A Newsletter from Fidelity International, Nordic Region #3 2015
Asset allocation perspective The compelling case for multi asset solutions
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New Opportunities: EM Total Return & Global Hybrid Bonds
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This newsletter is for investment professionals only and should not be relied upon by private investors
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UPDATE
EDITORIAL
A “new” China CHINA HAS BEEN in the center of attention for investors over the past six months. Here we take a closer look at the “new” China which is transitioning from an economic model that has been led by manufacturing and is shifting up the value chain and into a consumer-driven domestic economy. But what does this transition mean for investors? We also share our outlook for the rest of the region. It’s notable that the expected BNP-growth in Asia beats almost all other economies. Our asset allocation team gives its view of the global economy and where we are in the investment clock. October marked the strongest month for global equities in four years and the team still has an overweight in risky assets. The big question mark is of course Fed’s decision in December, even though there are signals that would support a delay in tightening. A TREND THAT has emerged in the past few years is the need for investment solutions targeting specific goals. Whether it’s capital growth, inflation protection, steady income or stability, investors are looking for an ‘all-in-one’ solution. On the last page, we present two multi-asset solutions that focus on capital protection in volatile times. Last month, we launched two interesting fixed income funds. One is an emerging market total return fund and the other one a global hybrids fund. We believe both of these products are highly relevant in this low-yield environment. Last but not least, I’m very pleased to inform you that we are currently rebuilding our Nordic websites similar to the Swedish version that was released during the fall. Stay tuned for more information.
Conducive market conditions, regulatory changes, corporate incentives and investors’ search for yield have triggered the growth of a hybrid asset class.
Fidelity launches two new funds Fidelity Funds – Emerging Market Total Return Debt Fund and Fidelity Funds – Global Hybrids Bond Fund are the two most recent additions to Fidelity’s fund range. FIDELITY RECENTLY launched its Fidelity Funds Emerging Market Total Return Debt Fund. Managed by Steve Ellis and Eric Wong, the fund seeks to generate a smoother return profile through different stages of the credit cycle with an unconstrained EMD investment approach driven by both beta and alpha sources. “The attraction of Fidelity’s Emerging Market Total Return Debt Fund is that it aims to provide an optimal way of gaining diversified exposure to a host of EMD asset classes. The potential benefits to investors are simple: it not only provides a vehicle for finding ‘smart beta’ by getting away from a pre-determined comparison index, but it also
has the flexibility to move quickly in search of rapidly evolving alpha opportunities”, according to fund manager Steve Ellis. The fund targets returns of 6–9% over a full market cycle with expected volatility of 8–12%*. THE COMPANY HAS also launched the Fidelity Funds – Global Hybrids Bond Fund. Led by Kris Atkinson, the fund seeks a high level of current income and the potential for capital appreciation by investing in hybrid bonds – debt securities with equity-like features. The portfolio consists of high conviction investment ideas from the hybrid bond universe
selected by our dedicated investment team to construct a diversified portfolio. The focus is on high quality, well-known issuers with large capital structures. Bottom-up security selection and top-down factors drive the allocation between financial and non-financial assets. “Hybrid securities bridge fixed income and equity and may provide an attractive income stream with the added benefit of diversification from core government bond markets. With fast growth likely to continue, hybrids have become a subasset class in their own right providing an exciting opportunity for investors. Recognising this development we have built a passionate, dedicated team to evaluate and monitor these securities, resulting in one of the first strategies to allocate across both corporate and financial hybrids”, says Kris Atkinson, Portfolio Manager.
* Source: Fidelity Worldwide Investment, 2015. Target returns do not represent a promise or guarantee of future results. Return expectations are based on current observed market yield less current expected default assumptions, expected volatility consistent with the long term expectations of a 25%/50%/25% EM $ Sovereign, EM local currency sovereign and EM $ Corporate blend of sub-EMD asset classes. Ex-post portfolio volatility may be higher due to the nature of counter-cyclical investing with EM debt markets. Return guidance determined by an estimated Sharpe Ratio of 0.6 to 0.8 at an estimated level of approximately10% volatility over a long term investment horizon.
