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

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 Acadian Asset Management LLC, Causeway Capital Management LLC, FIAM LLC, FIL Investment Advisors, Schroder Investment Managem More

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

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 Acadian Asset Management LLC, Causeway Capital Management LLC, FIAM LLC, FIL Investment Advisors, Schroder Investment Management North America Inc., Somerset Capital Management LLP, and T. Rowe Price Associates, Inc.

FIL Investment Advisors (UK), Schroder Investment Management North America Limited, and T. Rowe Price International Ltd. 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.

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.

Also, the manager allocates assets among affiliated emerging markets funds, non-affiliated emerging markets funds that participate in Fidelity's FundsNetwork, non-affiliated ETFs, closed-end funds, and sub-advisers.

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.