FIAM Group Trust for Employee Benefit Plans International Active Equity Commingled Pools
Total Page：16
File Type：pdf, Size：1020Kb
Fidelity Institutional Asset Management Trust CompanySM FIAM Group Trust for Employee Benefit Plans International Active Equity Commingled Pools FIAM Emerging Markets Commingled Pool FIAM Emerging Markets Equity Small Cap Commingled Pool FIAM Emerging Markets Opportunities Commingled Pool FIAM Global Low Volatility Equity Commingled Pool FIAM International Equity Growth Commingled Pool FIAM International Equity Value Commingled Pool FIAM International Growth Commingled Pool FIAM Overseas Commingled Pool Annual Report September 30, 2020 Contents FIAM Emerging Markets Commingled Pool 3 Financial Statements 6 Schedule of Investments FIAM Emerging Markets Equity Small Cap 8 Financial Statements Commingled Pool 11 Schedule of Investments FIAM Emerging Markets Opportunities 14 Financial Statements Commingled Pool 17 Schedule of Investments FIAM Global Low Volatility Equity 23 Financial Statements Commingled Pool 26 Schedule of Investments FIAM International Equity Growth 29 Financial Statements Commingled Pool 31 Schedule of Investments FIAM International Equity Value 34 Financial Statements Commingled Pool 36 Schedule of Investments FIAM International Growth Commingled Pool 39 Financial Statements 42 Schedule of Investments FIAM Overseas Commingled Pool 45 Financial Statements 47 Schedule of Investments Notes to Financial Statements 50 Report of Independent Auditors 57 Annual Report FIAM Emerging Markets Commingled Pool Financial Statements Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $185,365,069) (See accompanying schedule) $ 206,022,581 Foreign currency holdings, at market value (cost $1,753,771) 1,756,807 Receivable for investments sold 1,315,874 Dividends receivable 324,596 Interest receivable 28 Other receivable 705,286 Total assets 210,125,172 Liabilities Payable to custodian bank $ 1,438,315 Payable for investments purchased 368,044 Affiliated payables 2,798 Other accrued expenses 53,073 Total liabilities 1,862,230 Net Assets (equivalent to $42.77 per unit based on 4,869,195 units outstanding) $ 208,262,942 Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 237,859 Dividends 5,728,311 Miscellaneous 541,741 6,507,911 Less foreign taxes withheld (590,031) Total investment income 5,917,880 Expenses Pricing and bookkeeping fees $ 43,923 Audit fees 75,449 Custodian fees 198,781 Other expenses 499 Total expenses before reductions 318,652 Expense reductions (84,339) 234,313 Net investment income (loss) 5,683,567 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments 5,392,289 Net realized gain (loss) on futures contracts (1,568,230) Net realized gain (loss) on foreign currency transactions (515,508) Total net realized gain (loss) 3,308,551 Change in net unrealized appreciation (depreciation) on investments 33,640,498 Change in net unrealized appreciation (depreciation) on futures contracts 101,317 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies (10,507) Total change in net unrealized appreciation (depreciation) 33,731,308 Net gain (loss) 37,039,859 Net increase (decrease) in net assets resulting from operations $ 42,723,426 See accompanying notes which are an integral part of the financial statements. 3 Annual Report Financial Statements – continued Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 5,683,567 $ 9,784,934 Net realized gain (loss) 3,308,551 10,996,582 Change in net unrealized appreciation (depreciation) 33,731,308 (35,952,824) Net increase (decrease) in net assets resulting from operations 42,723,426 (15,171,308) Net increase (decrease) in net assets resulting from unit transactions (304,601,081) 121,119,536 Total increase (decrease) in net assets (261,877,655) 105,948,228 Net Assets Beginning of period 470,140,597 364,192,369 End of period $ 208,262,942 $ 470,140,597 See accompanying notes which are an integral part of the financial statements. Annual Report 4 Financial Highlights FIAM Emerging Markets Commingled Pool Periods ended September 30, 2020 2019 2018 2017 2016 Selected Per Unit Data Net asset value, beginning of period $ 41.07 $ 42.30 $ 44.03 $ 37.76 $ 31.85 Income from Investment Operations Net investment income (loss) A .75 1.04 1.07 1.01 .98 Net realized and unrealized gain (loss) .95 (2.27) (2.80) 5.26 4.93 Total from investment operations 1.70 (1.23) (1.73) 6.27 5.91 Net asset value, end of period $ 42.77 $ 41.07 $ 42.30 $ 44.03 $ 37.76 Total Return B,C 4.14% (2.91)% (3.93)% 16.60% 18.56% Ratios and Supplemental Data B,D,E Net assets, end of period (000s) $ 208,263 $ 470,141 $ 364,192 $ 1,747,884 $ 1,263,005 Ratio of expenses to average net assets before reductions .10% .16% .06% .06% .06% Ratio of expenses to average net assets net of reductions .07% .16% .06% .06% .06% Ratio of net investment income (loss) to average net assets 1.80% 2.49% 2.34% 2.52% 2.89% Portfolio Turnover Rate 79% 52% 58% 45% 38% A Calculated based on average units outstanding during the period. B Excludes advisory fees which are charged directly to unitholders. C Total returns would have been lower had certain expenses not been reduced during the applicable periods shown. D Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. E Amounts do not include the activity of any underlying fund. See accompanying notes which are an integral part of the financial statements. 5 Annual Report FIAM Emerging Markets Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 96.1% Shares/Units Value Shares/Units Value Bermuda – 1.0% Samsung Electronics Co. Ltd. 318,514 $ 15,896,611 Shangri‑La Asia Ltd. 2,664,000 $ 2,184,258 Shinhan Financial Group Co. Ltd. 164,080 3,860,536 Brazil – 3.3% TOTAL KOREA (SOUTH) 23,182,863 BM&F BOVESPA SA 210,400 2,060,953 Suzano Papel e Celulose SA 600,100 4,867,351 Mexico – 6.6% CEMEX S.A.B. de CV sponsored ADR 1,202,700 4,570,260 TOTAL BRAZIL 6,928,304 Grupo Financiero Banorte S.A.B. de CV Series O 873,700 3,027,515 Wal‑Mart de Mexico SA de CV Series V 2,569,500 6,164,755 Cayman Islands – 21.1% Airtac International Group 130,000 2,925,539 TOTAL MEXICO 13,762,530 Alibaba Group Holding Ltd. sponsored ADR 30,600 8,995,788 Best Pacific International Holdings Ltd. 2,924,000 478,732 Netherlands – 2.0% JD.com, Inc. sponsored ADR 39,300 3,050,073 Yandex NV Series A 62,800 4,097,700 Li Ning Co. Ltd. 1,400,500 6,589,772 Sunny Optical Technology Group Co. Ltd. 182,400 2,833,096 Philippines – 0.3% Tencent Holdings Ltd. 280,945 18,975,976 Pilipinas Shell Petroleum Corp. 2,042,186 682,660 TOTAL CAYMAN ISLANDS 43,848,976 Russia – 3.0% Lukoil PJSC sponsored ADR 45,859 2,654,319 China – 14.7% Sberbank of Russia sponsored ADR 308,800 3,608,328 AVIC Jonhon OptronicTechnology Co. Ltd. 323,453 2,214,039 China Life Insurance Co. Ltd. (H Shares) 1,485,000 3,366,460 TOTAL RUSSIA 6,262,647 China Merchants Bank Co. Ltd. (H Shares) 1,137,000 5,395,538 Haier Smart Home Co. Ltd. (A Shares) 3,187,893 10,296,163 South Africa – 1.9% Hualan Biological Engineer, Inc. (A Shares) 267,315 2,250,096 Impala Platinum Holdings Ltd. 465,000 4,038,421 Industrial & Commercial Bank of China Ltd. (H Shares) 8,399,000 4,375,003 Shenzhen Inovance Technology Co. Ltd. (A Shares) 305,750 2,621,542 Taiwan – 15.2% ECLAT Textile Co. Ltd. 183,000 2,271,052 TOTAL CHINA 30,518,841 HIWIN Technologies Corp. 391,000 3,852,150 MediaTek, Inc. 123,000 2,580,925 Hong Kong – 4.5% Sporton International, Inc. 325,000 2,735,671 China Resources Beer Holdings Co. Ltd. 1,016,000 6,240,157 Taiwan Semiconductor Manufacturing Co. Ltd. 838,000 12,621,755 CNOOC Ltd. sponsored ADR 32,500 3,121,625 Unified‑President Enterprises Corp. 2,435,000 5,260,906 Yageo Corp. 186,500 2,266,135 TOTAL HONG KONG 9,361,782 TOTAL TAIWAN 31,588,594 Hungary – 2.5% Richter Gedeon PLC 246,000 5,197,520 TOTAL COMMON STOCKS (Cost $176,669,324) 200,079,086 India – 4.9% Hemisphere Properties India Ltd. 400,948 881,791 Nonconvertible Preferred Stocks – 2.8% Housing Development Finance Corp. Ltd. 131,000 3,113,917 JK Cement Ltd. 118,300 2,426,709 Brazil – 2.8% Larsen & Toubro Ltd. 164,000 2,016,706 Itau Unibanco Holding SA 861,300 3,450,783 Solar Industries India Ltd. 128,500 1,806,625 Petroleo Brasileiro SA ‑ Petrobras sponsored ADR 350,100 2,492,712 TOTAL INDIA 10,245,748 TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,695,745) 5,943,495 Indonesia – 1.7% TOTAL INVESTMENT IN SECURITIES – 98.9% PT Bank Mandiri (Persero) Tbk 10,444,400 3,492,878 (Cost $185,365,069) 206,022,581 Israel – 2.3% NET OTHER ASSETS (LIABILITIES) – 1.1% 2,240,361 Elbit Systems Ltd. (Israel) 38,500 4,685,364 NET ASSETS – 100% $208,262,942 Korea (South) – 11.1% Hyundai Motor Co.