Stefan Blomé Head of Sales Wholesale & Distribution
Production Baluba Branded Content Editorial Council Maria Zachrisson (Fidelity), Petra Broman (Fidelity), Fredrik Arvidsson (Baluba) Design Alex Mak (Baluba)
is a newsletter from Fidelity International.
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Photo: Shutterstock
UPDATE
Energy is the best play on an improving demand/supply balance in the oil market.
Asset allocation perspective:
My Fidelity – key feature on new Swedish website
Risk revived – overweight stocks October marked the strongest month for global equities in four years as sentiment normalised with a move higher in risk assets. STOCKS WERE BOOSTED by a weak US employment report early in the month (meaning expectations for Fed tightening were pushed out), better than expected Chinese GDP and hints from the ECB that they will ease further in December. The Multi Asset Allocator funds have taken profits on the short term equity exposure built up during the market sell-off. The Investment Clock remains in the ‘Overheat’ phase of the economic cycle and continues to support a positive stance on risk assets from a fundamental perspective. The Multi Asset Allocator funds maintain a small overweight in stocks with underweight positions in bonds and REITs. Within the regional equity allocation Fidelity’s asset allocation team remains underweight Emerging Markets
although less so than earlier in the year. In currencies, the team has introduced positions in the yen versus euro and Canadian versus Australian dollar. n CLOCK WISE: The Investment Clock model was largely unchanged over the month and remains in the ‘Overheat’ phase of the cycle. The growth reading moved lower over the month with improvement in the US offset by weakness in Europe and Japan. Fidelity’s trend growth indicator slipped over the month but remains close to the maximum positive level. The inflation reading slipped over the month driven by falls in the leading indicator. The Investment Clock continues to pick up the improvement in inflation momentum but actual levels are extremely low.
POSITIONING: The team’s measure of equity investor sentiment has normalised and it has been reducing its equity exposure as the market has rallied. The economic backdrop continues to support an overweight position and the asset allocation team has maintained a small overweight relative to bonds. At the regional level, it reduced active money given the evidence of a stabilisation in Emerging Markets (EM), although longer term concerns remain. In sectors, the team has added to Energy in recent months taking the sector to a small overweight. Energy is the best play on an improving demand/supply balance in the oil market. Healthcare is still the largest overweight with underweight positions in Staples and Utilities. n
Fidelity has involved its customers when developing a brand new website and digital offering in Sweden. Customers can now easily find current fund information and the latest market comments just to mention a couple of the changes that have been implemented to make the website as relevant as possible. But perhaps the biggest change for Fidelity’s customers is that they can now register on “My Fidelity” and create their own homepage with tailored information. They may select the funds that they are interested in and subscribe to updates about the funds that they follow. Fidelity continues to develop its digital offering and later this year, the new services will also be available for the other Nordic countries at fidelity.dk, fidelity.fi and fidelity.no
OVERWEIGHT EQUITIES, UNDERWEIGHT EMERGING MARKETS ++ Multi Asset
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Equities
Commodities
Bonds Property
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MY FIDELITY Tailored information to client needs n Regular updates on the latest news through a subscription service n Access to exclusive investment insights n
Equity Regions
Japan Europe ex UK UK
US
Asia Pacific Emerging Markets
Equity Sectors
Healthcare Technology Energy
Financials Industrials, Materials Discretionary
Utilities Staples
US dollar Japanese Yen Canadian Dollar
Sterling
Euro Australian Dollar Swiss Franc
Currencies
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ANALYSIS
CHINA
China’s transition into a consumerdriven domestic economy will reshape the investment landscape across Asia. But with the negatives associated with the slowdown in Chinese growth, comes also the opportunities it may bring.
RESHAPING THE OUTLOOK FOR ASIA AND BEYOND
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ANALYSIS
HEN CONSIDERING CHINA today we should keep in mind that its two stock markets tell us very little about the country’s economy. Only about 5% of the population in China actively trade stocks1 and the bubble that they inflated throughout the first half 2015 was driven by a number of forces, few of which were related to economic fundamentals. These included easy access to the market for many first-time investors, rapid growth in the levels of margin financing, and government initiatives which seemed to continually fan the flames of investor sentiment. The liquidity- and sentiment-driven market rose well over 100% within 10 months and was always going to pop, no matter what the state of the underlying economy. The correction that began in June and the subsequent sell off that it helped trigger across global markets taught us more about investor behaviour than it did about China’s economics. China is transitioning out of an economic model that has been led by manufacturing, exports, credit and investment (what we could call its “old economy”), and is shifting up the value chain and into a consumer-driven domestic “new economy”.
