FIDELITY
EMERGING
MARKETS
LIMITED
Annual Report for the year ended 30 June 2023

The latest annual reports, key information document (KID) and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling
0800 41 41 10. The full prospectus can also be obtained from Fidelity. The Alternative Investment Fund Manager (AIFM) of Fidelity Investment Trusts
is FIL Investment Services (UK) Limited. Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct
Authority. Fidelity, Fidelit
y International, the Fidelity International logo and F symbol are trademarks of FIL Limited. UKM0123/381013/SSO/0623
To find out more, visit fidelity.co.uk/emergingmarkets,
scan the QR code or speak to your adviser.
FIDELITY EMERGING MARKETS LIMITED
Whether it’s in South African mining, Indian financial
services or Chinese infrastructure, we know where to
find opportunities hidden within emerging markets.
Fidelity Emerging Markets Limited uncovers great
companies through our experienced global team,
backed by what we believe are unrivalled on-the-
ground research capabilities. Meaning you can make
the most of our extensive expertise, without learning
a whole new language.
Th
e value of investments can go down as well as up,
so you may get back less than you invest. Overseas
investments are subject to currency fluctuations.
Investments in emerging markets can be more volatile
than other more developed markets. The Company
uses financial derivative instruments for investment
purposes, which may expose it to a higher degree of
risk and can cause investments to experience larger
than average price fluctuations.
We speak
the language
of opportunity
– wherever it
emerges
籫氳
☲全┘佭儬⚡
Ithuba
Elingavinjelwe

Fidelity Emerging Markets Limited | Annual Report 2023
The Year at a Glance
As at 30 June 2023
Equity Shareholders’ Funds
£626.7m
Market Capitalisation
£535.2m
Capital Structure
Number of Participating Preference Shares in issue
91,100,066
Summary of the key aspects of the
Investment Policy
The Company aims to achieve long term growth by primarily
investing in securities and financial instruments providing exposure
to emerging markets companies.
The Investment Manager invests at least 80% in companies with
head offices, listings, assets, operations, income, or revenues
predominantly in or derived from emerging markets.
A diversified portfolio of at least 75 holdings in companies listed or
operating in at least 15countries is maintained.
The Company may also invest into other transferable securities,
investment companies, money market instruments, unlisted shares,
cash and deposits within the limits of the investment policy
restrictions as detailed on page 21. It is able to use derivatives
for efficient portfolio management, to gain additional market
exposure (gearing), to seek a positive return from falling asset
prices, and for other investment purposes.
Net Asset Value per Participating
Preference Share total return
1,2
Year ended 30 June
MSCI Emerging Markets Index
1,3
Year ended 30 June
Active Share
2
Year ended 30 June
Source: JPMorgan and Datastream.
1 Includes reinvested income.
2 Alternative Performance Measure – refer to pages 75 and 76 and Glossary of Terms on pages 84 to 86.
3 The Company’s Benchmark Index.
In the reporting year, the Company’s Net Asset Value per Participating Preference Share, in sterling terms
declined by 2.6% and the Share Price declined by 5.2%, whilst the Benchmark Index return declined by 2.8%
(all performance data on a total return basis).
2023
2022
2021
2020
2019
-2.6%
-27.9%
+24.8%
+9.0%
-0.8%
2023
2022
2021
2020
2019
-2.8%
+26.4%
+5.4%
-14.9%
-0.1%
+72.0%
+73.0%
+110.9%
+119.4%
2023
2022
2021
2020
The latest annual reports, key information document (KID) and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling
0800 41 41 10. The full prospectus can also be obtained from Fidelity. The Alternative Investment Fund Manager (AIFM) of Fidelity Investment Trusts
is FIL Investment Services (UK) Limited. Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct
Authority. Fidelity, Fidelit
y International, the Fidelity International logo and F symbol are trademarks of FIL Limited. UKM0123/381013/SSO/0623
To find out more, visit fidelity.co.uk/emergingmarkets,
scan the QR code or speak to your adviser.
FIDELITY EMERGING MARKETS LIMITED
Whether it’s in South African mining, Indian financial
services or Chinese infrastructure, we know where to
find opportunities hidden within emerging markets.
Fidelity Emerging Markets Limited uncovers great
companies through our experienced global team,
backed by what we believe are unrivalled on-the-
ground research capabilities. Meaning you can make
the most of our extensive expertise, without learning
a whole new language.
Th
e value of investments can go down as well as up,
so you may get back less than you invest. Overseas
investments are subject to currency fluctuations.
Investments in emerging markets can be more volatile
than other more developed markets. The Company
uses financial derivative instruments for investment
purposes, which may expose it to a higher degree of
risk and can cause investments to experience larger
than average price fluctuations.
We speak
the language
of opportunity
– wherever it
emerges
籫氳
☲全┘佭儬⚡
Ithuba
Elingavinjelwe
Share Price total return
1,2
Year ended 30 June
2023
2022
2021
2020
2019
-5.2%
-30.0%
-3.3%
+11.1%
+30.0%

Financial Highlights
30 June
2023
30 June
2022
Assets as at 30 June
USD
Gross Asset Exposure
1
$1,185.0m $1,120.1m
Equity Shareholders’ Funds $796.7m $796.8m
NAV per Participating Preference Share
2
$8.75 $8.75
Dividend per Participating Preference Share $0.19 $0.16
Gross Gearing
2,3
48.7% 40.6%
Net Gearing
2,4
(3.9)% (7.6)%
GBP
Gross Asset Exposure
1,5
£932.1m £922.2m
Equity Shareholders’ Funds
5
£626.7m £656.0m
NAV per Participating Preference Share
2,5
£6.88 £7.20
Participating Preference Share Price and Discount as at 30 June
Participating Preference Share Price at the year end £5.88 £6.34
Discount to NAV per Participating Preference Share at year end
2
14.61% 12.00%
Number of Participating Preference Shares in issue 91,100,066 91,100,066
Earnings for the year ended 30 June
Revenue Earnings per Participating Preference Share
6
$0.22 $0.15
Capital Loss per Participating Preference Share
6
$(0.06) $(5.11)
Total Earnings/(Loss) per Participating Preference Share
6
$0.16 $(4.96)
Ongoing charges ratio
2
0.81% 0.60%
1 The value of the portfolio exposed to market price movements.
2 Alternative Performance Measure – refer to pages 75 and 76 and Glossary of Terms on pages 84 to 86.
3 Gross Asset Exposure less Equity Shareholders’ Funds expressed as a percentage of Equity Shareholders’ Funds.
4 Net Market Exposure less Equity Shareholders’ Funds expressed as a percentage of Equity Shareholders’ Funds.
5 The conversion from USD to GBP is based on exchange rates prevailing at the reporting dates.
6 Calculated based on weighted average number of participating preference shares in issue during the year.
Annual Total Returns in GBP to 30 June 2023 (%)
FEML Share Price FEML NAV (net of annual fees) MSCI Emerging Markets Index
5 years ended 30 June 20233 years ended 30 June 20231 year ended 30 June 2023
-12.4
-13.7
+4.6
-7.3
-5.3
+10.1
-2.8
-2.6
-5.2

01
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS
Contents
Strategy
Chairman‘s Statement 02
Portfolio Managers’ Review 04
Extended Investment Toolkit 09
ESG in the Investment Process 10
Spotlight on Top 10 holdings 12
Forty Largest Holdings 14
Distribution of the Portfolio 17
Attribution Analysis 19
Five Year Track Record 20
Strategic Report 21
Investment strategy and policies 21
Principal and Emerging Risks and Uncertainties,
Risk Management
22
Viability statement 26
Governance
Board of Directors 29
Directors‘ Report 31
Corporate Governance Statement 32
Directors‘ Remuneration Report 35
Statement of Directors‘ Responsibilities 36
Report of the Audit and Risk Committee 37
Nomination Committee‘s Report 39
Financial
Independent Auditor‘s Report 40
Statement of Comprehensive Income 44
Statement of Changes in Equity 45
Statement of Financial Position 46
Statement of Cash Flows 47
Notes to the Financial Statements 48
Alternative Performance Measures 75
Securities Financing Transactions Regulation (“SFTR”) 77
Information for Shareholders
Notice of Annual General Meeting 78
Administration 80
Data Protection 81
Alternative Investment Fund Manager‘s Disclosure 82
Glossary to the Annual Report 84
Chairman’s Statement
Read more on pages 2 to 3
Portfolio Managers’ Review
Read more on pages 4 to 8
Net Asset Value per Share
as at 30 June
687.91p
2023
720.16p
2022
1012.56p
2021
Share Price
as at 30 June
587.50p
2023
633.70p
2022
919.00p
2021

02
Fidelity Emerging Markets Limited | Annual Report 2023
Chairman‘s Statement
I present the thirty-fourth
annual report of the
Company, for the year
ended 30 June 2023.
Heather Manners, Chairman
I am pleased to present your Company’s 34th annual report, my first as
Chairman and covering the first full year under its new name and mandate
as Fidelity Emerging Markets Limited. Against a continued difficult global
economic and geopolitical backdrop, net asset value (‘NAV’) total return
performance for the year ended 30 June 2023 has been slightly negative,
but has outperformed the Company’s benchmark, the MSCI Emerging
Markets Total Return Index (‘the Index’). This is particularly encouraging
during a period in which high inflation and tightening monetary policy in
the West and disappointing data following China’s hotly anticipated post-
Covid reopening have unsettled investors worldwide.
Overview
During the 12 month period to 30 June 2023, the NAV of the Company
fell by 2.6% in GBP terms, compared with a 2.8% decline in the
benchmark index. The share price fell by 5.2% as the discount to NAV
widened slightly during the year, from 12.0% to 14.6% (all performance
figures stated on a total return basis).
You will find more detail on the contributors to absolute and relative
performance in the Portfolio Managers’ Review on the following
pages. However, your Board believes that Fidelity’s unique investment
process, with its ability to hold short as well as long positions – thereby
investing in the disruptors that can drive growth, and also making
money from identifying the disrupted – is a key differentiating factor
that is starting to feed into positive performance for the Company. It is
worth noting that the open-ended FAST Emerging Markets Fund, which
is run using the same approach, has outperformed the Index in seven
of the last 10discrete years to 30 June, in most cases significantly. As
well as having a full investment toolkit, your Company also benefits
from Fidelity’s large and experienced team of portfolio managers and
analysts, the majority of whom are based in the markets they cover,
giving them an invaluable advantage in terms of identifying new
investment opportunities.
At Board level, your Directors and I have been working hard to
ensure that current and prospective investors are fully informed about
the changes to the Company and the benefits they bring. This is
beginning to be reflected in our shareholder register, where we are
identifying more self-directed retail investors buying shares through
the major investment platforms. This is a great start to our objective
to increase our investor base of retail investors, and we hope that the
recent improvements in relative performance, combined with our own
efforts, can help to drive this forward. We believe a key attraction
for fee-conscious investors is our cost efficiency, underpinned by our
competitive ongoing charges ratio, which is one of the lowest in the
AIC peer group. In our view this represents competitive value for a truly
actively managed emerging markets portfolio with an extended set of
tools with which to generate returns.
Outlook
On a historical basis, emerging markets themselves offer attractive
relative valuations as well as compelling fundamentals. While the
Western world struggles with the challenges of over a decade of ultra-
loose monetary policy and the fallout from Covid stimulus packages,
leading to the highest levels of inflation and interest rates in nearly a
generation, in most emerging markets the picture is completely different.
The structural case for investing in developing economies remains
extremely strong: attractive demographics, a burgeoning middle class
providing new markets for goods and services, and economies that can
grow more rapidly than those in the West. Many emerging economies
have already experienced the pain of higher interest rates and prices

03
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
that are facing the developed world, and now have greater
monetary policy flexibility as well as declining inflation. In recent
years the US stock market has dominated an enormous amount
of the rest of the world’s liquidity, but outflows from emerging
markets funds have begun to slow and even reverse as investors
once more get on board with the long-term growth story, buoyed
by relatively attractive valuations and in many cases decent
dividend yields. In our view, the year ahead may infuse emerging
markets with more momentum in terms of performance versus
the rest of the world. We believe that your Company’s unique
approach, top-class management team and cost-efficient
structure mean it is in an ideal position to make the most of this
improving environment, and we look forward to your Portfolio
Managers employing their full range of investment tools to
benefit from it.
Board composition
The Company’s Board has seen significant changes during
the period ended 30 June 2023, with former Chairman Hélène
Ploix and Director Sujit Banerji retiring at the 2022 AGM in
December and Audit and Risk Committee Chairman and Senior
Independent Director, Russell Edey also retiring in May 2023. I
joined the Board in May 2022 and became Chair upon Hélène’s
retirement. Julian Healy was appointed to the Board at the 2022
AGM and took over Russell’s role as Chair of the Audit and Risk
Committee in May 2023. Torsten Koster, a Director since 2020, is
now the Senior Independent Director. Now with five Directors, the
longest-serving of whom, Katherine Tsang, has been in post for
six years, we do not foresee any further changes to the Board in
the near term. We feel the board now has a strong diversity of
both background and specialist knowledge and competency.
Discount management
While we have seen some movement in the discount to NAV
during the year, it has been within a small range. We began both
the first and second half of the Company’s financial year with the
discount at 12.0%, and ended the year at 14.6%. At the time of
writing, the discount had narrowed again to 14.3%. This year we
have focused hard on building the Company’s profile in the market
and the media, alongside investor platforms. We expect this to
have a positive effect, over time, on both the shareholder register
and the discount. We also retain the ability, to buy back up to
14.99% of our Participating Preference Shares each year in order to
manage the a discount. We have confidence that your Investment
Manager has the tools and the expertise to continue to build on
the recent trend of improved relative performance. Your Board is
constantly working closely with the Manager on all these matters
and has the goal to reduce the discount as a key priority.
Dividend
A resolution to declare a final dividend of 0.19 cents per share will
be proposed at the AGM of the shareholders of the Company that
will be held on Thursday, 7 December 2023. Subject to shareholder
approval, the final dividend will be paid on 15December 2023 to
shareholders on the Register of Members on 17 November 2023.
The ex-dividend date is 16 November 2023.
Annual General Meeting
This year’s AGM will be held on Thursday, 7 December 2023 at
8:30 a.m. at the registered office of the Company, Level 3, Mill
Court La Charroterie, St Peter Port, Guernsey GY1 1EJ.
Notice of the AGM, containing full details of the business to be
conducted at the meeting, is set out on page 78 of this report.
Your attention is also drawn to the Directors’ Report on pages
32 and 33, where resolutions relating to special business are
explained.
Electronic proxy voting is now available and shareholders
are encouraged to submit voting instructions using the web-
based voting facility at www.eproxyappointment.com and
for institutional shareholders via the CREST system, CREST
messages must be received by the issuer’s agent (ID number
3RA50) not later than 8.30 am on 5 December 2023. In order
to use electronic proxy voting, shareholders will require their
shareholder registration number, control number and pin. If
you do not have access to these details please contact the
Company’s Registrar, Computershare, their contact details can be
found on page 80 of this report.
Heather Manners
Chairman
12 October 2023

04
Fidelity Emerging Markets Limited | Annual Report 2023
Question
How has the investment company
performed in the year to 30th June 2023?
Answer
Nick:
We have seen performance continue to stabilise and improve
over the year. It’s been a volatile period for markets, as we’ve
seen the ramifications of elevated inflation, cost of living
pressures, and tightening monetary policy. A pivotal moment
was China’s emergence from Covid lockdowns last autumn
and the easing of its regulatory stance towards the internet
and property sectors. Over the year the portfolio declined on
an absolute basis (NAV returns of -2.6% in sterling terms) but
marginally outperformed the index (which returned -2.8%). After a
challenging initial period in 2022, performance began to stabilise
from September, and has continued to improve into 2023.
When I look at some of the top performers over the year, several
of the holdings in the financials sector stand out. This includes
core long-term positions like India’s HDFC Bank, but also some
of the mid-cap names like the Greek lender Piraeus Financial
Holdings, Brazilian digital challenger bank Nu Holdings, and
Kazakhstan’s ecommerce and payments platform Kaspi. The
Taiwan and South Korean technology names also did well over
the period as a whole (despite a difficult 2022) after these
stocks rallied following China’s reopening and growing hype
around artificial intelligence. We have trimmed many of these
positions on strength and I think it’s important to point out that
we are disciplined in taking profits following bouts of strong
performance.
The Chinese consumer names we hold have been the main
headwind to performance. We are marginally underweight
China, but names such as sportwear company Li Ning, dairy
producer China Mengniu Dairy and Hong Kong-listed AIA Group
have all lagged the market. The moves have largely been
multiple driven, although there has also been a slight decline
in earnings expectations for some of the companies. The good
news is we are seeing many of these companies behave in an
increasingly shareholder friendly manner (which I discuss later)
and valuations now appear very attractive.
So, overall, a mixed period for markets, but one where we have
seen portfolio returns stabilise as we emerge from a difficult
2022 into a year where many of the high-conviction positions
have executed well and have underpinned the portfolio’s
relativeperformance.
Portfolio Managers’ Review
Nick Price was appointed
as Portfolio Manager of Fidelity
Emerging Markets Limited on
4 October 2021. He has 24 years
of investment experience.
Chris Tennant was appointed
as Portfolio Manager of Fidelity
Emerging Markets Limited on
4 October 2021. He has 11 years
of investment experience.

