertainty ended with the victory of Jair Bolsonaro in the final round of Presidential elections. The new government also announced reform measures. Russian stocks rose notwithstanding the falling oil price and risks of additional sanctions by the US. * The information stated in this report is historical and not necessarily indicative of future performance. 4 Fidelity Active STrategy Asia Fund Schedule of Investments as at 31 March 2019 1 Country Shares or Market Value % Net Country Shares or Market Value % Net Code Ccy Nominal USD Assets Code Ccy Nominal USD Assets First Resources SG SGD 2,864,500 3,469,676 0.48 Securities Admitted to or Dealt on an Official Stock Exchange Kweichow Moutai (B) CN CNY 3,488 443,757 0.06 Securities Admitted to or Dealt on an Official Stock Exchange Energy 43,085,243 5.95 Reliance Industries IN INR 802,655 15,775,332 2.18 CNOOC CN HKD 4,847,000 9,010,257 1.24
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