Annual Report and Accounts - Fidelity International · Annual Report and Accounts For Singapore CPF Investors For the year ended 30 April 2019. Fidelity ... Bank of New York Mellon

Fidelity Funds Singapore Supplement

Société d’investissement à capital variable

Established in Luxembourg

Annual Report

and Accounts

For Singapore CPF Investors

For the year ended

30 April 2019

Fidelity

Funds Contents

This report is supplemental to, and should be read in conjunction with, the Fidelity Funds Annual Report and Accounts for the 12 month period from 1 May 2018 to 30 April 2019. This report is prepared by FIL Investment Management (Singapore) Limited, [Co. Reg. No.: 199006300E] the Singapore Representative of Fidelity Funds and is intended for distribution to persons in Singapore investing in the 8 sub-funds of Fidelity Funds that are included under the Central Provident Fund ("CPF") Investment Scheme using their CPF contributions. All performance figures are calculated on single pricing (NAV - NAV) basis, without taking into account the effect of initial sales charge, with dividends reinvested at the NAV price. The performance figures are based on the currencies in which the relevant share classes are denominated.

1

Fidelity Funds - America Fund 2

Fidelity Funds - Asia Focus Fund 3

Fidelity Funds - Asian Special Situations Fund 4

Fidelity Funds - China Focus Fund 5

Fidelity Funds - Emerging Markets Fund 6

Fidelity Funds - European Growth Fund 7

Fidelity Funds - Greater China Fund 8

Fidelity Funds - Global Dividend Fund 9

Soft Commissions 10

Fidelity

Funds Fidelity Funds - America Fund

*Comparative index: Standard & Poor's 500 Net. **Comparative index Hedged SGD: S&P 500 Net Hedged to SGD.

2

Cumulative Performance as at 30.04.2019

SR-ACC Shares (USD) Class Index*

SR-ACC Shares (SGD)Class Index*

SR-ACC Shares (SGD)

(hedged)Class Index**

3 months 2.85% 9.32% 4.03% 10.66% 2.78% 9.19%

6 months 2.57% 9.42% 0.70% 7.56% 2.22% 9.01%

1 year 4.78% 12.82% 7.65% 15.98% 4.28% 11.93%

3 years 24.57% 48.84% 25.97% 50.74% 22.68% 46.89%

5 years - - - - - -

10 years - - - - - -

Since launch 20.45% 48.70% 22.00% 50.62% 19.29% 47.11%

Top Ten Holdings as at 30.04.2019 Please refer to section "Fund Reviews" in the Annual Report (as at 30 April 2019).

Top Ten Holdings as at 30.04.2018

Market Value

(USD) Net Assets

%

Berkshire Hathaway 325,579,460 6.07

Oracle 297,977,994 5.56

Willis Towers Watson 258,837,044 4.83

Bank of New York Mellon 201,064,199 3.75

Verizon Communications 168,576,670 3.14

Cisco Systems 166,733,196 3.11

Abbott Laboratories 163,481,967 3.05

Wells Fargo & Co 145,074,916 2.71

Pfizer 142,064,386 2.65

Sabre 129,773,611 2.42

Major Sector Breakdown as at 30.04.2019

Net Assets %

Financials 25.43

Information Technology 22.25

Healthcare 11.92

Consumer Discretionary 10.69

Consumer Staples 6.43

Energy 5.97

Materials 4.67

Communication Services 4.65

Industrials 3.12

Utilities 3.02

Open Ended Fund 1.03

Real Estate 0.72

Geographical Split as at 30.04.2019 Please refer to section "Schedule of Investments" in the Annual Report (as at 30 April 2019).

Details of Underlying Funds as at 30.04.2019 The fund does not invest more than 30% of its deposited property in another scheme. Please refer to section "Schedule of Investments" in the Annual Report (as at 30 April 2019).