05
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS
Question
With the conflict in Ukraine ongoing,
geopolitical tensions remain at the
forefront of investors’ minds. How are you
seeking to mitigate this risk?
Answer
Nick:
One of the most important ways that we look to assess
geopolitical risk is by calling on external experts. Over the year
we have sought to bring more voices to the table, for example
geopolitical experts and external strategists, including those
from a military or security service background. Although no
one has a crystal ball, we focus on staying fully engaged and
speaking to people with a range of different perspectives.
Fidelity is launching a series of internal talks on geopolitics this
year, with the aim to bring in more external speakers who have
expertise on governance and security, particularly in areas such
as the post-Soviet era, but also on China-Taiwan relations, which
we are closely monitoring in the run-up to the Taiwan elections
inJanuary.
We continue to look at country positioning closely and run
through exposures on a weekly basis. Although the portfolio’s
active share remains high, the country bets are more muted than
they have been historically. While this is likely not a permanent
move, it does feel more appropriate in the current environment.
This broadening of the portfolio’s country exposure has taken
the stock count higher, reflecting the unpredictability we see in
markets. We also examine stock level beta more closely, which
has informed the portfolio’s China positioning.
The final element is the role that our research trips play (which
Chris talks about in more detail later). The end of Covid
lockdowns means we’ve been able to resume overseas trips,
which form a crucial part of our due diligence process. I’ve
visited Brazil, Mexico, Indonesia, and India, among other places,
over the past year, and our entire Asia investment team spent a
week in China this summer. Speaking to local experts on their
home turf is a vital input and allows us to assess all manner of
opportunities and, of course, risks.
Question
The rising cost of living continues to
pressure consumers across emerging and
developed markets. What is your outlook
for inflation and interest rates?
Answer
Nick:
Elevated inflation and higher interest rates have clearly been a
headwind for both consumers and companies across the world
over the past year. However, despite some sticky inflation prints
in the UK, there is an improving picture in the US and emerging
markets, and I do expect that we will see a near-term fall-off
ininflation.
The outlook for emerging markets is particularly positive because
central banks across the region have been some of the most
proactive in the world and have largely managed to bring
inflation under control. That means there are high real rates in
many emerging economies, with Brazil being the poster child of
this trend. Brazil’s short-term policy rate is 13.75%, while consumer
price inflation in the country stands at 3%, and its central bank
has indicated that it could cut rates as early as August. As Brazil
and other emerging market countries start to ease monetary
policy, we should see a positive tailwind for demand.
Notwithstanding this, over the medium-term, inflation will likely
remain stubbornly high, as deglobalisation, underinvestment in the
energy and commodity complex and the shift to green energy all
drive prices higher. Although inflation won’t remain as elevated
as it has been, it could settle at 3-4% in many economies over the
next 5-10 years. This will have implications for both emerging and
developed markets and emphasises the importance of having a
measure of value in a portfolio, whether that be through exposure
to financials, for example, or energy companies.
Top 5 Positions
As at 30 June 2023 Sector
Portfolio
(%)
Index
(%)
Relative
(%)
Taiwan Semiconductor Manufacturing Information Technology 10.4 6.8 3.6
HDFC Bank Financials 6.3 – 6.3
Naspers Consumer Discretionary 4.7 0.5 4.2
Samsung Electronics Information Technology 4.4 4.5 -0.1
Kaspi.KZ Financials 4.2 – 4.2
STRATEGY

06
Fidelity Emerging Markets Limited | Annual Report 2023
Question
Turmoil among developed market banks
has dominated headlines this year. Does
this impact your view of financials in
emerging markets?
Answer
Chris:
The collapse of Silicon Valley Bank (‘SVB’) and Credit Suisse
earlier this year ignited fears that there could be a spillover effect
to emerging markets. We think that the risk of any contagion is
low. The problems we saw at US banks were down to overly
concentrated deposits and a mismatch between assets and
liabilities, and we see a much more stable backdrop in emerging
markets, where banks by and large are better capitalised and
more tightly regulated. Because we focus on high quality, deposit-
taking franchises, with well diversified deposit bases and closely
matched assets and liabilities, the banks we hold in the portfolio
are not exposed to the sort of deposit-flight risk that we saw at SVB.
Where the banking crisis has had an impact is on our outlook for
interest rate rises, which is much more muted than it was before
(and indeed, many emerging market central banks should start
cutting rates this year, as Nick spoke about earlier). That means
the boost banks have had from rising net interest margins has
largely played out and we are limiting the portfolio’s exposure to
the more rate-sensitive banks, focusing on those that benefit from
structural drivers.
These structural stories include Indian banks, which operate in
an environment where the ratio of credit to GDP could grow to
three times the level it is today, boosting demand for credit cards,
savings accounts, and insurance products. We also see strong
structural drivers in the Greek banking market, where a decade of
very low loan growth has resulted in excellent asset quality and
the prevalence of many high-quality, deposit-taking banks that we
expect should start returning cash to shareholders.
Question
China’s reopening from Covid lockdowns
has had a significant impact on emerging
market performance this year. How do
you feel about China and the economic
recovery?
Answer
Nick:
We have seen the initial exuberance of the China reopening
trade unwind as the market realises that the recovery in China
will not follow the same rapid trajectory as it did across
developed markets. The recovery in China this year has certainly
been weaker than I expected. The country had an incredibly strict
and prolonged lockdown experience, during which households
saved an additional $1.5-2 trillion of their income. Given savings
rates were already high, there was every expectation there would
be a strong consumption recovery.
Why has this disappointed? This is firstly due to weakness in
the property sector. There’s no doubt that property won’t be
the strong driver of GDP growth that it has been in the past.
Because Chinese consumers typically invest much of their wealth
in property, weakness in the market has a knock-on effect on
consumer confidence. The second factor is government regulation
and particularly that towards the internet sector. Although this
has eased, the regulatory crackdown over the past few years
has dampened spirits. Internet companies were big employers
of graduates, and the regulatory intervention has contributed to
elevated levels of youth unemployment.
This all means a tougher backdrop for consumption. I do believe
that over the medium-term consumption will recover, given the
excess savings among households. Savings rates in China are the
highest of any major economy and have been consistently elevated
over the past decade. We will likely see government stimulus, which
is already happening at the local level. It is probable that the
recovery will be k-shaped, however, given that these excess savings
are not evenly distributed throughout the country.
Where I see more encouraging signals is the increasingly
shareholder-friendly approach of companies in China, where
there are many businesses returning capital and buying back
shares. The days of investing in China solely for growth are likely
over, and the acid test now is really whether companies are
buying back shares or paying out dividends. Internet platforms
NetEase, Alibaba Group Holding and Tencent are all good
examples of companies that have progressive buyback policies,
but which are trading on very attractive valuations given weak
sentiment towards the Chinese market.
Question
Emerging markets are a diverse region.
Looking beyond China, where do you
currently see the best opportunities?
Answer
Chris:
One of the areas I am most excited about is the ‘transition metals’
that will power the low carbon economy. Clean energy technologies
are commodity intensive, with, for example, electric vehicles
requiring six times the amount of minerals that a conventional
car does. Looking specifically at copper, the anticipated uptick in
demand is combined with a significant shortfall in supply, due to a
decade of underinvestment in the commodity complex and limited
projects in the pipeline. With the market only set to get tighter, we
have a positive outlook over the medium term for copper miners
and companies producing other transition metals. We hold copper
producers based in Mexico and Peru, and own several other
copper, zinc, lead, cobalt, and tin miners with assets across Latin
America, eastern Europe, and Africa.
Portfolio Managers’ Review continued

07
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS
Another area of opportunity is demographics. India is one example
of a market benefiting from several long-term drivers, with the
economy offering considerable scope for growth given its low
level of GDP per capita and expanding working-age population.
We expect growing consumption and demand for everything
from consumer goods to financial products and IT services. The
portfolio’s exposure to the Indian market is predominantly via
financials, where we see several opportunities to take advantage of
the growing penetration of consumer finance in the country.
One other interesting driver for some emerging economies is that
of deglobalisation and nearshoring. This will predominantly benefit
Mexico, where we anticipate considerable growth as the US looks
to shift its supply chains away from China and closer to its own
borders. I visited Mexico earlier in the year and saw first-hand the
positive impetus that nearshoring is set to have on the country.
Our meetings during the trip indicated that this is set to be a real
tailwind as companies build factories and support employment
growth in the region. Currently Mexico exports just under US$400
billion a year to the US and some estimates suggest that
nearshoring could add an incremental USD$100-150 billion to this.
Question
Emerging markets have clearly had a
difficult few years. Looking ahead, what is
your outlook for emerging markets?
Answer
Nick:
July marks my 14-year anniversary managing a global emerging
markets portfolio. That creates a good opportunity to reflect
on market performance over the period. A look back to 2009
shows that emerging markets have been broadly flat over the
last 14years. The index is as cheap as it has ever been and is
trading at multi-decade lows relative to developed markets.
So, emerging markets are clearly deeply out of favour. The
relative performance of emerging markets used to follow the
commodity cycle, but the relationship has decoupled of late.
Weakness in China and concerns around geopolitics explain part
of this, but I do think the extent of the discount is at odds with the
improving fundamental picture – not least because inflation has
seemingly peaked, interest rates are set to start coming down,
and we are seeing more and more companies in emerging
markets return capital to shareholders.
So yes, when I look ahead, I am broadly optimistic. Emerging
markets are by their very nature volatile, which is not surprising
given they are the factory of the world. But I do think that over the
next decade we should see decent returns, particularly relative
to regions such as the US, which will struggle with elevated
levels of government debt and an ageing population. Given that
emerging market equities have underperformed over more than
a decade now, valuations are very attractive and appear out
of sync with what I think is an increasingly positive fundamental
backdrop for many companies.
Question
The portfolio has an extensive investment
toolkit and can use derivatives as outlined
in the investment policy. How have you
looked to take advantage of this enhanced
toolkit over the past year?
Answer
Chris:
One of the tools we have at our disposal is the ability to take out
short positions. This allows us to profit not only from the winning
businesses in each industry, but also from the losers. One of
the ways we do this is by looking for companies that have a
deteriorating fundamental outlook, or red flags such as a broken
balance sheet, bad corporate governance, poor relations with
regulators, or a shareholder that is acting to the detriment of
minority investors.
A good example of this is Americanas, a Brazilian retailer that
was struggling to compete with peers and was losing market
share. Because of this, it resorted to fraud and hiding its debts
off balance sheet. We spotted these red flags and took out a
short position in Americanas. The company subsequently went
bankrupt, and we closed the position at a profit earlier this year.
We also take out ‘pair trades’ in companies, where a long
position in what we see as a winning business is matched with
a short position in what we deem to be the loser in the industry.
An example is the portfolio’s positioning in the South African
food retail space, where elevated inflation has created a very
competitive operating environment. We have a long position
in a company called Shoprite, which has consistently gained
market share over the years due to its strong value proposition
and cost control. We have matched this with a short position in a
competitor of Shoprite that is struggling to keep up and is losing
market share.
Another example of a pair trade is the portfolio’s exposure to the
Chinese real estate market, where state-owned enterprises have
rapidly gained market share since 2017 and are benefiting as
many private developers go bankrupt. We have a long position
in state-owned company China Resources Land, which is matched
with several short positions in indebted private developers.
An important aspect of the toolkit I would also highlight is the
ability we have to increase the portfolio’s gross exposure to the
companies we have the most conviction in. This is a nice feature
of the investment company, with its closed-end nature allowing
us to take out leveraged long positions, making the money we
invest work even harder for shareholders. And finally, we also use
options overwriting in the portfolio, both to generate additional
income and to control risk.
STRATEGY

08
Fidelity Emerging Markets Limited | Annual Report 2023
Portfolio Managers’ Review continued
Question
Another aspect of the company’s broad
toolkit is the ability to invest in smaller
companies. Can you outline some of the
most exciting opportunities you are seeing in
this space?
Answer
Chris:
As I said earlier, one of the key benefits of the investment
company structure is its closed-ended nature. This means
we can take a longer investment horizon and move further
down the market cap spectrum. These might be into smaller
companies that are less well known by investors and are often
poorly covered by the sell side. We’re currently seeing lots of
exciting opportunities among mid-cap companies and there is
a concerted effort within the team to look for the smaller names
that can really differentiate the investment company. Recently,
a lot of the negative sentiment we’ve seen around emerging
markets has led to some of these smaller businesses being
overlooked, which has thrown up some exciting opportunities
from a valuation perspective.
There are a couple of examples of this in the Mexican market,
and we added several names to the portfolio following our trip to
the country earlier this year. One of these is Gentera, a lender to
female entrepreneur clubs. We have seen the company continue
to penetrate what is an uncontested market, with an estimated
34million women working in the informal sector in Mexico and
Peru. It is trading on very low multiples, and we see scope for
considerable upside, given that non-performing loan formation
is under control and should allow for sustained loan growth.
Railroad operator Grupo Mexico Transportes is another example
of a mid-cap company that is trading on depressed multiples, but
which should benefit enormously from the trend of nearshoring,
with political change in Mexico also a catalyst for a potential
rerating of its share price.
Question
Finally, how does Fidelity actively and
efficiently manage the portfolio, given
the extensive universe of companies to
choose from in emerging markets?
Answer
Chris:
Fidelity’s extensive emerging market research team is one of the
key mechanisms that lets us effectively manage the portfolio. We
are incredibly lucky to have more than 50 analysts across the
globe looking only at emerging market companies, which means
we can develop a deep, unrivalled view of their dynamics, and
explore the opportunities in the small and mid-cap space that I
mentioned earlier. There is excellent collaboration between all our
analysts across regions and sectors, with those focused on global
sectors like oil and gas, metals and mining, and technology helping
us piece together what is going on in emerging markets with
developments in the US, Japan, and Europe.
I joined Fidelity 12 years ago as a research analyst, working
across the metals and mining sector and then on shorting
opportunities, so I know first-hand how effective this research
resource is. Our research team really allows us to have ‘boots on
the ground’ across emerging markets. For example, this year I
have travelled to several countries, including Mexico and Poland
and spent time meeting with companies, their competitors, and
their suppliers, seeing the assets and operations of companies
first hand. There’s really no substitute for this sort of on the
ground presence, and Fidelity research analysts carry out around
16,000 company meetings a year, which really emphasises how
wide our research coverage is.
The way our global emerging markets investment team is
structured also allows us to effectively cover different regions.
The broader team manages three regional portfolios, each
encompassing Latin America, emerging EMEA, and emerging
Asia, which all feed ideas into our global emerging markets
portfolio, and within this the investment company. This structure
is an acknowledgement of the fact that the emerging market
universe is vast and means we can apply multiple layers of due
diligence to the stocks we invest in. It also allows information to
be transmitted quickly as the regional specialists communicate
their conclusions to us, enabling both of us to come to informed
conclusions about the events occurring across what is clearly a
vast and diverse investment universe.
Nick Price
Chris Tennant
Portfolio Managers
12 October 2023

