Semi-Annual Report and Accounts - chartbook.fid-intl.com

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Fidelity Funds Directors and Supervisory Officers Board of Directors of Fidelity Funds Edward C. Johnson 3d Chairman of the Board USA Dr. Yousef Al-Awadi, K.B.E.* � Barry R.J. Bateman Didier J. Cherpitel* � Director Director Director Kuwait United Kingdom Switzerland Sir Charles Fraser, K.C.V.O.* Jean Hamilius* Simon M. Haslam Director Director Director United Kingdom Grand Duchy of Luxembourg United Kingdom Helmert Frans van den Hoven, K.B.E.* Alexander Kemner Dr. Arno Morenz* � Director Director Director The Netherlands The Netherlands Germany Dr. David J. Saul Dr. Erhard Schipporeit* � Director Director Bermuda Germany Takeshi Isayama* Anthony Wu* Director Director Japan Hong Kong FIL (Luxembourg) S.A. Corporate Director Grand Duchy of Luxembourg Represented by Marc Wathelet Board of Directors of the Management Company Nick Clay Judy Marlinski Allan Pelvang Director Director Director Grand Duchy of Luxembourg Japan Bermuda Jon Skillman Marc Wathelet Director Director Grand Duchy of Luxembourg Grand Duchy of Luxembourg Supervisory Officers of the Management Company Stephan von Bismarck Nishith Gandhi Charles E. Hutchinson Supervisory Officer Supervisory Officer Supervisory Officer United Kingdom Grand Duchy of Luxembourg Grand Duchy of Luxembourg * Independent Director � Member of the Audit Committee � Chairman of the Audit Committee 3
Fidelity Funds Investment Manager’s Report* Performance Overview - 6 months ended 31 October 2012 Global equities rose over the six months ended 31 October 2012. Weak economic data and consequent concerns about global growth coupled with persistent speculation about Greece exiting the eurozone and anxiety about Spain’s banking system weighed on markets in the initial months. Equities, however, recovered after an agreement by eurozone leaders to relax conditions for recapitalising banks and central bank stimulus measures aimed at boosting money supply in order to support faltering growth. The European Central Bank (ECB) announced a new, conditional sovereign bond-buying programme and the US Federal Reserve (Fed) extended its “Operation Twist” where it sold short term securities to buy longer term debt to push down long term borrowing cost, and launched a third round of quantitative easing (QE3). Moreover, the Bank of Japan and Bank of England (BoE) expanded their asset purchase programmes. Separately, Chinese authorities announced an infrastructure investment programme. Stock markets lost some ground towards the end of the period due to resurgence of concerns about global growth and company earnings. Uncertainty about the upcoming US Presidential election and impending fiscal cliff also kept investor sentiment subdued. Equities in Europe ex-UK rose the most in US Dollar terms over the period, closely followed by those in Pacific ex-Japan. The UK and the US rose by smaller margins whilst emerging markets and Japan declined over the period. At a sector level, health care, telecommunications and financials generated the best returns, outperforming the information technology and materials sectors. Returns in US Dollar terms were hurt by its appreciation against the Euro, Sterling and the Yen. 110 105 100 95 90 85 Apr 12 May 12 Jun 12 Jul 12 Aug 12 MSCI World Global Bonds Sep 12 Oct 12 MSCI EUROPE EX-UK MSCI PACIFIC EX-JAPAN Global Bonds MSCI UK MSCI World MSCI USA MSCI EM MSCI JAPAN Source: Datastream, Total Returns in USD rebased to 100, 30.04.2012 – 31.10.2012 Source: Datastream, Total Returns, USD, 30.04.2012 – 31.10.2012 European equities advanced over the period, though stocks remained volatile. There were concerns about the spread of the debt crisis and the possibility of Greece exiting the eurozone. However, healthy corporate results and accommodative policy actions by global policymakers provided support. ECB President Mario Draghi’s pledge to do “whatever it takes” to save the Euro also proved positive. Sentiment improved further after the ECB agreed to launch an unlimited bond purchase programme to lower borrowing costs for some indebted eurozone nations. As a result, financial stocks surged over the period. Overall, the health care and utilities sectors performed well, whilst consumer discretionary and telecommunication services lagged. The UK stock market rose mainly due to encouraging policy announcements by global central banks. The BoE increased its asset purchase facility to £375 billion. There was encouraging news on the economic front, as the UK emerged from recession over the third quarter of 2012, supported by the Olympic Games. Concerns about the eurozone credit crisis, which caused significant volatility in April and May, also subsided somewhat after authorities approved several policy measures to recapitalise banking systems in troubled countries. Financials, technology and consumer related firms were among the notable gainers during the period, whilst there was a rotation out of defensives. Returns from the resource sectors were weak due to growing concerns about demand, especially from China. US equities gained following aggressive policy intervention at home and abroad. Lacklustre economic data and weak jobs growth early in the period prompted the Fed to launch an aggressive QE programme linked to a recovery in the jobs market. Continued consolidation in the housing sector and policy interventions in Europe also supported sentiment. Nevertheless, the uncertainty surrounding the outcome of the US Presidential election restrained gains. On the corporate front, many businesses lowered their earnings expectations citing a weaker demand outlook and corporate profits were expected to decline. Most businesses had sound balance sheets and remained cash rich. Valuations were cheap on a free cashflow basis and fair on a price-to-earnings basis. After rallying strongly at the start of 2012, the Japanese market started to lose momentum by the second quarter. As developments overseas escalated, the rate of decline in Japan accelerated. Below consensus economic data in China and the US, and deteriorating conditions in the eurozone resulted in renewed risk aversion globally. Statements from monetary authorities raised expectations of coordinated easing and stocks recovered some ground. However, gains were short lived. Uncertainty about the outlook for global growth, particularly in China and Europe, contributed to a surge in the Yen. Improvements in US economic data provided a subsequent boost to sentiment, but Japanese stocks lacked direction. The latest wave of central bank stimulus measures lifted Japanese equities, though tensions with China and negative earnings revisions capped gains. Asia Pacific ex-Japan equities edged higher over a period that was characterised by fears over slowing growth in China. Cyclicals ended lower, whilst defensives advanced strongly. Consumer discretionary was the worst performing sector in US Dollar terms, driven by a slowdown in retail sales and subdued consumer confidence in the developed world. Materials and energy shares also succumbed to flagging economic growth prospects. On the other hand, high yielding stocks within the telecommunications and utilities sectors surged. Financials also performed well, particularly following the announcement of liquidity enhancing measures by leading central banks around the world. Emerging market equities declined over the period. Stocks in the larger emerging economies, such as China, South Korea, Brazil and Taiwan, fell amid flight to safer assets and data releases from the US and China that suggested a slower pace of economic activity than expected. Conversely, in the Emerging Europe, Middle East and Africa (EMEA) region, equities in South Africa and Turkey rose on the back of improving investor sentiment and macroeconomic data. Nevertheless, the uncertainty over the US Presidential election, leadership change in China and the slowdown in Chinese economic activity remained a prime concern for investors. *The information stated in this report is historical and not necessarily indicative of future performance. 4 -6.75 -1.01 2.16 2.08 1.92 2.56 5.91 6.28
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Fidelity Funds Cemex Finance 9.50%
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