Asset Allocation as at 30.04.2019

Net Assets %

Equities 99.90

Debt Securities 0.00

Futures 0.00

Swaps 0.00

Contracts for Difference 0.00

Forward Exchange Contracts (0.05)

Options 0.00

Cash 0.76

Other Net Liabilities (0.61)

Total Net Assets 100.00

Exposure to Derivatives as at 30.04.2019 - Market Value or Unrealised gain / (loss)

Please refer to section "Schedule of Investments" in the Annual Report (as at 30 April 2019). - Net Realised gain / (loss)

Please refer to section "Statement of Operations and Changes in Net Assets" in the Annual Report (as at 30 April 2019).

Details of Borrowings as at 30.04.2019 None

Related-Party Transactions Please refer to section "Notes to the Financial Statements" in the Annual Report (as at 30 April 2019).

Subscriptions/Redemptions for the period ended 30.04.2019 Please refer to section "Statement of Operations and Changes in Net Assets" in the Annual Report (as at 30 April 2019).

Turnover Ratio for 12 months %

to 30.04.2019 54.17

to 30.04.2018 67.60

Please note that the figures calculated are based on the fund level.

Expense Ratio for 12 months SR-ACC Shares

(USD) SR-ACC Shares (SGD)

SR-ACC Shares (SGD) (hedged)

to 30.04.2019 1.68% 1.68% 1.68%

to 30.04.2018 1.69% 1.69% 1.69%

The following expenses are excluded from the calculation of the total expense ratio:

(a) brokerage and other transaction costs associated with the purchase and sale of investments; (b) interest expenses; (c) foreign exchange gains and losses of the sub-fund, whether realised or unrealised; (d) front and/or back-end loads arising from the purchase or sale of a unit trust or mutual fund; (e) tax deducted at source or arising from income received, including withholding tax (but the Tax D'Abonnement, a Luxembourg regulatory tax is included within the calculation of the total expense ratios); (f) dividends and other distributions paid to shareholders; and (g) performance fees

Material information adversely impacting the valuation None

Fidelity

Funds Fidelity Funds - Asia Focus Fund

*Comparative index: MSCI AC Asia ex-Japan Net.

3



3 months 8.15% 7.12%

6 months 17.75% 14.36%

1 year 1.34% (1.40%)

3 years 51.36% 45.88%

5 years - -

10 years - -

Since launch 32.96% 25.39%



Market Value

(USD) Net Assets

%

Tencent Holdings 153,098,356 6.49

Alibaba Group Holding ADR 119,568,762 5.07

AIA Group 117,382,533 4.98

Taiwan Semiconductor Manufacturing 114,493,816 4.86

Samsung Electronics 113,881,614 4.83

Industrial & Commercial Bank of China (H) 69,937,839 2.97

HDFC Bank (demat.) 56,623,106 2.40

United Overseas Bank 48,696,618 2.07

China Pacific Insurance Group (H) 45,715,034 1.94

China Petroleum & Chemical (H) 45,219,301 1.92


Net Assets %

Financials 33.06



Energy 6.11



Industrials 2.67

Utilities 2.10

Healthcare 1.77


Materials 1.58

Real Estate 1.48




Net Assets %

Equities 97.65


Futures 0.00

Swaps 0.00

Contracts for Difference (0.28)

Forward Exchange Contracts 0.00

Options 0.00

Cash 3.25










to 30.04.2019 57.00

to 30.04.2018 53.21


Expense Ratio for 12 months SR-ACC Shares (SGD)

to 30.04.2019 1.73%

to 30.04.2018 1.73%




Fidelity

Funds Fidelity Funds - Asian Special Situations Fund

*Comparative index: MSCI AC Asia ex-Japan Net.

4



3 months 7.74% 7.12%

6 months 16.26% 14.36%

1 year 0.52% (1.40%)

3 years 48.92% 45.88%

5 years - -

10 years - -




Market Value

(USD) Net Assets

%




AIA Group 113,715,637 3.79


United Overseas Bank 78,744,599 2.63

China Mobile 67,597,331 2.25

E.Sun Financial Holding 64,110,084 2.14


HDFC Bank (demat.) 60,439,192 2.02


Net Assets %


Financials 25.82


Industrials 6.97

Energy 5.15


Real Estate 2.96

Healthcare 2.63


Materials 1.99

Utilities 1.90





Net Assets %

Equities 100.02


Futures 0.00

Swaps 0.00



Options 0.00

Cash 0.36










to 30.04.2019 114.30

to 30.04.2018 90.55



to 30.04.2019 1.72%

to 30.04.2018 1.72%




Fidelity

Funds Fidelity Funds - China Focus Fund

*Comparative index: MSCI China 10% Capped (Net).