09
Annual Report 2023 | Fidelity Emerging Markets Limited
GOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
Extended Investment Toolkit
Fidelity Emerging Markets Limited is an all-cap Global Emerging
Markets strategy with enhanced investment powers which seeks
to exploit a broad range of opportunities. The portfolio managers
adopt an active ‘extension’ investment style, benefitting from an
extended toolset versus a traditional long-only equity fund:
• Equities: Predominantly invested in equity securities that
offer a significant degree of absolute upside to each
stock’s specific target price. The portfolio managers
will seek opportunities across the market cap spectrum,
geographies, and consider listed companies, IPOs and
unlistedinvestments.
• Short extensions: Offering the ability to access positive
returns from securities perceived to be exposed to material
absolute share price declines via the use of short equity
derivative positions.
• Long extensions: Providing the ability to deploy additional
long equity exposure through the use of equity derivative
instruments to further enhance performance from the
stocks with the greatest upside potential, and also to offset
the reduction in equity exposure introduced by the fund’s
shortpositions.
• Other instruments: Access other instruments to take best
advantage of perceived sources of return and to control risk.
These instruments include equity option positions to both
capture option premium as well as to control active risks in
the portfolio.
% of fund net assets
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TraditionalLong-onlyfund ExtendedToolset
50-70
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50-70
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How this fits with our investment philosophy
We believe that many emerging market companies can
sustain high levels of economic growth for years to come,
driven by attractive demographic profiles, immature markets,
an abundance of untapped natural resources, and generally
low levels of indebtedness. However, whilst these positive
attributes provide a fertile environment for companies to grow
their earnings, it is critical to ensure that each company we
invest in can generate superior and sustainable returns on
assets that permit them to fund the growth of their business,
withstand competitive pressures and achieve attractive returns for
minorityshareholders.
With this in mind, we define high quality companies as those
thatexhibit:
• Quality – high quality, well capitalised companies capable
of achieving superior returns on assets, and where strong free
cash flow generation can be used to either self-fund future
growth or pay dividends to shareholders.
• Consistency of returns – dominant companies that can
maintain superior levels of growth and profitability resulting
from a sustainable competitive advantage, such as market
share, technology, or cost leadership; companies which
exhibit a solid track record of delivering attractive total
shareholder returns over time.
• Reasonable price – attractive valuations that understate the
intrinsic value of a company. Target prices are determined
for every stock considered for the portfolio, reflecting each
company’s sustainable level of earnings power across the
economic cycle and an appropriate valuation multiple.
Conversely, it is those weaker peers who are unable to compete
with the strongest franchises that are likely to fall by the wayside.
Using short positions, these weaker businesses form some of the
additional investment opportunities that we can take advantage
of, as an additional source of performance.

10
Fidelity Emerging Markets Limited | Annual Report 2023
ESG in the Investment Process
Fidelity International (“Fidelity”) has embedded Environmental, Social
and Governance (“ESG”) factors in its investment decision making
for a number of years. Fidelity has been a signatory to the United
Nations Principles for Responsible Investment (UNPRI) since 2012
and submits an annual report detailing how it incorporates ESG into
its investment analysis. As a founding signatory to the Net Zero Asset
Managers Initiative, Fidelity has committed to halving the carbon
footprint of its investment portfolios by 2030, from a 2020 baseline,
starting with equity and corporate bond holdings; and to reach net
zero for holdings by2050.
ESG integration at Fidelity is carried out at the fundamental research
analyst level within its investment teams, primarily through the
implementation of the Fidelity Proprietary Sustainability Rating.
This rating was established in 2019 and is designed to generate
a forward-looking and holistic assessment of a company’s ESG
risks and opportunities, based on sector specific key performance
indicators across 127 individual and unique sub-sectors. A
breakdown of the ratings of the companies in the portfolio using
MSCI and Fidelity’s own proprietary ratings is on the next page. In
addition, Fidelity’s portfolio managers are also active in analysing
the effects of ESG factors when making investment decisions. ESG
analysis complements financial analysis to provide a complete view
of every company that is researched and monitored.
Fidelity’s approach to integrating ESG factors into its investment
analysis includes the following activities:
• In-depth research
• Company engagement
• Active ownership
• Collaboration within the investment industry
In addition to Fidelity’s Sustainability Ratings, Fidelity has developed
a proprietary Climate Rating, which is an important part of its
plans to reach net zero emissions across its portfolios. It utilises its
fundamental research capabilities to identify climate related risks,
net zero investments and targets for transition engagement within the
Fidelity investment universe. It assesses which companies are in the
best position to transition to net zero, or have a positive trajectory
towards transition. The Climate Rating is designed to complement
the broader Sustainability Ratings, which score companies across a
range of environmental, social and governance criteria.
Although Fidelity’s analysts have overall responsibility for
analysing the environmental, social and governance performance
of the companies in which it invests, it has a dedicated
Sustainable Investing Team working closely with the investment
teams and is responsible for consolidating Fidelity’s approach to
stewardship, engagement, including thematic engagement, ESG
integration and the exercise of its votes at general meetings.
The Sustainable Investing Team have a key role in assisting the
investment teams with ESG integration which includes:
• Implementing Fidelity’s proxy voting guidelines.
• Engagement with investee companies on ESG issues,
utilising Fidelity’s corporate access research capabilities and
investment scale to improve corporate behaviour, including at
company meetings.
• Working closely with the investment team globally across
allasset classes in integrating ESG into analysis and
decision- making.
• Providing internal ESG reporting including analyst reports,
portfolio manager reviews and industry analysis.
• Co-ordinating and responding to specific client queries on
ESG topics.
• Publishing client reporting on ESG integration and proxy voting.
• Maintaining a thorough understanding of current ESG themes
and trends around the world.
• Attending external seminars and conferences focusing on
trending ESG issues and ESG integration.
• Providing ESG training to the investment team and across
thebusiness.
During 2021, Fidelity introduced its sustainable investing voting
principles and guidelines. These seek to provide a clear overview of
Fidelity’s voting approach, promote improved corporate behaviours
and reduce risk, include environmental and social factors, increase
clarity of votes to issuers and clients and meet current market best
practices and stewardship expectations. Examples of the policy
include voting against companies not meeting key criteria on climate
change and against management in developed markets with less
than 30% female representation at board level.
Fidelity’s investment approach involves bottom-up research. As well as
studying financial results, the portfolio managers and analysts carry out
additional qualitative analysis of potential investments. They examine
the business, customers and suppliers and often visit the companies
in person to develop a view of every company in which Fidelity invests
and ESG factors are embedded in this research process.
Examples of ESG factors that Fidelity’s investment teams may
consider as part of its company and industry analysis include:
• Corporate governance (e.g. Board structure, executive
remuneration)
• Shareholder rights (e.g. election of Directors, capital amendments)
• Changes to regulation (e.g. greenhouse gas emissions
restrictions, governance codes)
• Physical threats (e.g. extreme weather, climate change,
watershortages)
• Brand and reputational issues (e.g. poor health and safety
record, cyber security breaches)
• Supply chain management (e.g. increase in fatalities, lost
time injury rates, labour relations)
• Work practices (e.g. observation of health, safety and human
rights provisions and compliance with the provisions of the
Modern Slavery Act)
Fidelity operates analyst training and development programmes
which include modules on ESG themes, topics and strategies and
attendance at external seminars on the trending ESG issues in the
market globally as well as conferences to explore new ways of
integrating ESG into the investment process across all assetclasses.

11
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS
Fidelity uses a number of external research sources around
the world that provide ESG-themed reports and it subscribes
to an external ESG research provider and rating agency to
supplement its organic analysis. Fidelity receives reports that
include company specific and industry specific research as well
as ad hoc thematic research looking at particular topics. The
ESG ratings are industry specific and are calculated relative to
industry peers and Fidelity uses these ratings in conjunction with
its wider analysis. Fidelity’s sources of ESG research are reviewed
on a regular basis.
The ESG ratings and associated company reports are included
on Fidelity’s centralised research management system. This is an
integrated desktop database, so that each analyst has a first-
hand view of how each company under their coverage is rated
according to ESG factors. In addition, ESG ratings are included
in the analyst research notes which are published internally
and form part of the investment decision. The external research
vendor also provides controversy alerts which include information
on companies within its coverage which have been identified to
have been involved in a high-risk controversy that may have a
material impact on the company’s business or itsreputation.
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The charts below show a breakdown of the stocks in the Company’s portfolio using MSCI and Fidelity International’s own ESG ratings.
FIL proprietary ESG ratings
0
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10
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20
25
30
35
40
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Portfolio Index
24.8%
18.4%
39.4%
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% TNA
Source: Fidelity International, MSCI ESG Research, Data is representative of the Fidelity Emerging Markets Limited as at 30 June 2023. LHS: The Fidelity Sustainability Ratings
were launched in June 2019. As at 30 June 2023, they cover a universe of c. 4,200 issuers in equity and fixed income. Fidelity have a five scale rating of A (best) to E (worst).
RHS: MSCI rates issuers on a AAA-CCC scale according to their exposure to industry specific ESG key issues and their ability to manage those issues relative to peers. The
ESG ratings distribution is based on Net Asset Value of holdings excluding cash, liquidity funds and ETFs which are grouped under “Cash & Others”. The charts above show
long book rebased to 100%. Short positions are excluded. Due to small rounding errors, Portfolio and Index holdings may not total 100%.
Fidelity International’s proprietary sustainability ratings system leverages its internal research and interactions with issuers. The
ratings are designed to generate a forward-looking and holistic assessment of ESG risks and opportunities based on sector specific
performance indicators. Analysts quantify the direction of change of companies’ ESG performance (positive, neutral or negative
trajectory) and rate the companies using a scale of A to E.
STRATEGY

12
Fidelity Emerging Markets Limited | Annual Report 2023
HDFC Bank
% of Net Assets
6.3%
HDFC Bank is one of India’s leading private banks with a vast banking network spanning over
7,800 branches and 20,000 ATMs in more than 3,800 cities and towns, allowing the business to
serve a broad customer base in rural and urban India. The bank has invested heavily in technology
and operates in a highly automated environment, with all branches having online connectivity to
enable the speedy transfer of funds between customers. Management have consistently delivered
growth without compromising on asset quality, resulting in better outcomes versus peers. HDFC
has an immense future growth opportunity due to the increase in retail credit penetration, branch
expansion, market share gains and better cross selling to existing customers.
Spotlight on Top 10 holdings
as at 30 June 2023
Based on Asset Exposure expressed as a percentage of Net Assets. Asset Exposure comprises the value of direct
equity investments plus market exposure to derivative instruments.
Taiwan Semiconductor Manufacturing (“TSMC”)
% of Net Assets
10.4%
TSMC is a pre-eminent Taiwanese semiconductor foundry with leading-edge technology, which
reinforces the company’s competitive position and ability to generate incremental return on invested
capital. The company has built a technological moat over the past three decades and occupies an
especially dominant position at the forefront of the industry as competitors have dropped from the
race due to technical hurdles and the barrier of high required capital expenditures. TSMC’s ability
to hire the best talent while continuously improving its know-how keeps it ahead of the competition
and able to generate cashflow to feed back into investing in R&D and capacity.
Industry Information Technology
Naspers
% of Net Assets
4.7%
Naspers is a global internet and entertainment group and one of the world’s largest technology
investors. It is a South African holding company specialising in internet investments and operates
in more than 120 countries and markets with long-term growth potential. It runs some of the world’s
leading internet, video entertainment, and media platforms. The company owns a sizeable stake in
Tencent, the Chinese multinational technology and entertainment conglomerate. Naspers operates
in various sectors, including online classifieds, food delivery, payments, travel, education, health,
and social and internet platforms.
Kaspi.KZ
% of Net Assets
4.2%
Kaspi.KZ is the dominant consumer finance, e-commerce, and payments platform in Kazakhstan.
It provides interconnected technology and products and services that help people to pay, shop,
and manage their finances. Its ecosystem connects consumers and merchants, enabling digital
payments, e-commerce, and financial services. The company’s gateway to its ecosystem is the
mobile app, which is powered by the company’s proprietary technology and enables users to
navigate between interconnected products and services. Kaspi serves customers in Kazakhstan
and Azerbaijan.
Samsung Electronics
% of Net Assets
4.4%
Samsung Electronics is a technology powerhouse with products spanning upstream manufacturing
to downstream consumer products. The company’s device experience division produces product
such as mobile handsets, tablets, business networks and medical and health equipment, while
its device solutions segment captures its memory and foundry business. Innovations in artificial
intelligence, 5G and 6G, automotive electronics and a wide range of robotics are also core to
Samsung’s strategy.
Industry Financials
Industry Consumer Discretionary
Industry Information Technology
Industry Financials

13
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
ICICI Bank
% of Net Assets
4.1%
ICICI Bank is a leading private sector bank in India and offers a wide range of banking products
and financial services to corporate, small and medium enterprises, as well as retail customers,
through extensive multi-channel touch points including branches, state-of-the-art internet and
mobile banking. ICICI Bank also has specialised subsidiaries in the areas of investment banking,
life and non-life insurance, venture capital and asset management.
Bank Central Asia
% of Net Assets
3.2%
Bank Central Asia is Indonesia’s largest private bank and focuses on the transaction banking
business, providing credit facilities and financial solutions for the corporate, commercial, small to
medium-sized enterprise and consumer segments. The bank has recently diversified by developing
a suite of digital products and services for wealthier consumers in Asia. This includes vehicle
financing, Sharia banking, securities, insurance products and venture capital.
AIA Group
% of Net Assets
3.9%
AIA is the largest life insurer in Asia, operating in 18 markets including mainland China, Thailand,
and Malaysia. The company benefits from its leadership position, strong brand image and
productive distribution agents in all the major Asia markets it operates in. It is a key beneficiary of
the demographic shift in Asia, as low penetration, rising incomes and aging populations support
demand for long-term savings and protection insurance products. AIA focuses on the mass affluent
part of the market versus domestic players that are focused more on the mass market, with the
Chinese market offering the most significant potential for growth and scale in the long term.
China Mengniu Dairy
% of Net Assets
3.1%
China Mengniu Dairy is amongst the ten largest dairy players globally and the second largest
player in the domestic market, offering diversified products such as liquid milk, ice cream, milk
formula and cheese, and with a leading position in more innovative products such as high-end
UHT and yoghurt. The rise of health awareness has stimulated dairy consumption and product
upgrades among consumers, and following significant changes to the company’s management
team in 2016, the resulting restructuring of its organisation and distribution channel has rejuvenated
its liquid milk business.
Alibaba Group Holding
% of Net Assets
2.6%
Alibaba enables businesses to transform the way they market, sell, and operate, and improve
their efficiencies by providing technology infrastructure and marketing reach. An ecosystem has
developed around its platforms and businesses that consists of consumers, merchants, brands,
retailers, third-party service providers, strategic alliance partners and other businesses. This
ecosystem has superior breadth and depth and is the foundation of highly sticky merchants and
consumers, which ultimately supports the company’s pricing power.
Industry Industrials
Industry Financials
Industry Consumer Staples
Industry Consumer Discretionary
Industry Financials