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THIS IS A DIFFICULT balancing act and what we may be seeing is the move out of the old economy happening faster than the pick-up in the new economy. However, that pick-up is underway: manufacturing PMI data in China clearly indicates declining activity but the services PMI shows that service sector activity continues to expand. Although China may never again grow at the breakneck speed of the past two decades, it is certainly not on the brink of any systemic meltdown. A look at traditional economic indicators within China reveals that many areas have clearly begun to slow. Most of these relate to the old economy. Growth in fixed asset investment is declining as much of what China needs in terms of infrastructure and housing has already been built. Manufacturing
figures and exports are falling faster than forecast on the back of slowing demand, and imports have declined significantly. The government recently downgraded the official GDP growth figure for 2014 to 7.3% from 7.4%.2 Its official figure of 7% for the first half of this year may be unrealistic, but it still confirms that the slowdown continues.
FIDELITY HAS 23 analysts focussed on bottom up research in China. Their analysis of the most recent results season shows that it is certainly not all bad news, with bright spots appearing in parts of the new economy. While physical infrastructure and commodity players are showing signs of weakness, retail sales are up 10.5% year-on-year3 and parts of the consumer sector (including e-commerce and sportswear), along with renewable energy and China’s all-important property sector, are showing signs of strength. In short, selectivity is key. China’s housing market saw an uptick in both prices and volumes in the second quarter of this year, having been in decline since the middle of 2014. This was especially pronounced in the country’s tier-1 cities (including Shanghai, Beijing and Shenzhen). With property prices rising, related construction activities should start gaining pace, supporting the economy. Many investors have been disappointed with the way the government handled things when the A-share bubble n Financial liberalisation: markets burst. Policy mistakes have been made, opening up to foreign investors but recently we have seen promising through schemes like the HKShanghai Stock Connect. Banks signals from authorities – including cuts given greater freedom in offering to interest rates and the required reserve investment products and a relaxaratio – who now seem more willing to tion on capital controls. FX reforms allow China’s stock markets to find a aimed at the long-term goal of natural bottom and focus their support internationalising the RMB. instead on the economy as a whole. n Asian Infrastructure Development That regulators have significant room Bank: supporting regional growth. to manoeuvre in terms of policy support n One Belt One Road: promoting is in little doubt. As the chart below infrastructure development and trade across the region, strengthedemonstrates monetary policy can still ning China’s influence in global be loosened further to ensure an orderly economic and political affairs. and slow transition of the economy. n Anti-corruption drive: one study While this goes on, the government placed the direct cost of corruption is pushing ahead with key reforms 4 to China in 2003 at 3% of GDP. elsewhere (highlighted on the left). n State-owned enterprise reform: 1. CLSA, Bloomberg, July 2015 2. Bloomberg, August 2015 with minority stake sales and more 3. Bloomberg, August 2015 stock listings.
KEY REFORM GOALS
4. Carnegie Endowment, policy brief, October 2007
CHINA MANUFACTURING AND SERVICE PMI (>50= EXPANSION) 56
China PMI
54 52 50 48 46
Aug -12
Nov -12
China Manufacturing PMI
Feb -13
May -13
Aug -13
Nov -13
Feb -14
May -14
Aug -14
Nov -14
Feb -15
May -15
Aug -15
Source: Bloomberg, August 2015
China Services PMI
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ANALYSIS
CHART 1: GDP GROWTH FORECASTS FOR 2015 (ASIA IN RED) 8 7 6 5 4
Brazil
2
-4
Italy
Japan
France
Germany
South Africa
US
UK
Australia
Hong Kong
Spain
Singapore
Korea, Rep.