5



3 months 5.06% 9.33%

6 months 11.94% 17.51%

1 year (0.67%) (2.05%)

3 years 55.93% 57.21%

5 years - -

10 years - -




Market Value

(USD) Net Assets

%

China Construction Bank (H) 353,575,412 7.59




China Mobile 220,374,965 4.73

China Life Insurance (H) 206,573,620 4.43

CNOOC 201,963,612 4.34


China Overseas Land & Investment 137,255,197 2.95

China Merchants Bank (H) 126,930,151 2.72


Net Assets %

Financials 26.82



Energy 9.79

Industrials 7.13

Real Estate 6.16


Materials 5.42


Healthcare 1.78

Utilities 0.69




Net Assets %

Equities 93.90


Futures 0.00

Swaps 0.00



Options 0.00

Cash 5.97










to 30.04.2019 8.80

to 30.04.2018 17.66



to 30.04.2019 1.71%

to 30.04.2018 1.71%




Fidelity

Funds Fidelity Funds - Emerging Markets Fund

*Comparative index: MSCI Emerging Markets (Net).

6



3 months 8.82% 4.46%

6 months 16.97% 11.82%

1 year (2.91%) (2.38%)

3 years 32.85% 39.45%

5 years - -

10 years - -




Market Value

(USD) Net Assets

%

AIA Group 393,538,595 5.82

Naspers 371,762,058 5.49


HDFC Bank (demat.) 330,392,345 4.88

Sberbank of Russia 284,673,987 4.21


Housing Development Finance 217,947,278 3.22


Glencore 157,856,895 2.33

SK Hynix 154,948,495 2.29


Net Assets %

Financials 36.74




Materials 6.91

Industrials 2.65

Healthcare 1.96

Energy 1.91


Utilities 0.07




Net Assets %

Equities 99.27


Futures 0.00

Swaps 0.00



Options 0.00

Cash 0.90










to 30.04.2019 92.92

to 30.04.2018 92.89



to 30.04.2019 1.72%

to 30.04.2018 1.72%




Fidelity

Funds Fidelity Funds - European Growth Fund

*Comparative index: FTSE World Europe.

7


SR-ACC Shares (EUR)Class Index*


3 months 10.74% 10.29% 9.64% 9.05%

6 months 9.74% 9.91% 6.75% 6.86%

1 year 7.05% 4.79% 2.11% (0.07%)

3 years 27.32% 26.76% 26.01% 25.61%

5 years - - - -

10 years - - - -

Since launch 14.31% 13.72% 14.92% 14.56%



Market Value

(EUR) Net Assets

%

SAP 380,762,156 5.20

Royal Dutch Shell 342,077,927 4.67

Publicis Groupe 288,285,975 3.94

Siemens 264,298,504 3.61

Fresenius Medical Care AG & Co 261,844,393 3.58

Wolters Kluwer 257,812,628 3.52

Barclays 250,300,567 3.42

Roche Holding 247,638,257 3.38

Prudential 247,376,485 3.38

DNB 241,139,627 3.30


Net Assets %

Industrials 16.66

Healthcare 16.45

Financials 16.01



Energy 10.05


Materials 2.66


Utilities 1.43




Net Assets %

Equities 99.48


Futures 0.00

Swaps 0.00



Options 0.00

Cash 0.09

Other Net Assets 0.42









to 30.04.2019 44.67

to 30.04.2018 38.89


Expense Ratio for 12 months SR-ACC Shares (EUR) SR-ACC Shares (SGD)

to 30.04.2019 1.69% 1.69%

to 30.04.2018 1.69% 1.69%




Fidelity

Funds Fidelity Funds - Greater China Fund

*Comparative index: MSCI Golden Dragon (Net).