14
Fidelity Emerging Markets Limited | Annual Report 2023
The Asset Exposures shown below measure the exposure of the Company’s portfolio to market price movements in the shares and
equity linked notes owned or in the shares underlying the derivative instruments. The Fair Value is the value the portfolio could be
sold for and is the value shown on the Statement of Financial Position. Where a contract for difference (“CFD”) is held, the fair value
reflects the profit or loss on the contract since it was opened and is based on how much the price of the underlying shares has
moved (in effect, the unrealised gain or loss on the exposed positions). Where the Company only holds shares, the Fair Value and
Asset Exposure will be the same.
Asset Exposure Fair value
$’000 %
1
$’000
Long Exposures – shares unless otherwise stated
Taiwan Semiconductor Manufacturing (shares and long CFD) 83,179 10.4 64,621
Information Technology
HDFC Bank 49,988 6.3 49,988
Financials
Naspers 37,749 4.7 37,749
Consumer Discretionary
Samsung Electronics (shares and long CFD) 34,976 4.4 6,972
Information Technology
Kaspi.KZ 33,644 4.2 33,644
Financials
ICICI Bank (shares and long CFD) 32,315 4.1 8,137
Financials
AIA Group (option and long CFD) 31,031 3.9 1,396
Financials
Bank Central Asia 25,385 3.2 25,385
Financials
China Mengniu Dairy (long CFD) 24,830 3.1 (1,924)
Consumer Staples
Alibaba Group Holding (option and long CFD) 20,779 2.6 (351)
Consumer Discretionary
Localiza Rent a Car 19,631 2.5 19,631
Industrials
Axis Bank 19,100 2.4 19,100
Financials
Grupo Mexico (long CFD) 18,890 2.4 (387)
Materials
SK Hynix (long CFD) 18,015 2.3 (1,405)
Information Technology
Nu Holdings (long CFD) 17,030 2.1 632
Financials
China Resources Land 16,870 2.1 16,870
Real Estate
Li Ning (shares, option and long CFD) 16,289 2.0 278
Consumer Discretionary
Piraeus Financial Holdings 16,163 2.0 16,163
Financials
Chailease Holding 15,610 2.0 15,610
Financials
Samsonite International 15,542 2.0 15,542
Consumer Discretionary
MediaTek 15,331 1.9 15,331
Information Technology
Forty Largest Holdings
as at 30 June 2023

15
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
Asset Exposure Fair value
$’000 %
1
$’000
First Quantum Minerals (shares and long CFD) 15,089 1.9 685
Materials
AlKhorayef Water & Power Technologies 14,985 1.9 14,985
Utilities
Eicher Motors 14,096 1.8 14,096
Consumer Discretionary
Armac Locacao Logistica E Servicos 13,629 1.7 13,629
Industrials
OMV 12,396 1.6 12,396
Energy
Endeavour Mining (shares and long CFD) 11,537 1.4 5,169
Materials
HCL Technologies 11,393 1.4 11,393
Information Technology
TBC Bank Group (long CFD) 10,971 1.4 (22)
Financials
Africa Oil 10,837 1.4 10,837
Energy
NetEase 10,280 1.3 10,280
Communication Services
Alphamin Resources 9,511 1.2 9,511
Materials
Zhongsheng Group Holdings (shares and long CFD) 9,081 1.1 753
Consumer Discretionary
Lundin Gold 8,684 1.1 8,684
Materials
Arcos Dorados Holdings 8,634 1.1 8,634
Consumer Discretionary
MakeMyTrip (long CFD) 8,548 1.1 (51)
Consumer Discretionary
Grupo Aeroportuario del Pacifico 8,270 1.0 8,270
Industrials
Trip.com Group (long CFD) 8,004 1.0 (270)
Consumer Discretionary
Delta Electronics 7,909 1.0 7,909
Information Technology
FPT 7,587 0.9 7,589
Information Technology
Forty largest long exposures 763,788 95.9 487,459
Other long exposures 341,225 42.8 285,248
Total long exposures before hedges 1,105,013 138.7 772,707
Less: hedging exposures
MSCI Emerging Markets Index (future contract) (130,176) (16.3) 849
Total hedging exposures (130,176) (16.3) 849
Total long exposures after the netting of hedges 974,837 122.4 773,556

16
Fidelity Emerging Markets Limited | Annual Report 2023
Forty Largest Holdings continued
Asset Exposure Fair value
$’000 %
1
$’000
Add: short exposures
Short CFDs (67 holdings) 203,746 25.5 2,057
Short options (11 holdings) 6,406 0.8 (384)
Total short exposures 210,152 26.3 1,673
Gross Asset Exposure
2
1,184,989 148.7
Portfolio Fair Value
3
775,229
Net current assets (excluding derivative assets and liabilities) 21,505
Total Equity Shareholders’ Funds/Net Assets 796,734
1 Asset Exposure (as defined in the Glossary of Terms on page 84) expressed as a percentage of Net Assets.
2 Gross Asset Exposure comprises market exposure to investments of $778,608,000 (per Note 10 on page 56) plus market exposure to derivative instruments of $406,381,000
(per Note 11 on page 58).
3 Portfolio Fair Value comprises investments of $778,608,000 plus derivative assets of $9,468,000 less derivative liabilities of $12,847,000 (per the Statement of Financial
Position on page 46).

17
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
Distribution of the Portfolio
as at 30 June 2023
Sector
% of Net
Assets
%
1
Benchmark
%
Financials 40.3 21.9
Consumer Discretionary 31.8 13.2
Information Technology 29.3 21.2
Materials 20.6 8.1
Industrials 15.3 6.3
Consumer Staples 12.4 6.4
Real Estate 5.9 1.7
Energy 3.2 5.0
Utilities 2.8 2.6
Communication Services 2.2 9.8
Investment Funds 1.1 –
Health Care 0.1 3.8
Total excluding hedging 165.0 100.0
Hedging (16.3) –
Total including hedging 148.7 100.0
1 Asset Exposure is expressed as a percentage of Net Assets.

18
Fidelity Emerging Markets Limited | Annual Report 2023
Country
% of Net
Assets
%
1
Benchmark
%
China 24.1 29.5
Taiwan 20.5 15.6
India 17.9 14.6
Brazil 14.5 5.5
South Africa 12.5 3.2
South Korea 8.4 12.3
Hong Kong 6.0 –
Mexico 5.7 2.8
United States of America 5.7 0.1
Canada 4.9 –
Indonesia 4.6 2.0
Kazakhstan 4.3 –
Saudi Arabia 3.0 4.3
Greece 2.9 0.5
Poland 2.7 0.8
Japan 2.3 –
United Kingdom 2.1 –
Vietnam 1.9 –
Zambia 1.9 –
Switzerland 1.8 –
Austria 1.6 –
Chile 1.5 0.5
Burkina Faso 1.4 –
Georgia 1.4 –
Nigeria 1.2 –
Kuwait 1.1 0.8
Thailand 0.9 1.9
Macau 0.9 –
Bosnia and Herzegovina 0.9 –
Philippines 0.8 0.6
Netherlands 0.8 –
Germany 0.7 –
Cayman Islands 0.6 –
United Arab Emirates 0.5 1.3
Panama 0.5 –
Luxembourg 0.5 –
Ireland 0.5 –
Portugal 0.5 –
Turkey 0.4 0.6
New Zealand 0.3 –
Finland 0.2 –
Cyprus 0.1 –
Others – 3.1
Total excluding hedging 165.0 100.0
Hedging (16.3) –
Total including hedging 148.7 100.0
1 Asset Exposure is expressed as a percentage of Net Assets.
Distribution of the Portfolio continued

19
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
Ten Highest Contributors to NAV total return %
Kaspi.KZ +2.8
HDFC Bank +1.3
Localiza Rent a Car +1.1
Piraeus Financial Holdings +0.9
Southern Copper +0.8
Taiwan Semiconductor Manufacturing +0.7
Banco Bradesco SA +0.7
Meituan +0.7
Cielo SA +0.6
Naspers +0.6
Ten Highest Detractors to NAV total return %
Beijing Oriental Yuhong Waterproof Technology -1.7
China Mengniu Dairy -1.2
Zhongsheng Group Holdings -1.1
Li Ning -1.0
Daqo New Energy -0.7
Itau Unibanco -0.7
Jubilee Metals Group -0.6
Kweichow Moutai -0.6
Gaotu Techedu -0.6
AIA Group -0.5
Note: Derivative positions are included in the above investment positions.
Source: Fidelity International.
Attribution Analysis
as at 30 June 2023

20
Fidelity Emerging Markets Limited | Annual Report 2023
Five Year Track Record
For the year ended 30 June 2023 2022 2021 2020 2019
Investment Performance
Net Asset Value per Participating Preference Share total
return, in sterling terms (%)
1
-2.6 -27.9 +24.8 -0.8 +9.0
Share Price total return (%)
1
-5.2 -30.0 +30.0 -3.3 +11.1
MSCI Emerging Markets Index total return (%) -2.8 -14.9 +26.4 -0.1 +5.4
Assets
Gross Asset Exposure ($m) 1,185.0 1,120.1 1,679.9 1,205.3 1,290.6
Net Assets ($m) 796.7 796.8 1,699.1 1,235.8 1,305.3
Gross Gearing (%)
1
48.7 40.6 n/a n/a n/a
Net Gearing (%)
1
(3.9) (7.6) n/a n/a n/a
Net Asset Value per Participating Preference Share ($)
1
8.75 8.75 13.99 10.17 10.75
Net Asset Value per Participating Preference Share (£)
1
6.88 7.20 10.13 8.23 8.44
Share Price data at year end
Share Price (£) 5.88 6.34 9.19 7.18 7.57
Discount (%)
1
14.61 12.00 9.28 12.80 10.30
Earnings and Dividends paid
Revenue Earnings per Participating Preference Share ($)
2
0.22 0.15 0.17 0.15 0.19
Capital (Loss)/Earnings per Participating Preference
Share ($)
2
(0.06) (5.11) 3.81 (0.53) 0.20
Total Earnings/(Loss) per Participating Preference
Share($)
2
0.16 (4.96) 3.98 (0.38) 0.39
Dividend per Participating Preference Share $0.19 $0.16 $0.18 $0.17 $0.19
Ongoing Charges Ratio (%)
1
0.81 0.60 1.03 1.07 1.11
1 Alternative Performance Measures. Please see pages 75 and 76 and the Glossary of Terms on pages 84 to 86 for further details.
2 Calculated based on weighted average number of participating preference shares in issue during the year.
Sources: JPMorgan and Datastream
Past performance is not a guide to future returns.

21
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
The Directors have pleasure in presenting the Strategic Report of
the Company. The Chairman’s Statement and Portfolio Managers’
Review on pages 2 to 8 form part of the Strategic Report.
INVESTMENT STRATEGY AND POLICIES
Business and Status
The Company is a closed-ended investment scheme authorised
by the Guernsey Financial Services Commission and is listed on
the London Stock Exchange.
The Company was incorporated in Guernsey on 7 June 1989 and
commenced business on 19 September 1989.
Change of Manager and Investment Manager
In 2021, the Company changed its management arrangements
and formally replaced the previous Manager, Genesis Investment
Management LLP with the appointment of FIL Investment Services
(UK) Limited on 4 October 2021.
The Manager has delegated the role of Investment Manager
to FIL Investments International (‘Fidelity International’, the
‘Investment Manager’). Both the Manager and Investment
Manager are part of the FIL Group of companies,
collectively‘Fidelity’.
Investment Objective and Policy
Following shareholder approval at the EGM of the Company
held on 1 October 2021 the Company’s investment objective is
to achieve long-term capital growth from an actively managed
portfolio made up primarily of securities and financial instruments
providing exposure to emerging market companies, both listed
andunlisted.
Investment Policy
The Company seeks to meet its investment objective through
investment in a diversified portfolio of equity or equity-linked
securities and derivative instruments providing exposure to
emerging market companies.
The Manager integrates sustainability analysis into its investment
process and promotes environmental and social characteristics in
respect of the companies in which it invests.
Investment minimum constraints
At least 80% of the Company’s total assets (measured at the
time of investment) will be exposed to companies that have
their head office in, are listed in or with assets, operations,
income or revenues that are predominantly in or derived from
emergingmarkets.
The Company is not subject to any geographical or sector limits,
although the Manager will maintain a diversified portfolio of a
minimum of 75 holdings (comprised of a mixture of long and
short exposures) in companies listed in or operating across at
least 15 countries.
Fidelity is not required to seek to ensure that the Company’s
cash resources are fully invested at all times. Accordingly, there
may be times when the Company holds cash or money market
instruments pending investment. The Company’s net market
exposure will not fall below 90% of the Company’s net assets
save to the extent that the Manager is required to realise cash to
fund a tender offer or other return of capital.
Permitted instruments
The Company may invest through equities, index linked securities,
contracts for difference (“CFD”), equity linked and other debt
securities, cash deposits, money market instruments, equity
related securities, foreign currency exchange forward transactions
and other interests including derivative instruments. The Company
may invest directly in China A and B Shares and invest in Non-
Voting Depository Receipts, American Depositary Receipts,
Global Depositary Receipts and Equity Linked Notes. References
to “companies” in this investment policy may include operating
businesses that are not in corporate form.
Forward transactions and derivatives, including futures,
options, swaps and contracts for difference, may be used to
enhance portfolio performance as well as for efficient portfolio
management and hedging.
The Company may invest in unlisted securities and in other
investment funds, subject to the investment restrictions set outbelow.
Investment Restrictions
The Company will invest and manage its assets with an objective
of spreading risk with the following investment restrictions:
• no single or aggregate interest in any one company shall
represent more than 15% of total assets (measured at the
time of investment);
• no more than 15% of total assets (measured at the time of
investment) may be invested in unlisted securities;
• up to 15% of total assets (measured at the time of investment)
may be invested in other listed or unlisted investment funds
where such funds offer the only practicable means of gaining
exposure to a particular emerging market, including other
funds managed or advised by the Manager or its associates;
• up to 20% of total assets (measured at the time of investment)
may be invested in securities and instruments which provide
exposure to companies which do not have their head office
in, are not listed in or whose assets or operations are not
predominantly in emerging markets, provided that a material
proportion of the income or revenues of each such company
derives from emerging markets.
Although the Company has no present intention to make any such
investments, for so long as required by the Listing Rules, no more
than 10% of the Company’s total assets (measured at the time of
investment) may be invested in other London-listed closed ended
funds that do not have stated policies to invest no more than 15%
of their total assets in other London-listed closed endedfunds.
Strategic Report

22
Fidelity Emerging Markets Limited | Annual Report 2023
Leverage and derivatives
The Company may be geared through (i) borrowing of up to
10% of its net asset value and/or (ii) by entering into derivative
positions (both long and short) which have the effect of gearing
the Company’s portfolio, to enhance performance.
Derivatives usage will focus on, but will not be limited to the
following investment strategies:
• as an alternative form of gearing to bank loans, for instance
by the use of long CFDs;
• to enhance the investment returns by taking short positions in
stocks or markets that the Manager considers to be over-
valued or impaired;
• to enhance positions, manage position sizes and control risk
through the use of options;
• to hedge equity market risks where suitable protection can
be purchased to limit the downside of a falling market at a
reasonable cost; and
• to gain or hedge currency exposure, both long and short,
using foreign currency exchange forward transactions.
The Company is subject to the following limits in respect of its use
of derivatives:
• Net Market Exposure will not exceed 120% of the net asset
value of the Company.
• Gross Asset Exposure will not exceed 165% of the net asset
value of the Company.
• In normal market circumstances, the Company expects that
the Manager will maintain a Net Market Exposure in the
range of 100% to 110%.
Exposure Definitions
• Long Exposure is the value of the Company’s direct and
indirect investments in long positions (including the economic
value of the exposure to the reference asset of any derivative
instrument).
• Short Exposure is the value of the Company’s direct and
indirect investments in short positions (including the economic
value of the exposure to the reference asset of any derivative
instrument), excluding Hedges.
• Hedges are short positions that demonstrate risk-reduction
qualities by offsetting long positions held by the Company
which have regional congruence and a correlation of at least
80% to the Long Exposure of the Company.
• Net Market Exposure is the net positive market exposure of
the Company’s portfolio, whether through direct or indirect
investment, with short and hedge positions subtracted from
long positions. It is calculated as (Long Exposure – Hedges) –
Short Exposure.
• Gross Asset Exposure is the total market exposure of the
Company’s portfolio, whether through direct or indirect
investment. It is calculated as: (Long Exposure + Short
Exposure) – Hedges.
Benchmark Index
The Company’s benchmark is the MSCI Emerging Markets (Total
Return) Index.
Life of the Company
The Company has committed to hold a continuation vote in 2026
and every five years thereafter. The Company will propose the
continuation vote at its annual general meeting in the relevant
year and, if the continuation vote is not passed, will thereafter
present proposals to shareholders in respect of the future of
theCompany.
Management
The Company has no employees or premises and the Board
is comprised of non-executive Directors. During the year under
review, the majority of day-to-day operations and functions of the
Company were delegated to Fidelity, and to third party service
providers who are subject to the oversight of the Board. There
are therefore no disclosures to be made in respect of employees.
During the year under review Fidelity, provided investment and
risk management services, JP Morgan Chase Bank was the
Custodian and JP Morgan Administration Services (Guernsey)
Limited was the Administrator and Company Secretary. With
effect from 15 May 2023 the Company Secretary services are
provided by FIL Investments International. The Board regularly
reviews the performance and risks of its primary service providers
and checks that they have appropriate frameworks in place for
the oversight of their internal controls, monitoring andreporting.
PRINCIPAL AND EMERGING RISKS AND UNCERTAINTIES,
RISK MANAGEMENT
In accordance with the AIC Code, the Board has a robust
ongoing process for identifying, evaluating and managing
the principal risks and uncertainties faced by the Company,
including those that could threaten its business model, future
performance, solvency or liquidity. The Board, with the assistance
of the Alternative Investment Fund Manager (FIL Investment
Services (UK) Limited/the “Manager”), has developed a risk
matrix which, as part of the risk management and internal
controls process, identifies the key existing and emerging risks
and uncertainties that the Company faces. The Audit and Risk
Committee continues to identify any new emerging risks and
take any action necessary to mitigate their potential impact. The
risks identified are placed on the Company’s risk matrix and
graded appropriately. This process, together with the policies
and procedures for the mitigation of existing and emerging risks,
is updated and reviewed regularly in the form of comprehensive
reports considered by the Audit and Risk Committee. The Board
determines the nature and extent of any risks it is willing to take
in order to achieve its strategic objectives.
Strategic Report continued