Taiwan
Thailand
Malaysia
New Zeeland
-3
Indonesia
-2
Philippines
India
0 -1
China
1
Russia
3
Source: Bloomberg, July 2015
CHART 2: CURRENT ACCOUNT BALANCE HAVE TURNED
1994
Current account balance 1994 and 2014 (as % of GDP)
2014
15% 10%
6.5%
4.4%
3.7%
5%
3.5%
0% -5% -10%
-1.0%
-1.0% -1.0%
-4.2%
-1.5%
-5.6%
-1.7%
-3.2%
+7.3%
+9.8%
+8.6%
+9.1%
-0.5%
-1.5%
South Korea
Malaysia
Philippines
Thailand
India
Indoneisa
Source: S&P, Credit Suisse 2015
A class act: The outlook for the rest of Asia here are four areas of resilience for Asia: 1) The region as a whole is a net importer of commodities which are becoming cheaper; 2) fiscal discipline across Asia has been strong; 3) many Asian industries are moving up the value chain; and 4) the Asian middle class is set to explode.
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1) A NET IMPORTER – It is important when we look at emerging Asia that we no longer consider it as a common asset alongside other emerging regions. Amalgamating markets like Brazil, Russia, India and China under one banner (BRICs) may have been questionable 10 years ago, but today it groups countries that are experiencing even greater divergence. The variation across EMs in terms of the impact of lower oil prices is a good example of this. While Brazil and Russia are being hit hard by falling oil prices, India and China (and most other
Asian countries aside from Malaysia) are benefiting. Asia remains a global engine of growth, with growth rates consistently better than in most mature markets (see chart 1). Much of this growth is manufacturing-led, which means the region has been a firm beneficiary of lower commodity prices. Korea is a big net oil importer and also imports a lot of gas, ore and metals for its large industrial base. Hong Kong has a heavy reliance on food and oil imports and runs a large commodity deficit, with Thailand, Taiwan and the Philippines not far behind in terms of net commodity deficits.5 2) FISCAL DISCIPLINE – The fiscal situation in Asia today is different to that seen in the build up to the Asian Financial Crisis in 1997. Asian markets have weaned themselves off much of their reliance on dollar-denominated debt, with local markets maturing into a primary funding tool. Many countries also have substantially larger foreign currency reserves.
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Chart 2 on the left shows that in South Korea, Malaysia, the Philippines and Thailand (where much of the Asian Financial crisis was centred), the current account deficits of the 1990s have been turned into comfortable surpluses. Contrasting this are the twin deficits in India and Indonesia. However, lower fuel prices and bold reforms that have led to reductions in fuel subsidies in Indonesia are helping to reduce these deficits. 3) MOVING UP THE VALUE CHAIN – Key markets in the region are moving up the value chain. In China, domestic consumer brands that compete with multinational names are feeling some benefits from the slowdown as they improve their offerings. China’s auto makers are an example. Sales of SUVs are set to rise 40% this year and first-time buyers are now seeking more economical options for their first cars.6 Chinese brands such as Great Wall (China’s No.1 entry level SUV maker) and Geely have strong new SUV model pipelines and are producing better quality products through raising their inhouse technical standards and partnering with quality international suppliers.7 They are beginning to represent quality, safety and value to Chinese consumers. A similar story is being played out in the smartphone sector where China’s Xiaomi (the top selling smartphone in China, ahead of Apple) and Huawei dominate the domestic market.8 As China transitions to higher-value OEM (original equipment manufacturer) products, companies are increasingly outsourcing China’s old economy manufacturing jobs to neighbouring countries. Samsung, which has recently ceded ground in China to local Smartphone brands, has put an emphasis on Vietnam as a manufacturing base. According to Bloomberg, the company and its affiliates have invested USD6.8 billion in the country, with 60 of its suppliers also setting up operations there. 4) A MIDDLE CLASS SET TO EXPLODE – Perhaps the most important driver of growth across the region will be the exponential growth in the middle class. Key reforms, particularly in China, India and Indonesia, are bringing billions of people out of poverty and into the lower end of the middle class, enabling them to perhaps buy their first motorbike, car, fridge or home. In India alone middle class consumption by 2030 is set to be greater than the US, Germany, Brazil, France and Japan combined. 5) BNP Paribas, August 2015 6) BNP Paribas, August 2015 7) South China Morning Post, August 2015 8) Bloomberg, August 2015
SOLUTIONS