8



3 months 10.44% 10.34%

6 months 17.84% 17.67%

1 year 0.73% 1.83%

3 years 59.97% 57.77%

5 years - -

10 years - -




Market Value

(USD) Net Assets

%





AIA Group 30,726,753 4.05

China Pacific Insurance Group (H) 15,277,941 2.01


China Life Insurance (H) 13,363,230 1.76

Kweichow Moutai (A) 13,058,668 1.72

CNOOC 12,367,122 1.63


Net Assets %



Financials 18.11

Energy 4.84

Real Estate 4.64



Industrials 3.76

Healthcare 3.52

Materials 2.55


Utilities 1.77




Net Assets %

Equities 98.37


Futures 0.00

Swaps 0.00



Options 0.00

Cash 1.73










to 30.04.2019 37.57

to 30.04.2018 56.53



to 30.04.2019 1.73%

to 30.04.2018 1.72%




Fidelity

Funds Fidelity Funds - Global Dividend Fund

*Comparative index: MSCI AC World Index (Net).

9



SR-MINCOME

(G) Shares (SGD)Class Index*

3 months 7.65% 8.80% 7.64% 8.80%

6 months 7.38% 7.51% 7.33% 7.51%

1 year 11.09% 8.01% 11.11% 8.01%

3 years 25.45% 39.86% 25.57% 39.86%

5 years - - - -

10 years - - - -

Since launch 25.20% 41.85% 25.32% 41.85%



Market Value

(USD) Net Assets

%

Wolters Kluwer 246,342,454 4.46

Diageo 243,928,237 4.42

Royal Dutch Shell (NL) 221,444,687 4.01

US Bancorp 197,912,980 3.59

Deutsche Boerse 193,947,171 3.51

RELX 190,513,242 3.45


Johnson & Johnson 169,161,496 3.06

Muenchener Rueckversicherungs-Gesellschaft 161,083,498 2.92

Zurich Insurance Group 159,070,672 2.88


Net Assets %

Financials 20.76



Healthcare 13.18

Industrials 12.61

Utilities 5.76



Energy 3.67


Materials 1.92




Net Assets %

Equities 97.87


Futures 0.00

Swaps 0.00


Forward Exchange Contracts (0.04)

Options 0.00

Cash 1.81

Other Net Assets 0.36









to 30.04.2019 31.82

to 30.04.2018 36.47


Expense Ratio for 12 months

SR-ACC Shares (SGD) SR-MINCOME (G) Shares (SGD)

to 30.04.2019 1.69% 1.69%

to 30.04.2018 1.69% 1.69%




Fidelity

Funds Soft Commissions

10

The Investment Manager of the 8 sub-funds of Fidelity Funds that are included under the CPF Investment Scheme is FIL Fund Management Limited (FFML). FFML may, from time to time, delegate its investment management functions to a company within the Fidelity organisation ("sub-managers"). FFML and/or any sub-manager may effect transactions by or through the agency of another person with whom the Investment Manager and/or any sub-manager have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and/or any sub-manager goods, services or other benefits (such as research and advisory services). The nature of which is such that their provision can reasonably be expected to benefit Fidelity Funds as a whole and may contribute to an improvement in the performance of Fidelity Funds or of the Investment Manager and/or any sub-manager in providing services to Fidelity Funds and for which a direct payment is not always made but instead the Investment Manager and/or any sub-manager undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Investment Manager and/or any sub-manager shall not retain the benefit of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any sub-manager) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager and/or any sub-manager for or on behalf Fidelity Funds. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and/or any sub-manager for the account of Fidelity Funds. With respect to the 8 sub-funds of Fidelity Funds that are included under the CPF Investment Scheme, a broker or dealer with whom the Investment Manager and/or any sub-manager has an arrangement as described above may execute trades for other collective investment schemes managed by the Investment Manager and/or any sub-manager. The Investment Manager confirms that the trades were executed in accordance with the Investment Manager's best execution policy and there was no churning of trades.

SG17/165-G

Fidelity, Fidelity International, the Fidelity International logo and symbol are trademarks of FIL Limited

Documents

Annual Report and Accounts - Fidelity International · Annual Report and Accounts For Singapore CPF Investors For the year ended 30 April 2019. Fidelity ... Bank of New York Mellon