23
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
The Manager also has responsibility for risk management for
the Company. It works with the Board to identify and manage
the principal and emerging risks and uncertainties and to ensure
that the Board can continue to meet its Corporate Governance
obligations.
Key emerging issues that the Board has identified include; rising
geopolitical tensions, including contagion of the Ukraine crisis or
tensions between China and Taiwan into the wider region or an
increase in tensions in the South China Sea; rising inflation and
the so-called cost of living crisis impacting demand for UK-listed
shares; and climate change, which is one of the most critical
emerging issues confronting asset managers and their investors.
The Board notes that the Manager monitors these issues, and
has integrated macro and ESG considerations, including climate
change, into the Company’s investment process. Further details
are on pages 10 to 11. The Board will continue to monitor how
this may impact the Company as a risk, the main risk being the
impact on investment valuations.
The Board considers the following as the principal risks and uncertainties faced by the Company.
Principal Risks Risk Description and Impact Risk Mitigation Trend
Volatility of
Emerging Markets
and Market Risks
• The economies, currencies and financial
markets of a number of developing
countries in which the Company invests
may be extremely volatile.
• Further risks on emerging markets from
rising inflation, a resurgent pandemic
and tightening financial conditions
exacerbated by the war in Ukraine.
• Market volatility from worsening Chinese/
Taiwanese relations that could prompt the
US to intervene.
• US imposed Executive Orders prohibiting
US investments in certain Chinese
companies and the passing of the
Holding Foreign Companies Accountable
Act(HFCAA).
• Rising geopolitical tensions, including
contagion of the Ukraine crisis or tensions
between China and Taiwan into the
widerregion.
• Regulatory measures impacting the IT
sector and a lingering weakness in the
real estate sector.
• The Company’s investments are
geographically diversified in order
to manage risks from adverse price
fluctuations.
• Russian securities already held at nil
value.
• The exposure to any one company
is unlikely to exceed 5% of the
Company’s net assets at the time the
investment is made.
• Review of material economic or
market changes and major market
contingency plans for extreme events.
• China’s integration into the global
financial system and into global
supply chains.
• Companies that were solely listed
in the US are listing on the HK or
mainland markets.
Increasing
Investment
Performance Risk
• The Portfolio Manager fails to outperform
the Benchmark Index over the longer-term.
• An investment strategy overseen by
the Board to optimise returns.
• A well-resourced team of experienced
analysts covering the market.
• Board scrutiny of the Manager and
the ability in extreme circumstances to
change the Manager.
Increasing
Changing Investor
Sentiment
• As a Company investing in emerging
markets, changes in investor sentiment
may lead to the Company becoming
unattractive to investors and reduced
demand for its shares, causing the
discount to widen.
• The Company has an active investor
relations programme.
• The Board is updated regularly by the
Investment Manager on developments
in emerging markets and on the
portfolio.
• The Chairman communicates regularly
with major shareholders.
• The Company pays a regular dividend
and considers regularly when and how
to use share buybacks.
Stable

24
Fidelity Emerging Markets Limited | Annual Report 2023
Strategic Report continued
Principal Risks Risk Description and Impact Risk Mitigation Trend
Cybercrime and
Information Security
Risks
• Cybersecurity risk to the functioning
of global markets and to national
infrastructure, as a targeted attack or
overspilling from the Russia/Ukraine war.
• Cybersecurity risk from Covid or successor
pandemics affecting the functioning of
businesses and globalmarkets.
• External cybercrime threats such as spam
attacks and DDoS (Distributed Denial
of Service) attacks and reputational risk
arising from accidental data leakage.
• The risk is monitored by the Board
with the help of the extensive Fidelity
global cybersecurity team and
assurances from outsourced suppliers.
• Development of systems and
procedures by the AIFM resulting from
the experience of the Covid pandemic
and cyber activity following the
Russian invasion of Ukraine.
Increasing
Discount to Net
Asset Value (“NAV”)
Risk
• The share price performance lags NAV
performance.
• The Board fails to implement its discount
management policy.
• Rising energy costs and cost of living crisis
impact on retail demand for shares.
• The Board reviews the discount on a
regular basis and has the authority to
repurchase shares so shares can trade
at a level close to the NAV.
• If the NAV for the five years ending
30September 2026 does not exceed
the Benchmark Index, the Company
will make a tender offer of up to 25%
of the shares in issue at that time.
Stable
Lack of Market
Liquidity Risk
• Low trading volumes on stock exchanges
of less developed markets.
• Lack of liquidity from temporary capital
controls in certain markets.
• Exaggerated fluctuations in the value of
investments from low levels of liquidity.
• Restrictions on concentration and
diversification of the assets in the
Company’s portfolio to protect the
overall value of the investments and
lower risks of lack of liquidity.
Stable
Business
Continuity & Event
Management Risks
• The aftermath of the Covid pandemic
continues to pose risks to the Company
(albeit reducing in part), such as liquidity
risks to markets, risks associated with
the maintenance of the current dividend
policy and business continuity risks for the
Company’s key service providers.
• The Russian/Ukraine conflict has
increased the risk for working from home
or in offices, specifically concerning the
potential loss of network outages.
• Event and Crisis Management teams
meet regularly to ensure readiness
for a multitude of scenarios, including
communication, power failure and
the potential escalation of conflicts
and actions taken by other nations
including Russia, China and other
emerging markets.
• Digital teams continue to maintain
solutions to allow business continuity
and operational.
Stable
Gearing Risk • The Portfolio Manager fails to use
gearing effectively, resulting in a failure
to outperform in a rising market or to
underperform in a falling market.
• The Board sets a limit on gearing and
provides oversight of the Manager’s
use of gearing.
Stable
Foreign Currency
Exposure Risk
• The functional currency in which the
Company reports its results is US dollars,
whilst the underlying investments are in
different currencies. The value of assets
is subject to fluctuations in currency rates
and exchange control regulations.
• The Portfolio Manager does not
hedge the underlying currencies of the
holdings in the portfolio but will take
currency risk into consideration when
making investment decisions.
Stable

25
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
Principal Risks Risk Description and Impact Risk Mitigation Trend
Environmental, Social
and Governance
(ESG) Risk
• The adoption of international standards
may adversely impact the profitability of
companies in the portfolio.
• The Manager fails to meet its regulatory
requirements on ESG, including climate
risk, in relation to the Company.
• Higher degree of valuation and
performance uncertainties and
liquidityrisks.
• Fidelity has adopted a sophisticated
and comprehensive system for
analysing ESG risks, including climate
risk, in investee companies.
• The Portfolio Manager is active in
analysing the effects of ESG when
making investment decisions.
Stable
Key Person Risk • Loss of the Portfolio Manager or other
key individuals could lead to potential
performance and/or operational issues.
• Succession planning for key
dependencies.
• Depth of the team within Fidelity.
• Experience of the analysts covering the
Company’s investments.
Stable
Other risks facing the Company include:
Tax and Regulatory Risks
There is a risk of the Company not complying with the regulatory
requirements of the Guernsey Financial Services Commission,
UK listing rules, corporate governance requirements or local tax
requirements that could result in loss of status as an Authorised
Closed Ended Investment Scheme, becoming subject to additional
tax charges or to exclusion from trading in particular markets.
The Board monitors tax and regulatory changes at each Board
meeting and through active engagement with regulators and
trade bodies by the Manager.
Operational Risks
The Company relies on a number of third-party service providers,
principally the Manager, Registrar and Custodian. It is dependent
on the effective operation of the Manager’s control systems
and those of its service providers with regard to the security of
the Company’s assets, dealing procedures, accounting records
and the maintenance of regulatory and legal requirements.
The Registrar and Custodian are all subject to a risk-based
programme of internal audits by the Manager. In addition,
service providers’ own internal control reports are received by
the Board on an annual basis and any concerns are investigated.
Risks associated with these service providers is rated as low,
but the financial consequences could be serious, including
reputational damage to the Company.
.

26
Fidelity Emerging Markets Limited | Annual Report 2023
Strategic Report continued
VIABILITY STATEMENT
In accordance with provision 35 of the 2019 AIC Code of
Corporate Governance the Directors have assessed the prospects
of the Company over a longer period than the twelve month
period required by the “Going Concern” basis. The Company is an
investment fund with the objective of achieving long-term capital
growth from an actively managed portfolio made up primarily
of securities and financial instruments providing exposure to
emerging market companies, both listed and unlisted. The Board
considers long-term to be at least five years, and accordingly,
the Directors believe that five years is an appropriate investment
horizon to assess the viability of the Company, although the life
of the Company is not intended to be limited to this or any other
period. In making an assessment on the viability of the Company,
the Board has considered the following:
• The ongoing relevance of the investment objective in
prevailing market conditions;
• The Company’s NAV and share price performance;
• The principal and emerging risks and uncertainties facing the
Company as set out above and their potential impact;
• The future demand for the Company’s shares;
• The Company’s share price discount to the NAV;
• The liquidity of the Company’s portfolio;
• Consideration of the continuation vote in 2026;
• The level of income generated by the Company; and
• Future income and expenditure forecasts.
The Company has assumed for the purposes of the viability
statement that the continuation vote in 2026 would be passed.
The Company’s performance for the five year reporting period
to 30 June 2023 lagged the Benchmark Index, with a NAV total
return of -5.3%, a share price total return of -7.3% compared to the
Benchmark Index total return of +10.1%.
The Board regularly reviews the investment policy and considers
whether it remains appropriate. The Board has concluded that
there is a reasonable expectation that the Company will be able
to continue in operation and meet its liabilities as they fall due
over the next five years based on the following considerations:
• The Investment Manager’s compliance with the Company’s
investment objective and policy, its investment strategy and
asset allocation;
• The fact that the portfolio comprises sufficient readily
realisable securities which can be sold to meet funding
requirements if necessary; and
• The ongoing processes for monitoring operating costs
and income which are considered to be reasonable in
comparison to the Company’s total assets.
When considering the risk of under-performance, a series of
stress tests were carried out including in particular the effects of
any substantial future falls in investment value on the ability to
maintain dividend payments and repay obligations as and when
they arise.
In preparing the Financial Statements, the Directors have
considered the impact of climate change, particularly in the
context of the climate change risk identified within the ESG
Risk on page 25. The Board has also considered the impact of
regulatory changes and significant market events and how this
may affect the Company. In addition, the Directors’ assessment
of the Company’s ability to operate in the foreseeable future is
included in the Going Concern Statement which is included in the
Directors’ Report on page34.
Promoting the Success of the Company
Under Section 172(1) of the Companies Act 2006, the Directors
of a company must act in a way they consider, in good faith,
would be most likely to promote the success of the Company for
the benefit of its members as a whole, and in doing so have
regard (amongst other matters) to the likely consequences of any
decision in the long-term; the need to foster relationships with the
Company’s suppliers, customers and others; the impact of the
Company’s operations on the community and the environment;
the desirability of the Company maintaining a reputation for high
standards of business conduct; and the need to act fairly as
between members of the Company.
As an externally managed Investment Company, the Company
has no employees or physical assets, and a number of the
Company’s functions are outsourced to third parties. The key
outsourced function is the provision of investment management
services by the Manager, but other professional service
providers support the Company by providing administration,
custodian, banking and audit services. The Board considers the
Company’s key stakeholders to be the existing and potential
shareholders, the external appointed Manager and other third-
party professional service providers. The Board considers that
the interest of these stakeholders is aligned with the Company’s
objective of delivering long-term capital growth to investors,
in line with the Company’s stated objective and strategy,
while providing the highest standards of legal, regulatory and
commercial conduct.
The Board, with the Portfolio Manager, sets the overall investment
strategy and reviews this regularly. In order to ensure good
governance of the Company, the Board has set various limits on
the investments in the portfolio, whether in the maximum size of
individual holdings, the use of derivatives, the level of gearing
and others. These limits and guidelines are regularly monitored
and reviewed and are set out on pages 21 and 22.

27
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS STRATEGY
The Board places great importance on communication with
shareholders and is committed to listening to their views. The
primary medium through which the Company communicates
with shareholders is through its Annual and Half Year Financial
Reports. Monthly factsheets are also produced. Company related
announcements are released via the Regulatory News Service
(‘RNS’) to the London Stock Exchange. All of the aforementioned
information is available on the Company’s website www.fidelity.
co.uk/emergingmarkets. Shareholders may also communicate with
Board members at any time by writing to the Company Secretary at
FIL Investments International, Beech Gate, Millfield Lane, Tadworth,
Surrey KT20 6RP or by email at investmenttrusts@fil.com. The
Portfolio Managers meet with major shareholders, potential
investors, stock market analysts, journalists and other commentators
throughout the year. These communication opportunities help inform
the Board in considering how best to promote the success of the
Company over the long-term.
The Board seeks to engage with the Manager and other service
providers and advisers in a constructive and collaborative way,
promoting a culture of strong governance, while encouraging
open and constructive debate, in order to ensure appropriate
and regular challenge and evaluation. This aims to enhance
service levels and strengthen relationships with service providers,
with a view to ensuring shareholders’ interests are best served,
by maintaining the highest standards of commercial conduct
while keeping cost levels competitive.
Whilst the Company’s direct operations are limited, the Board
recognises the importance of considering the impact of the
Company’s investment strategy on the wider community and
environment. The Board believes that a proper consideration of
ESG issues aligns with the Company’s investment objective to
deliver long-term growth in both capital and income, and the
Board’s review of the Manager includes an assessment of their
ESG approach, which is set out on pages 10 to 11.
In addition to ensuring that the Company’s investment objective
was being pursued, key decisions and actions taken by the
Directors during the reporting year, and up to the date of this
report, have included:
• Marketing & PR – Establishing a corporate identity for
theCompany
The Board has worked closely with the Manager in tandem
with various public relations and communications firms to
establish a new corporate identity for the Company since
moving to the new Manager, Fidelity.
• Audit Tender
In adherence to the Competition and Market Authority
Order 2014, FTSE 350 companies are required to retender
their audit at least every ten years or more frequently. On
this basis the Board decided to review its external audit
arrangements for the year ending 30 June 2024 noting the
incumbent KPMG Channel Islands Limited has been the
Company’s auditor since 2018. The thorough audit tender
process resulted in the Board’s recommendation to re-
appoint KPMG Channel Islands Limited as the Company’s
independent auditor for the year ending 30 June 2024 and
subsequent years.
• Company Secretarial Service
The Board regularly discusses its service providers with the
Manager and in a review during the year the Board took
the decision to appoint FIL Investments International Ltd
as Company Secretary with effect from 15 May 2023. J.P.
Morgan Administration Services (Guernsey) Limited remains
the Company’s Administrator and registered office.
Board Diversity
The Board’s overriding intention is to ensure that it is made up
of the best combination of people in order to achieve long-term
capital growth for the Company’s shareholders from an actively
managed portfolio of investments. To this effect, the Board, as
part of its succession plan, will continue to appoint individuals
who, together as a Board, will aim to ensure the continued
optimal promotion of the Company in the marketplace.
The table below reports the gender diversity of the Board as at
30 June 2023.
Gender Reporting
Number of
Board
Members
Percentage
of the Board
Number of
Senior Board
Positions
(Senior
Independent
Director and
Committee
Chair)
Men 3 60% 2
Women 2 40% 1
The Board’s composition has met the target of 40% of women on
FTSE 350 company boards ahead of the 2025 deadline as set by
the FTSE Women Leaders Review. The Board also meets the FCA
target that one of the senior Board positions is held by a woman.
This senior position is held by Heather Manners as the Chairman
of the Board and the Nomination Committee.