The compelling case for multi asset solutions Investors are increasingly looking for ‘all-in-one’ investment solutions, targeting specific goals such as consistent income, capital preservation, protection against inflation or steady capital appreciation within a low v olatility framework. Here’s why multi asset funds can be the answer. o meet their long term investment objectives, investors have traditionally chosen from a variety of equity, fixed income and money market products. Each of these single asset class strategies would offer exposure to individual asset characteristics, leaving investors to assemble the right combination of funds to achieve specific outcomes over time. Multi asset solutions, however, start by considering particular objectives for clients, building a portfolio to deliver them. By combining asset classes, it is possible to harness the varied characteristics of different assets, achieving a more predictable set of outcomes for clients versus single asset class approaches. At Fidelity, flexibility underpins the ap-
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proach to multi asset investment. Investments are made across the full spectrum of asset classes, selecting the right investment vehicles and instruments to deliver specific outcomes. Whether focused on growth, income, capital preservation or other specific objectives, Fidelity believes that a multi asset approach can meet the needs of investors through time. DIVERSIFICATION IS ONE of the central tenets of multi asset investment. Over time, each asset class offers a different level of risk, and each tends to perform well at different stages of the economic cycle. For most investors, diversification is common sense, but this isn’t simply about combining a large range of asset classes in a portfolio. Instead, by combining assets with differing characteristics, a carefully constructed multi asset
portfolio can spread risk more intelligently for investors. Fidelity uses sophisticated quantitative analysis to determine assumptions about the nature of asset classes. By looking at the correlations between asset classes (see table below) through time, multi asset investors can build portfolios capable of delivering consistent outcomes over the long term. Multi asset funds can be particularly suitable for investors looking for a riskmanaged solution, matched to their risk tolerance, in which a manager follows the strategic asset allocation process but also tilts asset weights over time to account for changing conditions. Spreading risk across a portfolio in this way can generate a more consistent set of returns over time, within a risk-controlled framework.
INTRODUCING FIDELITY SOLUTIONS
Answering questions, meeting needs, delivering outcomes – flexible approach of building solutions to meet client needs Client Outcome
Investment Approach
Income generation
Benchmark Relative
Building Blocks
Asset Classes
Internal
Equity
Open Architecture
Income and Growth (hybrid) generation
Commodities
Passive
Total Return
Real Estate Active Fixed Income Growth generation
Cash Plus
Smart Beta
Funds Capital preservation
Alternatives
Sustainable Income Direct Instruments
Source: Fidelity International.
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Cash
FUNDS IN FOCUS
WHILE SOLUTIONS DESIGN provides the strategic asset allocation for the long term, an effective Tactical Asset Allocation (TAA) process allows multi asset Portfolio Managers to respond to shorter-term market conditions. Fidelity believes that markets are generally efficient at pricing in today’s information, but are relatively poor at anticipating the future. For example, periods of pronounced volatility stemming from factors as diverse as central bank policy announcements to geopolitical tensions can create irrational pricing of assets. These periods of volatility are a double-edged sword, presenting both threats and opportunities for investors as market prices fluctuate. By adjusting exposure to asset classes, regions, sectors or currencies over market cycles, a multi asset strategy is likely to be able to deliver a smoother set of outcomes through time. BUT HAVING AN investment view, either on the right blend of asset classes over the long term (Solutions Design) or in response to shorter-term market conditions (Tactical Asset Allocation) is only part of the process. The other key element of multi asset investment is finding the right building blocks to implement an investment view. Fidelity invests using a range of actively managed strategies, plus passive vehicles and instruments, according to the needs and preferences of investors. Fidelity´s 13-strong Strategy Selection team uses its extensive resources to find the optimal underlying strategies for each portfolio. When researching active managers, there is no single ‘correct’ way to invest. Instead, Fidelity uses rigorous quantitative and qualitative processes to ensure that a manager’s performance is consistent and repeatable through time.
