QPR.en.xx.20210630.LU0054754816.pdf For Investment Professionals Only FIDELITY FUNDS QUARTERLY PERFORMANCE REVIEW SWITZERLAND FUND A-CHF 30 JUNE 2021 Portfolio manager: Andrea Fornoni, Alberto Chiandetti Performance over quarter in CHF (%) Performance for 12 month periods in CHF (%) Fund 10.0 Market index 9.5 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 markets rose strongly over the second quarter, supported by improving sentiment around an economic reopening, strong economic data and upbeat corporate earnings, coupled with continued assurances of support from the European Central Bank (ECB). A decline in new COVID-19 cases and an acceleration in vaccine rollouts led to a gradual lifting of restrictions across the region. However, the spread of the Delta variant of COVID-19 tempered optimism towards the end of the quarter. With the global recovery picking up steam, worries about inflation and fears that central banks would taper their asset purchase programmes, as well as the US Federal Reserve’s more aggressive tone kept market gains in check. Against this backdrop, most sectors reported positive returns, with a decline in bond yields helping growth stocks to outperform value stocks. Fund Performance Over the quarter, the fund (A-CHF, net of fees) delivered positive returns of 10.0%, outperforming the MSCI Switzerland (N) index, which returned 9.5%. Strong security selection in health care and materials supported performance. Meanwhile, the overweight stance in the industrials sector weighed on returns. Key health care names enhanced gains The holding in hearing aid equipment manufacturer Sonova was the most notable contributor to performance. Its shares rallied on healthy FY20 results and as management raised its guidance for the year. The company has managed to control costs and new launches in its cochlear implant business are supporting growth. Sonova’s decision to acquire Sennheiser was also well received by the market. Shares in dental implants manufacturer Straumann Holdings supported performance. Its shares rallied after it beat consensus estimates for first quarter sales, driven by significant outperformance across regions. The company also raised its full-year organic growth guidance, buoyed by its strong market backdrop, high consumer confidence and supportive trends in specialty dental treatments. Meanwhile, the bias against pharmaceuticals giant Novartis added value. Certain names pared returns The underweight stance in pharmaceuticals giant Roche pared gains. Reports that Roche’s Tecentriq boosts disease-free survival in a cancer study supported investor sentiment. Positions in market expansion services provider DKSH Holding and Swiss insurer Baloise Holding were also a source of weakness. Fund Positioning We continue 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. Relative to the index, it retains an underweight stance in consumer staples and health care, and an overweight exposure to industrials and financials. In recent months, the manager sold operationally/financially levered businesses given increased uncertainty in favour of reasonably valued high-quality businesses. Stock picking based on current environment Over the quarter, no new positions were bought or sold. However, we increased our exposure to Aryzta, a food business specialising in frozen bakery. The stock is well suited to benefit from the easing of virus-related restrictions. The allocation to luxury goods giant Richemont and watch manufacturer Swatch Group were increased. The current acceleration in demand for jewellery and watches should support both these stocks. Prefer selected health care companies Within health care, pharmaceutical giants Novartis and Roche are key holdings in the portfolio. Dental implants manufacturer Straumann Holdings and hearing aid manufacturer Sonova also remain attractive positions. 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. QPR.en.xx.20210630.LU0054754816.pdf For Investment Professionals Only FIDELITY FUNDS QUARTERLY PERFORMANCE REVIEW SWITZERLAND FUND A-CHF 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 Swiss Franc (CHF) Three month relative return (%) 0.99 Position Contribution (%) 3 months Average Relative Average Relative Relative Performance Relative Performance TOP CONTRIBUTORS Weight Contribution TOP DETRACTORS Weight Contribution SONOVA HLDG AG 3.7 1.01 ROCHE HOLDING AG -10.3 -0.49 STRAUMANN HOLDING AG 3.0 0.44 DKSH HOLDING AG 3.6 -0.45 NOVARTIS AG -7.5 0.40 BALOISE HOLDINGS AG 1.9 -0.36 BOSSARD HLDG AG 1.3 0.33 OC OERLIKON CORP AG 1.9 -0.28 ALCON INC -2.2 0.27 VZ HOLDING AG 2.4 -0.20 SIG COMBIBLOC SERVICES AG 3.0 0.22 NESTLE SA -12.3 -0.20 ARYZTA AG 1.8 0.21 AMS AG 1.5 -0.19 PARTNERS GROUP HOLDING 2.3 0.19 SWISS RE AG 1.1 -0.18 GIVAUDAN SA 2.1 0.18 SCHINDLER HOLDING AG 1.1 -0.13 HOLCIM LTD -2.0 0.12 GEBERIT AG -1.6 -0.11 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 CONTRIBUTIONS TO RELATIVE RETURN Average Sector/ Total Relative Security Industry Relative GICS Sector Weight Selection Selection Contribution Health Care -9.8 1.05 0.45 1.51 Materials 4.8 0.35 0.29 0.63 Consumer Discretionary 3.4 -0.14 0.22 0.08 Communication Services -0.9 0.00 0.02 0.02 Real Estate -0.5 0.00 0.02 0.02 Consumer Staples -12.3 0.21 -0.20 0.01 Information Technology 3.2 -0.15 -0.03 -0.19 Financials 4.8 0.20 -0.44 -0.23 Industrials 5.8 0.25 -1.05 -0.80 Index / Unclassified 0.3 0.00 0.00 0.00 Total Primary Assets -1.2 1.77 -0.72 1.05 Other* 1.2 -0.06 TOTAL 0.0 0.99 *Other includes portfolio components not already listed such as cash, expenses and other miscellaneous items. QPR.en.xx.20210630.LU0054754816.pdf For Investment Professionals Only FIDELITY FUNDS QUARTERLY PERFORMANCE REVIEW SWITZERLAND FUND A-CHF 30 JUNE 2021 Important Information This information must not be reproduced or circulated without prior permission. 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