28
Fidelity Emerging Markets Limited | Annual Report 2023
Strategic Report continued
The Board meets the recommendations of the Parker Review
Committee that each FTSE 250 company should have at least
one director from an ethnic minority background by 2024 so
as to improve the ethnic and cultural diversity of UK company
boards as can be seen from the table below. The Board also
meets the FCA targets that at least one Director is from an ethnic
minoritybackground.
Ethnic Background Reporting
Number of
Board
Members
Percentage
of the Board
Number of
Senior Board
Positions
(Senior
Independent
Director and
Committee
Chair)
White British
or other White
(including minority
white groups) 4 80% 2
Asian/Asian British 1 20% 0
Environmental, Social and Governance (“ESG”) in the
Investment Process
The Board has contracted with the Manager to provide the
Company with investment management services. The Board
believes that ESG considerations are an important input into
the assessment of the value of its investments. The investment
universe is undergoing significant structural change and is
likely to be impacted by increasing regulation as a result of
climate change and other social and governance factors. The
Board is committed to reviewing how the Manager applies
ESG factors in the investment process. The Fidelity group of
companies (including the Manager and Investment Manager)
sets out its commitment to responsible investing and provides
a copy of its detailed Responsible Investing at www.fidelity.
co.uk/responsible-investing. Further information on Fidelity
International’s approach to ESG in the investment process and
sustainable investing can be found on pages 10 to 11 and
forms part of this Strategic Report.
Socially Responsible Investment
The Manager’s primary objective is to produce superior financial
returns for the Company’s shareholders. It believes that high
standards of corporate social responsibility (CSR) make good
business sense and have the potential to protect and enhance
investment returns.
Corporate Engagement
The Board believes that the Company should, where appropriate,
take an active interest in the affairs of the companies in which
it invests and that it should exercise its voting rights at their
general meetings. It delegates the responsibility for corporate
engagement and shareholder voting to the Investment Manager
who updates the Board on any issues and activities. These
activities are reviewed regularly by the Manager’s corporate
governance team.
Streamlined Energy and Carbon Reporting (SECR)
As an investment company with all its activities outsourced to
third parties, the Company’s own direct environmental impact is
minimal. The Company has no premises, consumes no electricity,
gas or diesel fuel and consequently does not have a measurable
carbon footprint. The Company is categorised as a low energy
user (less than 40MWH) under the Streamlined Energy & Carbon
Reporting regulations and therefore is not required to disclose
any energy and carbon information in this Annual Report.
Future Developments
Some trends likely to affect the Company in the future are
common to many investment companies together with the impact
of regulatory change and emerging risks. The factors likely to
affect its future development, performance and position are set
out in the Chairman’s Statement and the Portfolio Manager’s
Review on pages 2 to 8.
By Order of the Board
FIL Investments International
Secretary
12 October 2023

29
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYFINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE
Heather Manners
Chairman of the Board and Nomination
Committee
Appointed on 5 May 2022 appointed
Chairman of the Board on 8 December
2022.
N
Heather Manners (British) is an award-winning market
professional with some 34 years’ experience of investment in
Asia, mostly recently, and for the past 15 years as the co-founder,
CEO and CIO of Prusik Investment Management. Heather is also
a non-executive director of Montanaro Asset Management and
Collidr Asset Management respectively and previously was a
non-Executive Director of Aberdeen New Dawn. Heather began
her career at Henderson Global Investors Limited where, latterly,
she was Head of Asia and Emerging Markets. Ms Manners
resides in the UK.
Torsten Koster
Director, Member of the Audit and
Risk Committee
Appointed 1 July 2020
A N
Torsten Koster (Swiss) has over 30 years’ experience working for
large multi-national companies. He spent two periods at Nestle
SA (1991-1997 and 2003-2016). During his second term Torsten
held the positions of Chief Financial Officer Nestle Russia &
Eurasia between 2007-2011 and Chief Financial Officer Nestle
Nespresso SA from 2011-2016. He also held the positions of
Chief Financial Officer at Lukoil SA for three years from 1998-2000
and subsequently at Elca Informatique SA between 2000-2003.
In 2016 Torsten founded his own consultancy business, Baussan
Concept SA which specialized in providing due diligence and
portfolio services to European and US based private equity firms.
Torsten has held a number of Board member roles while at
SodaStream International from 2016-2018 (NASDAQ:SODA) with
his current directorship as a board member at Banque Heritage
SA (an unlisted entity). He holds a Masters degree from HEC
Lausanne. Mr Koster resides in Switzerland.
Julian Healy
Audit and Risk Committee Chairman
Appointed 12 December 2022
Appointed Chairman of Audit and Risk
Committee 4 May 2023
A N
Julian Healy (British) has over 30 years of experience working for
large financial institutions with a focus on emerging and frontier
markets, including as a non-executive director at a number of
companies and banks in Asia and Central and Eastern Europe.
Previously, Mr Healy led the Early Transition Countries Private
Equity team at the European Bank for Reconstruction and
Development, prior to which he spent ten years at JP Morgan
Fleming Investment Management and its predecessor, Fleming
Investment Management.
Mr Healy is a chartered accountant and a graduate of
Cambridge University with a BA in Modern Languages. Mr Healy
resides in the UK.
Katherine Tsang
Director, Member of the Audit and Risk
Committee
Appointed 19 July 2017
Appointed to the Audit and Risk
Committee on 28 February 2023
A N
Katherine Tsang (Canadian) spent 22 years with Standard
Chartered Bank, latterly in the role of Chairperson of Greater
China, before retiring in 2014. Following her retirement, Ms Tsang
founded Max Giant that trades in different markets as well as
making direct investments in Asia. Currently, Ms Tsang is the
Chief Executive Officer of HK Acquisition Corporation, she is also
an Independent Non-Executive Director at China CITIC Bank
International Limited, Fosun International Limited and Budweiser
Brewing Company APAC Limited.
She also serves as a member of the Advisory Council for China of
the City of London, and is an honorary Board member of Shanghai
Jiao Tong University. Previous Directorship has included serving as
an independent Non-Executive Director of Gap Inc., and Baoshan
Iron & Steel Co. Limited, a member of the World Economic Forum’s
Global Agenda Council on China, and a member of Sotheby’s
Advisory Board. Ms Tsang resides in Hong Kong.
Board of Directors
Committee membership key
A
Audit and Risk
N
Nomination
A
Committee Chair

30
Fidelity Emerging Markets Limited | Annual Report 2023
Dr Simon Colson
Director, Member of the Audit and Risk
Committee
Appointed 1 July 2019
Appointed to the Audit and Risk
Committee on 28 February 2023
A N
Dr Simon Colson (British) has over 30 years’ experience in
financial markets, working in investment banking, investment
management and financial consulting. From 1995-2001 he was
Managing Director, Deutsche Bank AG London, in charge of
closed-end fund origination and distribution, and in previous roles
was responsible for the launch, restructuring and repurposing of
a significant number of investment companies. From 2002-2005
he was a non-executive director of The Association of Investment
Companies. In 2002 he founded his own FCA regulated consulting
and distribution business which raised assets for emerging
managers across a range of traditional and alternative asset
classes (including closed-end funds). In 2017 he relinquished his
FCA license to concentrate on unregulated advisory and non-
executive work.
He is a qualified Medical Doctor and holds an MBA in Finance &
Investment from Bayes Business School (University of London). Dr
Colson resides in theUK.
Committee membership key
A
Audit and Risk
N
Nomination
A
Committee Chair
Board of Directors continued

31
Annual Report 2023 | Fidelity Emerging Markets Limited
FINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE STRATEGY
Directors‘ Report
The Directors present their thirty-fourth Annual Financial Report of
the Company, covering the year ended 30June 2023.
FINANCIAL PERFORMANCE
The results and reserve movements for the year are set out in the
Statement of Comprehensive and Statement of Financial Position
Income on pages 44 and 46 and the Notes to the Financial
Statements on pages 48 to 74.
Results and Dividends
The profit for the year for the Company amounted to $14,549,000,
this compared to a loss of $497,482,000 in the previous year.
Refer to the Portfolio Manager’s Review on pages 4 to 8 for an
explanation of the Company’sperformance.
Corporate Governance
The Corporate Governance Statement forms part of this report and
can be found on pages 32 to 34.
The Directors propose a dividend of $0.19 per Participating
Preference Share in respect of the year ended 30 June 2023
(2022: $0.16). If approved by shareholders at the AGM on
7December 2023, the dividend will be payable on 15December
2023 to shareholders on the register at close of business on
17November 2023. The ex-dividend date is 16November 2023.
Capital Values
At 30 June 2023, the value of Equity Shareholders’ Funds was
$796,734,000 (2022: $796,761,000) a decrease of $27,000. The
Net Asset Value per Participating Preference Share was $8.75
(2022: $8.75).
Key Performance Indicators
The Financial Highlights and Performance section pages inside
the front cover show the Company’s Key Performance Indicators
including its performance and discount to its NAV over the last
five years.
SHAREHOLDERS
Notifiable Interests in the Company’s Voting Rights
During the financial year, the following shareholders declared a notifiable interest in the Company’s voting rights:
Shareholders
Particpating Prefrence
Shares held
% Shares held
in Issue
Date of
notification
Allspring Global Investments Holdings, LLC 11,195,656 12.29 29 July 2022
City of London Investment Management 25,427,720 27.91 16 June 2023
The following updates to notifiable interests in the Company’s voting rights have been declared post the financial year-end:
Shareholders
Particpating Prefrence
Shares held
% Shares held
in Issue
Date of
notification
None – – –
As at 31 August 2023, the Board is also aware of the following significant holdings in the Company
Shareholder
Participating Preference
Shares Held
% Shares
in Issue
City of London Investment Management 25,232,179 27.70
Strathclyde PF 19,535,818 21.44
Allspring Global Investments 12,411,570 13.62
Lazard Asset Management 9,037,301 9.92
Note: All of the above % Shares in Issue are calculated based on the number of shares in issue as at 31 August 2023, being 91,100,066
Participating Preference Shares.

32
Fidelity Emerging Markets Limited | Annual Report 2023
This Corporate Governance Statement forms part of the Directors’
Report. The Company is committed to maintaining high standards
of corporate governance. Accordingly, the Board has put in
place a framework for corporate governance which it believes is
appropriate for an investment company.
The Board is accountable to shareholders for the governance of
the Company’s affairs. The Directors use this Report to detail the
Company’s corporate governance statement.
The Company is a member of the Association of Investment
Companies (‘AIC’) and the Board has considered the Principles
and Provisions of the 2019 AIC Code of Corporate Governance
(‘AIC Code’). The AIC Code addresses the Principles and
Provisions set out in the 2018 UK Corporate Governance Code
(‘UK Code’), as well as setting out additional Provisions on
issues that are of specific relevance to the Company. The
Board considers that reporting against the Principles and
Provisions of the AIC Code, which has been endorsed by the
Financial Reporting Council and the Guernsey Financial Services
Commission provides more relevant information to shareholders.
The Company is an Authorised Closed Ended Investment Scheme
regulated by the Guernsey Financial Services Commission
(‘GFSC’). The GFSC requires compliance with the principles
set out in the Finance Sector Code of Corporate Governance
(‘Guernsey Code’), or alternative codes accepted by the GFSC, in
the context of the nature, scale and complexity of the business.
As a Guernsey incorporated company with a premium listing on
the London Stock Exchange within the FTSE 250, the Company
is required to comply with Listing Rule 9.8.7 (for overseas
incorporated companies). This requires the Company to state
how it has applied the main principles set out in the 2018 UK
Corporate Governance Code (the ‘UK Code’) and whether it has
complied with these provisions throughout the accounting period.
Statement of Compliance
The Board confirms that during the year under review, the Company
has complied with the provisions of the AIC Code and therefore,
insofar as they apply to the Company’s business, with the provisions
of the 2018 UK Code and Guernsey Code except as noted below.
• The role of Chief Executive
Since all Directors are non-executive and day-to-day
management responsibilities were delegated to the
Manager, Investment Manager, and other third party service
providers, the Company does not have a Chief Executive.
• Executive Directors’ remuneration
As the Board has no executive Directors, it is not required
to comply with the principles of the UK Code in respect
of executive Directors’ remuneration and does not have a
Remuneration Committee.
• Nomination Committee
All Directors are members of the Nomination Committee.
Given the size of the Board, the Board believes that it is
important that all Directors are involved in the evaluation and
appointment of new Directors from an early stage.
• Internal audit function
As the Company has no employees and delegates its day-
to-day operations to the Manager, Investment Manager, and
other third party service providers, the Board has determined
that there is no requirement for an internal audit function.
The Directors annually review whether a function equivalent
to internal audit is needed and will continue to monitor the
Company’s systems of internal controls in order to provide
assurance that they operate as intended.
• Workforce policies and practices
As the Company has no employees and delegates its day-
to-day operations to the Manager, Investment Manager, and
other third party service providers, it is not required to comply
with this provision.
The Board is committed to the continuing compliance with the
AIC Code.
REGULATORY DISCLOSURES
The Alternative Investment Fund Managers
Directive(‘AIFMD’)
Fidelity International Investment Management is a limited liability
partnership organised under the laws of England and Wales and
qualifies as an EU alternative investment fund manager (‘AIFM’).
Article 22 of AIFMD requires certain qualitative and quantitative
disclosures on remuneration to assist the understanding of the
risk profile of the Company. Details of Fidelity International’s
Remuneration Policy during the year under review and amounts
attributable to the Company are available on page 83.
UK Listing Authority Listing Rules (‘LR’) – compliance with
rule9.8.4
None of the disclosures required under LR 9.8.4 are applicable to
the Company.
ANNUAL GENERAL MEETING
This year’s AGM will be held on Thursday, 7 December 2023
at 8:30 a.m. at the registered office of the Company, Level 3,
MillCourt La Charroterie, St Peter Port, Guernsey GY1 1EJ.
In addition to the ordinary business to be conducted at the
meeting, the following special business will be proposed:
Resolutions 12-13: Authority to purchase own shares
(special resolutions)
Resolution 12 is seeking to renew authority to purchase through
the London Stock Exchange Participating Preference Shares
representing 14.99% of the issued share capital of the Company.
The decision as to whether the Company purchases any such
shares will be at the discretion of the Board. Purchases of
Participating Preference Shares will be made within the guidelines
permitted by the UK Listing Authority. Any Participating Preference
Shares which are repurchased may be held in treasury.
If held in treasury, these shares may subsequently be cancelled
or sold for cash at above their net asset value at the time of sale.
Special Resolutions
Resolution 12
The Directors are seeking to renew the authority to purchase
shares in the market of up to 13,655,899 Participating Preference
Shares (respectively equivalent to 14.99 per cent. of the shares of
the issued number of Participating Preference Shares at the date
Corporate Governance Statement

