The fund seeks capital appreciation by investing in companies outside the United States.

The fund emphasizes prudent manager selection as it believes that different investment strategies may outperform at different times over a full market cycle, and that combining these investment disciplines may result in a more consistent performance profile.

Also, the strategy relies on the distinctive skills of a variety of managers fo More

The fund seeks capital appreciation by investing in companies outside the United States.

The fund emphasizes prudent manager selection as it believes that different investment strategies may outperform at different times over a full market cycle, and that combining these investment disciplines may result in a more consistent performance profile.

Also, the strategy relies on the distinctive skills of a variety of managers for diversification and more flexibility to invest more adeptly throughout the market cycle, and potentially allow for better risk management.

The fund employs a multi-manager investment strategy to invest directly in securities through sub-advisers or indirectly through underlying funds, which in turn invest directly in securities.

The sub-advisers are FIAM LLC, FIL Investment Advisors, and Geode Capital Management, LLC.

FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, and FIL Investment Advisors (UK) Limited serve as sub-sub-advisers for the fund.

The sub-advisers’ investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on securities of issuers in emerging markets and other investments that are tied economically to emerging markets and in shares of other emerging markets equity funds.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager allocates investments across different emerging market countries.

The manager allocates assets among affiliated emerging markets funds (i.e., Fidelity funds) and non-affiliated exchange traded funds, and closed-end funds (underlying funds) and sub-advisers.

In addition, the manager allocates assets among underlying funds and sub-advisers to diversify the portfolio in terms of market capitalization, investment style, and geographic region.

Next, the manager allocates assets among underlying funds considering factors such as fund performance, manager experience and investment style, and management company infrastructure and fund characteristics such as expense ratio, asset size, and portfolio turnover.

Additionally, the manager allocates assets among sub-advisers considering their investment approach, and portfolio, and performance patterns in different market environments.