Preserving capital in volatile markets: Fidelity offers a range of multi asset funds that provide investors with choice, flexibility and confidence that their investment needs will be met in a consistent fashion within a low volatility framework. Here are two multi asset funds that focuses on preserving capital in volatile markets. FIDELITY FUNDS – GLOBAL MULTI ASSET TACTICAL MODERATE FUND The fund focuses on capital preservation and a reasonable longer term growth. It aims to deliver a cash +6.5% per annum return target over a market cycle (5–7 years), with a strong focus on preserving capital in volatile markets.* To reach these goals, Fidelity uses a neutral strategic asset allocation. This strategy includes a 40% exposure to risk assets and 60% exposure to defensive assets. The fund has exposure to a broad range of global asset classes with a high degree of tactical flexibility. The fund managers use Beta-neutral total return strategies to generate positive returns over cash. There is a focus on preserving capital, with a maximum drawdown target of 7%. While the portfolio’s asset allocation limits are flexible in order to take advantage of changing market conditions to manage risk most effectively, Fidelity has set clearly defined limits on the exposures to each asset class. Launch date: October 2006 Fund Managers: Nick Peters, Kevin O´Nolan Fund reference currency: USD
FIDELITY FUNDS – GLOBAL MULTI ASSET TACTICAL DEFENSIVE FUND
The fund aims to deliver a cash +3% per annum return target over a market cycle (5–7 years), with a strong focus on preserving capital in volatile markets.* It focuses on capital preservation and a reasonable longer term growth. The fund´s neutral strategic asset allocation includes a 30% exposure to risk assets and 70% exposure to defensive assets. The fund has exposure to a broad range of global asset classes with a high degree of tactical flexibility. The Fund Managers use Beta-neutral total return strategies to generate positive returns over cash. There is a focus on preserving capital, with a maximum drawdown target of 4%. The portfolio’s asset allocation limits are flexible in order to take advantage of changing market conditions to manage risk most effectively, Fidelity have set clearly defined limits on the exposures to each asset class. Launch date: January 2009 Fund Managers: Nick Peters, Kevin O´Nolan Fund reference currency: USD *Total return strategies include cash, alternatives, opportunistic holdings and Tactical Asset Allocation relative value positions in regions, sectors and currencies.
CUMULATIVE PERFORMANCE IN EUR (REBASED TO 100)
CUMULATIVE PERFORMANCE IN EUR (REBASED TO 100)
125
130
120
120
115 110
110
105
100
100 95
90 12.10 06.11 12.11 06.12 12.12 06.13 12.13 06.14 12.14 06.15
As per August 31 2015. The fund takes a total return approach, and is not managed relative to any external benchmark.
12.10 06.11 12.11 06.12 12.12 06.13 12.13 06.14 12.14 06.15 As per August 31 2015. The fund takes a total return approach, and is not managed relative to any external benchmark.
Past performance is not a reliable indicator of future results. The value of investments [and the income from them] can go down as well as up and investors may not get back the amount invested. We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus and KIID (key investor information document), which is available along with the current annual and semi-annual reports free of charge from our distributors, from our European Service Centre in Luxembourg , FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg.
This newsletter is for professional investors only and may not be reproduced or circulated without prior permission and must not be passed to the general public. Unless otherwise stated, all views expressed are those of the Fidelity organisation. This communication is not directed at, and must not be acted upon by persons inside [the United Kingdom or] the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances. Fidelity Funds “FF” is an open-ended investment company established in Luxembourg with different classes of shares. Performance calculated NAV to NAV, gross income reinvested, in EUR, excluding initial charge as per August 31 2015. Holdings can vary from those in the index quoted. For this reason the comparison index is used for reference only. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. The value of bonds is influenced by movements in interest rates and bond yields. If interest rates and so bond yields rise, bond prices tend to fall, and vice versa. The price of bonds with a longer lifetime until maturity is generally more sensitive to interest rate movements than those with a shorter lifetime to maturity. The risk of default is based on the issuer’s ability to make interest payments and to repay the loan at maturity. Default risk may therefore vary between different government issuers as well as between different corporate issuers. Due to the greater possibility of default an investment in a corporate bond is generally less secure than an investment in government bonds. Default risk is based on the issuer’s ability to make interest payments and to repay the loan at maturity. Default risk may therefore vary between different government issuers as well as between different corporate issuers. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes. Unless otherwise stated, all views expressed are those of the Fidelity organisation. Investors should also note that the views expressed may not be current and may have been acted upon by Fidelity. The research and analyses used in this documentation is gathered by Fidelity for its use as an investment manager any may have already been acted upon for its own purposes. Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier). SSL1511N02/0516