33
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE
Board of Directors continued
of this document or, if lower, such number as is equal to 14.99%
of the issued number of Participating Preference Shares at the
date of passing the resolution).
The maximum price which may be paid for a Participating
Preference Share is an amount equal to 105% of the average of
the middle market quotations for a Participating Preference Share
taken from the London Stock Exchange Daily Official List for the
five business days immediately preceding the day on which the
Participating Preference Share is purchased.
The authority hereby conferred shall expire at the conclusion of
the Annual General Meeting of the Company to be held in 2023
unless such authority is renewed prior to such time.
The Company may make a contract to purchase Participating
Preference Shares under the authority hereby conferred prior to the
expiry of such authority which will or may be executed wholly or partly
after the expiration of such authority and may make a purchase of
Participating Preference Shares pursuant to any such contract.
Resolution 13
Resolution 13 disapplies the pre-emption rights contained in the
Articles so that the Board has authority to allot and issue (or
sell from treasury) shares for cash on a non-pre-emptive basis in
respect of 9,110,006 Participating Preference Shares (equivalent
to 10 per cent. of the Participating Preference Shares in issue as
at the latest practicable date prior to the date of publication of
this document (excluding in each case shares held in treasury)).
The disapplication expires on the date falling fifteen months after
the date of passing of Resolution 13 or the conclusion of the next
annual general meeting of the Company, whichever is the earlier
and permits the Board to allot and issue shares (or sell shares
from treasury) after expiry of the disapplication if it has agreed to
do so beforehand. Shares issued (or sold from treasury) pursuant
to the disapplication would not be issued at a price that is less
than the prevailing net asset value per share of the relevant class.
The resolution to approve disapplication of pre-emption rights in
respect of issues of shares for cash is set at 10 per cent. of the
Participating Preference Shares in issue (excluding shares held in
treasury). As the issue of such shares (or sale from treasury) by the
Company on a non-pre-emptive basis is subject to the additional
qualification that the relevant shares must be issued for a price at
least equal to the prevailing net asset value for the relevant class of
shares, the Board believes that the existing authority to issue new
shares for cash equal to 10 per cent. of the Participating Preference
Shares in issue (excluding shares held in treasury) is appropriate.
The Directors have no present intention to exercise the authority
conferred by Resolution 13.
Recommendation
The Board considers that the passing of all resolutions being
put to the Company’s AGM would be in the best interest of
the Company and its shareholders as a whole. It therefore
recommends that shareholders vote in favour of resolutions 1 to
13, as set out in the Notice of Annual General Meeting.
THE BOARD
As at the date of this report, the Board, chaired by Heather Manners,
consists of five non-executive Directors. Russell Edey, Director and
Chairman of the Audit and Risk Committee retired from the Board
on 4 May 2023 when Julian Healy assumed the role. The Directors
believe that, between them, they have good knowledge and wide
experience of business in the emerging markets region, unlisted
investments and their valuations, and of investment companies, and
that the Board has an appropriate balance of skills, experience,
independence and knowledge of the Company and length of service
to discharge its duties and provide effective strategic leadership and
proper governance of the Company.
Torsten Koster was appointed as Senior Independent Director
following Mr Edey’s retirement and fulfils the role as a sounding
board for the Chairman, intermediary for the other Directors as
necessary and acts as a channel of communication for shareholders
in the event that contact through the Chairman is inappropriate.
Biographical details of all Directors are on pages 29 and 30.
The Directors consider that since they do not have executive
roles, it is not necessary to establish a separate Remuneration
Committee. There is also no separate Management Engagement
Committee as the Board, as a whole, regularly meets with the
Manager, the Administrator and the Company Secretary to discuss
theirperformance.
The Board regularly reviews both the performance of, and the
contractual arrangements with FIL Investments International as
Investment Manager. The Management Agreement sets out
matters over which Fidelity International has authority and includes
management of the Company’s assets and the provision of
administrative duties.
As noted on page 37, the Audit and Risk Committee reviews
the performance of, and the contractual arrangements with the
Administrator and the Custodian. The Board is satisfied that the
continuing appointment of the Administrator and the Custodian is in
the best interests of shareholders.
The Board meets at least three times during the year and between
these meetings there is regular contact with FIL Investments
International who provides the Board with appropriate and timely
information. Attendance at those meetings is shown on on page 34.
Board Responsibilities
The Board has overall responsibility for the Company’s affairs and for
promoting the long-term success of the Company. All matters which
are not delegated to the Company’s Investment Manager under
the Management Agreement are reserved for the Board’s decision.
Matters reserved for the Board and considered at meetings include
decisions on strategy, management, structure, capital, share issues,
share repurchases, gearing, financial reporting, risk management,
investment performance, share price discount, corporate governance,
Board appointments, and the appointment of the Investment
Manager and Company Secretary. The Board also considers
shareholder issues including communication and investor relations.
All Directors are independent of the Investment Manager and
considered to be free from any relationship which could materially
interfere with the exercise of their independent judgement. The Board
follows a procedure of notification of other interests that may arise as
part of considering any potential conflicts and is satisfied that none
has arisen in the year under review. All Directors are able to allocate
sufficient time to the Company to discharge their responsibilities
fully and effectively. Each Director is entitled to take independent
professional advice, at the Company’s expense, in the furtherance of
their duties.

34
Fidelity Emerging Markets Limited | Annual Report 2023
Corporate Governance Statement continued
Directors’ Insurance and Indemnification
Directors’ and Officers’ liability insurance cover is held by the
Company to cover Directors against certain liabilities that may arise
in the course of their duties.
Tenure Policy
Directors appointed to the Board are subject to election and
subsequent annual re-election by shareholders at Annual
General Meetings and normally serve a term of up to nine years
fromelection.
Company Secretary
The Board undertook a review of service providers during the year
and took the decision to appoint FIL Investments International Ltd
as Company Secretary with effect from 15 May 2023. JP Morgan
Administration Services (Guernsey) Limited remains the Company’s
Administrator and has been in office for the whole year under review.
Board Meetings
The Board considers that it meets sufficiently regularly to discharge
its duties effectively and the table below gives the attendance
record for the meetings held during the reporting year. The Portfolio
Manager and key representatives of the Investment Manager are in
attendance at these meetings.
OTHER MATTERS
Voting Policy
With effect from 4 October 2021, the Board has authorised
Fidelity to exercise the Company’s voting rights in respect of
resolutions proposed by investee companies.
Details of Fidelity’s voting policy can be found at
www.fidelity.co.uk/responsible-investing.
Borrowing Facilities
The Articles of Incorporation permit the Company to borrow up to
10% of the value of its Net Assets. No borrowing facility was used
in either 2022 or 2023.
Discount/Premium to Net Asset Value
The Board reviews the level of the discount or premium between
the middle market price of the Company’s Participating
Preference Shares and their net asset value on a regular basis.
European Union
The Company is a Guernsey based authorised closed-ended
investment company listed in the UK and traded on the London
Stock Exchange.
The European Securities and Markets Authority (‘ESMA’) has
approved the co-operation arrangements between the FCA and
GFSC.
Going Concern
The Financial Statements of the Company have been prepared on
a going concern basis.
The Directors have considered the Company’s investment
objective, risk management policies, liquidity risk, credit risk,
capital management policies and procedures, the nature of its
portfolio and its expenditure and cash flow projections.
The Directors, having considered the liquidity of the Company’s
portfolio of investments (being mainly securities which are readily
realisable) stress testing performed and the projected income
and expenditure, are satisfied that the Company is financially
sound and has adequate resources to meet all of its liabilities
and ongoing expenses and continue in operational existence for
the foreseeable future. The Board has therefore concluded that
the Company has adequate resources to continue to adopt the
going concern basis for the period to 31 October 2024 which is
at least twelve months from the date of approval of the Financial
Statements. The prospects of the Company over a period longer
than twelve months can be found in the Viability Statement on
page 26.
Signed on behalf of the Board
Heather Manners
Chairman
12 October 2023
Board’s Attendance Record for the Reporting Year
Regular
Board
Meetings
Audit and
Risk
Committee
Meetings
Nomination
Committee
Meetings
Heather Manners 4/4 2/2
(1)
1/1
Dr Simon Colson 4/4 1/1
(2)
1/1
Russell Edey 4/4 3/3
(3)
1/1
Julian Healy 2/2 2/2
(4)
1/1
Torsten Koster 4/4 3/3 1/1
Katherine Tsang 4/4 1/1
(2)
1/1
(1) Attended the Audit and Risk Committee by invitation only following appointment as Chairman on 8 December 2022
(2) Appointed to the Audit and Risk Committee on 28 February 2023
(3) Retired on 4 May 2023
(4) Appointed 12 December 2022

35
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYFINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE
The Directors of the Company are non-executive and by way of
remuneration are entitled to receive fees for their services which
shall not exceed $400,000, exclusive of relevant expenses, in
aggregate per annum. This was approved by shareholders at
the AGM on 8 November 2020 and can only be amended by
shareholder approval at a general meeting.
Directors’ Remuneration
The level of Directors’ Fees is independently assessed and was
reviewed in May 2023 by Stephenson & Co. The assessment
concluded that Directors fees were behind the recommended
average for Directors of Channel Island companies comparable
to the Company. Therefore the annual fee structure with effect
from 1 July 2023 is as follows: Chairman – £50,000 (2022:
£45,000); Senior Independent Director – £38,000 (2022: £37,500);
Chairman of the Audit and Risk Committee – £38,000 (2022:
£37,500); and Director – £36,000 (2022: £30,000). Directors’
remuneration is reviewed on an annual basis to ensure that it
remains competitive and sufficient to attract and retain the quality
of Directors needed to manage the Company successfully.
The Directors are also entitled to be paid all travelling, hotel
and other expenses properly incurred by them in attending and
returning from meetings of the Directors or any committee of the
Directors or General Meetings of the Company or in connection
with the business of the Company.
Directors’ Service Contracts
No Director has a contract of service with the Company.
Accordingly, the Directors are not entitled to any compensation
in the event of termination of their appointment or loss of office,
other than the payment of any outstanding fees. The Board does
not consider it appropriate that Directors should be appointed
for a specific term. All Directors are subject to re-election by
shareholders annually and any AGM Resolution new Director
appointed would be subject to election by shareholders at the
next AGM following their appointment.
Directors’ Emoluments for the Year
The fees paid to each Director for the years ended 30 June 2023
and 2022 are shown in the table below with any year-on-year
differences being explained:
30 June 2023 30 June 2022
Heather Manners
(1)
£38,438 £4,685
Julian Healy
(2)
£19,442 –
Russell Edey
(3)
£31,643 £37,500
Torsten Koster £35,390 £35,000
Dr Simon Colson £31,667 £30,000
Katherine Tsang £31,667 £30,000
Hélène Ploix
(4)
£19,656 £45,000
Sujit Banerji
(5)
£13,212 £30,000
£221,115 £212,185
(1) Appointed as a Director on 5 May 2022 and Chairman on 8 December 2022
(2) Appointed as a Director on 12 December 2022 and Audit and Risk Committee
Chairman on 4 May 2023
(3) Retired as a Director and Audit and Risk Committee Chairman on 4 May 2023
(4) Retired as Chairman and Director on 8 December 2022
(5) Retired as a Director on 8 December 2022
No additional fees or expenses were paid to Directors in respect
of the financial year ended 30 June 2023.
Directors’ Interests
The following Directors had a beneficial interest (including family
interests) in the share capital of the Company. The table shows
the number of Participating Preference Shares held by each
Director as at 30 June 2023 and 2022:
Director 30 June 2023 30 June 2022
Heather Manners 10,000 –
Torsten Koster 15,000 –
Dr Simon Colson 4,416 4,416
Russell Edey
(1)
n/a 10,000
Julian Healy – n/a
Katherine Tsang – –
Hélène Ploix
(2)
n/a 15,000
Sujit Banerji
(3)
n/a 15,000
(1) Retired as a Director and Audit and Risk Committee Chairman on 4 May 2023
(2) Retired as Chairman and Director on 8 December 2022
(3) Retired as a Director on 8 December 2022
AGM Resolution
An ordinary resolution to approve this Remuneration Report will be put to shareholders at the forthcoming AGM.
Statement of voting at the last AGM
The following table sets out the votes received at the AGM of the shareholders of the Company, held on 8 December 2022 in respect
of the approval of the Directors’ Remuneration Report.
Votes cast for Votes cast against
Total votes cast
Number of
votes withheldNumber % Number %
58,207,623 99.79 124,541 0.21 58,332,164 780
For and on behalf of the Board
Heather Manners
Chairman
12 October 2023
Directors‘ Remuneration Report

36
Fidelity Emerging Markets Limited | Annual Report 2023
Statement of Directors‘ Responsibilities
The Directors are responsible for preparing the Annual Financial
Report in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the financial statements in accordance
with International Financial Reporting Standards as adopted by
the European Union to meet the requirements of applicable law
and regulations.
Under company law the Directors must not approve the financial
statements unless they are satisfied that taken as a whole, they
give a true and fair view of the state of affairs of the Company
and of its profit or loss for that period. In preparing these
financial statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable and
prudent;
• state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
• assess the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern;
and
• use the going concern basis of accounting unless they either
intend to liquidate the Company or to cease operations, or
have no realistic alternative but to do so.
The Directors are responsible for keeping proper accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any
time the financial position of the Company and enable them to
ensure that its financial statements comply with the Companies
(Guernsey) Law, 2008. They are responsible for such internal
control as they determine is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error, and have general responsibility for
taking such steps as are reasonably open to them to safeguard
the assets of the Company and to prevent and detect fraud and
other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website. Legislation in Guernsey governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions. The work carried out by the
auditor does not include consideration of the maintenance and
integrity of the website and, accordingly, the auditor accepts no
responsibility for any changes that have occurred to the accounts
when they are presented on the website.
The Directors who hold office at the date of approval of this
Directors’ Report confirm that so far as they are aware, there is
no relevant audit information of which the Company’s auditor
is unaware, and that each Director has taken all the steps he/
she ought to have taken as a Director to make himself or herself
aware of any relevant audit information and to establish that the
Company’s auditor is aware of that information.
Responsibility statement of the Directors in respect of the
Annual Report
The Directors confirm that to the best of their knowledge:
• the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company; and
• the Chairman’s statement, Strategic Report and Portfolio
Managers’ Review includes a fair review of the development
and performance of the business and the position of the
Company, together with a description of the principal and
emerging risks and uncertainties that the Company faces.
The Directors consider the Annual Report, taken as a whole,
is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Company’s
performance, business model and strategy.
There were no instances where the Company is required to make
disclosures in respect of Listing Rule 9.8.4 during the financial
period under review.
For and on behalf of the Board
Heather Manners
Chairman
12 October 2023

37
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE
I am pleased to present the formal report of the Audit and Risk
Committee (the “Committee”) to shareholders. The primary
responsibilities of the Committee are to ensure the integrity
of the Company’s financial reporting, the appropriateness of
the risk management and internal controls processes and the
effectiveness of the independent audit process and how this has
been assessed for the year ended 30 June 2023.
The Board established an Audit and Risk Committee which
consists of all Directors, with the exception of the Chairman,
Heather Manners. The Audit and Risk Committee is chaired by
Julian Healy.
The Audit and Risk Committee has formally delegated duties
and responsibilities with written Terms of Reference, which are
available on the Company’s website.
Role and Responsibilities of the Audit Committee
The Committee’s authority and duties are clearly defined in its
terms of reference which are available on the Company’s pages of
the Manager’s website at www.fidelity.co.uk/emergingmarkets.
These duties include:
• To monitor the integrity of the financial statements of the
Company, including its annual and half-yearly reports
andany other formal announcement relating to its
financialperformance;
• To review the Company’s accounting policies and any
significant financial reporting judgements;
• To monitor and review the adequacy and effectiveness of the
internal financial control and risk management systems on
which the Company is reliant;
• To review and approve statements to be included in the Annual
Financial Report concerning controls and risk management;
• To review the performance of, and the contractual
arrangements with the Administrator and the Custodian;
• To report to the Board that they have carried out a robust
assessment of the principal and emerging risks facing
theCompany;
• To provide advice to the Board on whether they consider the
Annual Financial Report, taken as a whole, is fair, balanced
and understandable;
• To make recommendations to the Board in relation to the
appointment, re-appointment and removal of external auditors;
• To monitor the independence and objectivity of external
auditors; and
• To review the audit fees, terms of engagement and provision
of non-audit services by the external auditor.
The Audit and Risk Committee usually meets three times a year
to review the Annual and Half Year Financial Reports, audit
timetable and other risk management and governance matters.
Itmay meet more often if deemed necessary, or if required by
the Company’s auditors.
Significant accounting matters
During the review of the Company’s financial statements for the year ended 30 June 2023, the Audit and Risk Committee considered
the following matters to be significant issues, both of which were satisfactorily addressed:
Issue considered How the issue was addressed
Valuation, existence
and ownership of
investments (including
derivatives and
unlisted investments)
The valuation of
investments (including
derivatives and
unlisted investments)
is in accordance with
Accounting Policy
Note2(b) on pages 49
and 50.
The Committee took comfort from the Custodian’s reports that investment related activities are conducted
in accordance with the Company’s investment policy. The Committee received reports from the Manager
and the Administrator which concluded that controls around the valuation, existence and ownership of
investments operate effectively. The valuation of the Company’s unlisted, suspended, and illiquid investments
which are subject to fair value oversight by the Manager’s Fair Value Committee (“FVC”) were reviewed by
the Committee. It receives reporting from the FVC and reviews the proposed valuation methodology to be
adopted.
Specifically, there are a number of current factors impacting the Company’s Russian investments, such as
markets being closed or with restrictions on trading in certain instruments or with certain counterparties
due to the imposition of sanctions: at the period-end appropriate fair value adjustments to these Russian
investments have been made as proposed by the FVC.
Report of the Audit and Risk Committee

38
Fidelity Emerging Markets Limited | Annual Report 2023
Auditor independence and assessment
The Audit and Risk Committee monitors the European and U.K.
legislation regarding mandatory audit firm rotation and tendering
to ensure compliance and an external tender was conducted
during 2023.
As part of its review of the continuing appointment of the Auditor,
the Audit and Risk Committee considered the independence of
the Auditor along with the effectiveness of the audit. The Auditor
was asked to attest that KPMG and the audit team members were
independent of the Company. KPMG also confirmed that they had
not been engaged in the provision of any non-audit services to the
Company during the year. Audit effectiveness was assessed by
means of the Auditors’ direct engagement with the Board at Audit
and Risk Committee meetings and also by reference to feedback
from the Investment Manager and Administrator. The Audit and
Risk Committee reviewed the Auditor’s risk assessment and audit
approach at the planning stage and were briefed on the fulfilment
of that plan at the completion stage. The Board concluded, on the
recommendation of the Audit and Risk Committee, that the Auditors
continue to be independent of the Company.
The fees paid to KPMG in respect of audit services for the year
ended 30 June 2023 were $73,000 (2022: $159,000). KPMG did
not provide any non-audit services during the year (2022: None).
The audit fees charged through the Statement of Comprehensive
Income for the year ended 30 June 2022 also includes an
element related to the prior years.
Auditors Appointment and Tenure
In adherence to the Competition and Market Authority Order
2014, FTSE 350 companies are required to re-tender their audit
at least every ten years or more frequently. On this basis the
Board decided to review its external audit arrangements for the
year ending 30 June 2024 noting the incumbent KPMG Channel
Islands Limited has been the Company’s auditor since 2018.
The Audit and Risk Committee undertook a tender process during
the year for the audit of the financial year ending 30June 2024.
A sub Committee of the Audit and Risk Committee reviewed
tender submissions from several firms, and, following detailed
consideration, recommended to the Board that KPMG Channel
Islands Limited be re-appointed as auditors on the basis of
the breadth of experience demonstrated of the investment trust
sector and the resources and strength of their audit team. The
Board supported the recommendation which will be put to
shareholders at the forthcoming Annual General Meeting.
Internal Controls
The Board is responsible for the Company’s system of internal
control and for reviewing its effectiveness.
As there is delegation of daily operational activity, described
below, there is no requirement for a direct internal audit function.
The internal control systems are designed to meet the Company’s
particular needs and the risks to which it is exposed. Accordingly,
the internal control systems are designed to manage rather than
eliminate the risk of failure to achieve business objectives and
by their nature can only provide reasonable and not absolute
assurance against misstatement and loss.
The services provided to the Company by the Administrator, such
as administration services, accounting services and company
secretarial duties reflect the system of financial and operating
controls operating at the Administrator. The control regime for
other services, such as the Manager, Investment Manager,
Custodian and Registrar, reflect the internal controls operated by
these respective service providers.
The Administrator provides semi-annual and annual financial
statements based on the requirements of the Company. The
financial statements are based on data from the Administrator’s
accounting system including the trial balance, net asset valuation,
purchase and sales report and other investment schedules. All
statements are reconciled and reviewed by the Administrator
using pre-defined checklists and reviewed by the Manager prior
to distribution.
In order for the Directors to review their effectiveness for the
Company’s business, an annual review of all outsourced functions
has taken place. Their performance was monitored against
obligations specified in the relevant contracts and was found to
be in order.
Service providers report annually on the design and effectiveness
of internal controls operating over the functions provided. Reports
are reviewed by the Audit and Risk Committee and any material
findings are considered by the Board.
The Audit and Risk Committee has carried out its annual
assessment of the internal controls of the Company’s service
providers for the year ended 30 June 2023 and considered the
internal control procedures to be adequate based on the findings
of their respective ISAE 3402 or SOC 1 reports.
For and on behalf of the Audit and Risk Committee
Julian Healy
Chairman of the Audit and Risk Committee
12 October 2023
Report of the Audit and Risk Committee continued

39
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE
The Board has an established Nomination Committee which
consists of all Directors, chaired by Heather Manners.
The Nomination Committee has formally delegated duties
and responsibilities with written Terms of Reference, which
are available on the Company’s website www.fidelity.co.uk/
emergingmarkets.
The responsibilities of the Nomination Committee are inter alia:
• To regularly review the structure, size and composition
(including the length of service of the Board members, skills,
knowledge, experience and diversity) of the Board and make
recommendations to the Board with regard to any changes.
• To give full consideration to succession planning for Directors,
taking into account the challenges and opportunities facing
the Company, the skills and expertise needed on the Board
in the future and the promotion of diversity of gender, social
and ethnic backgrounds, cognitive and personal strengths.
• To be responsible for identifying and nominating, for the
approval of the Board, candidates to fill Board vacancies as
and when they arise and for overseeing the development of
a diverse pipeline for succession.
Diversity
It is seen as a prerequisite that each member of the Board must
have the skills, experience and character that will enable them
to contribute to the effectiveness of the Board and the success
of the Company. Subject to that overriding principle, diversity of
experience and approach, including gender diversity, amongst
Board members is of great value, and it is the Board’s policy to
give careful consideration to overall Board balance and diversity
in making new appointments to the Board.
Composition and independence
As at 30 June 2023 the Board comprised of three male and two
female Directors. All Directors are non-executive and independent
of both the Company and the Investment Manager. Each Director
is required to disclose any potential conflicts of interest at each
Boardmeeting.
Tenure and Succession Planning
The policy on Board refreshment is to ensure continuity and
stability with no more than one Board member retiring and
one successor recruited in each calendar year. In line with the
AIC Code guidelines for independent Directors, individuals
will generally serve on the Board for no more than nine years,
although the Chairman’s term of office may be extended by a
maximum of three additional years to a total of twelve years.
Inrecruiting new Directors, the aim will always be to preserve or
enhance the skill sets on the Board, taking account of the need to
ensure age, gender and ethnic diversity.
A review of succession planning was undertaken by the
Nomination Committee in November 2022 and 2023. It was
noted Russell Edey intended to step down in the first half of 2023
and that his role as Audit and Risk Committee Chairman be
assumed by Julian Healy. Mr Edey’s role as Senior Independent
Director will be taken on by Torsten Koster.
Board appointments and re-election
All members of the Nomination Committee consider new Board
appointments. The Chairman, Fidelity or other appropriate persons
provide new appointees to the Board with a preliminary briefing
on the workings of the Company. When appointing a new Director,
the Board takes care to ensure that the new Director enhances
the balance of skills, diversity and experience appropriate to the
requirements of the Company and that a new Director has enough
time available to properly fulfil their duties. The Directors also
have access, where necessary in the furtherance of their duties,
to independent professional advice at the Company’s expense.
Directors are initially appointed until the following Annual General
Meeting when, under the Company’s Articles of Incorporation, it is
required that they be elected by shareholders.
During the year the Board engaged external recruitment consultant,
Stephenson & Co, which has no connection with the Company, to
facilitate the search for a new independent non-executive Director
to join the Board. As a result of this process, Julian Healy was
appointed to the Board on 12 December 2022 as a non-executive
Director and a member of the Audit and Risk Committee, and the
Nomination Committee. Mr Healy was appointed Chairman of the
Audit and Risk Committee in May 2023. Mr Healy will stand for
election by shareholders at the forthcoming AGM on 7 December
2023.
All the Directors are retiring in accordance with the AIC Code
and will offer themselves for election or re-election. As each
Director has maintained their effectiveness and commitment to
the Company, the Board endorses them and recommends their
re-election to theshareholders.
Evaluation of the Board
The Board evaluates its performance on an annual basis and
considers the balance of skills, experience, length of service
and the promotion of diversity and inclusion as part of this
process. In accordance with the AIC Code, consideration is
given to the engagement of an external evaluator on a regular
basis. An independent evaluation of the Board’s performance
was last conducted in June 2023 by Stephenson & Co. The next
independent Board evaluation is due to be conducted in 2025.
The findings of the internal evaluation, which took place in
2023 were considered by the Directors, and actions were taken
whereappropriate.
Heather Manners
Chairman of the Nomination Committee
12 October 2023
Nomination Committee’s Report

40
Fidelity Emerging Markets Limited | Annual Report 2023
Our opinion is unmodified
We have audited the financial statements of Fidelity Emerging
Markets Limited (the “Company”), which comprise the statement
of financial position as at 30 June 2023, the statements of
comprehensive income, changes in equity and cash flows for the
year then ended, and notes, comprising significant accounting
policies and other explanatory information.
In our opinion, the accompanying financial statements:
• give a true and fair view of the financial position of the
Company as at 30 June 2023, and of the Company’s financial
performance and cash flows for the year then ended;
• are prepared in accordance with International Financial
Reporting Standards as adopted by the EU; and
• comply with the Companies (Guernsey) Law, 2008.
Basis for Opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities are described below. We have fulfilled our ethical
responsibilities under, and are independent of the Company
in accordance with, UK ethical requirements including the FRC
Ethical Standard as required by the Crown Dependencies’ Audit
Rules and Guidance. We believe that the audit evidence we have
obtained is a sufficient and appropriate basis for our opinion.
Key audit matters: our assessment of the risks of material
misstatement
Key audit matters are those matters that, in our professional
judgment, were of most significance in the audit of the financial
statements and include the most significant assessed risks of
material misstatement (whether or not due to fraud) identified
by us, including those which had the greatest effect on: the
overall audit strategy; the allocation of resources in the audit;
and directing the efforts of the engagement team. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters. In
arriving at our audit opinion above, the key audit matter was as
follows (unchanged from 2022):
Valuation of financial
assets at fair value
through profit or loss
and derivative assets
and liabilities The risk Our response
Financial assets at fair
value through profit or
loss: $778,608,000; (2022:
$727,734,000)
Derivative assets:
$9,468,000; (2022:
$20,515,000)
Derivative liabilities:
$12,847,000; (2022:
$14,408,000)
Refer to the report of
the Audit Committee
on pages 37 and 38,
accounting policy note
2(b) and 2(r), and notes
10, 11 and 17.
Basis:
The Company’s investments consist primarily of listed
equity securities from emerging markets, equity linked
notes and derivative instrument assets and liabilities
(“Investments”).
As at 30 June 2023, the Company had invested the
equivalent of $752,126,000 (2022: $642,794,000) in listed
equity securities and $17,433,000 (2022: $78,739,000)
in equity linked notes, as well as $9,468,000 (2022:
$20,515,000) in derivative assets and $12,847,000 (2022:
$14,408,000) in derivative liabilities. These Investments,
carried at fair value, are valued by the Company based
on prices obtained from third party pricing providers.
The Company holds seven securities with Russian
exposure and one security with Ukrainian exposure,
which continue to be impacted by a range of
actions taken by governments, stock exchanges and
counterparties, including sanction regimes, leading to
significant valuation and liquidity issues. As at 30 June
2023, the Company’s investments in these seven Russian
securities are valued at $Nil. These securities were
valued at $17,283,661 immediately prior to suspension
on 28 February 2022 with a cost of $99,959,944.
Risk:
The valuation of the Company’s Investments, given that
it represents the majority of the Company’s net assets, is
considered to be the area which has the greatest effect
on our overall audit strategy and allocation of resources
in planning and completing our audit.
Our audit procedures included:
Internal Controls:
We evaluated the design and implementation
of key controls over the valuation of quoted
investments.
Use of KPMG Valuation Specialists:
We used our KPMG valuation specialist to
independently price the listed equity securities,
equity linked notes, derivative assets and
derivative liabilities using third party pricing
sources.
Other procedures
With the assistance of our KPMG valuation
specialists, we assessed the appropriateness
of the valuation approach and methodology
applied to the Russian and Ukrainian securities
held by the Company. We also reviewed the
disclosures within the financial statements
around these securities.
Assessing disclosures:
We also considered the Company’s valuation
policies adopted in note 2(b) and the
Company’s disclosures (see note 2(r)) in
relation to the use of estimates and judgements
regarding the valuation of Investments and
derivative instruments and in addition the fair
value disclosures in note 17 for compliance with
IFRS as adopted by the EU.
Independent Auditor‘s Report to the Members
of Fidelity Emerging Markets Limited

41
Annual Report 2023 | Fidelity Emerging Markets Limited
GOVERNANCEINFORMATION FOR SHAREHOLDERS FINANCIAL STRATEGYGOVERNANCE
Our application of materiality and an overview of the scope
of our audit
Materiality for the financial statements as a whole was set at
$15.9m (2022: $15.9m), determined with reference to a benchmark
of net assets of $796.7m, of which it represents approximately 2.0%
(2022: 2.0%).
In line with our audit methodology, our procedures on individual
account balances and disclosures were performed to a lower
threshold, performance materiality, so as to reduce to an
acceptable level the risk that individually immaterial misstatements
in individual account balances add up to a material amount across
the financial statements as a whole. Performance materiality for
the Company was set at 75% (2022: 75%) of materiality for the
financial statements as a whole, which equates to $11.9m (2022:
$11.9m). We applied this percentage in our determination of
performance materiality because we did not identify any factors
indicating an elevated level of risk.
We reported to the Audit Committee any corrected or uncorrected
identified misstatements exceeding $795k (2022: $795k), in
addition to other identified misstatements that warranted reporting
on qualitative grounds.
Our audit of the Company was undertaken to the materiality
level specified above, which has informed our identification of
significant risks of material misstatement and the associated audit
procedures performed in those areas as detailed above.
Going concern
The directors have prepared the financial statements on the going
concern basis as they do not intend to liquidate the Company
or to cease its operations, and as they have concluded that the
Company’s financial position means that this is realistic. They
have also concluded that there are no material uncertainties that
could have cast significant doubt over its ability to continue as a
going concern for at least a year from the date of approval of the
financial statements (the “going concern period”).
In our evaluation of the directors’ conclusions, we considered the
inherent risks to the Company’s business model and analysed
how those risks might affect the Company’s financial resources
or ability to continue operations over the going concern period.
The risk that we considered most likely to affect the Company’s
financial resources or ability to continue operations over this period
is availability of capital to meet operating costs and other financial
commitments.
We considered whether this risk could plausibly affect the liquidity
in the going concern period by comparing severe, but plausible
downside scenarios that could arise from this risk individually
and collectively against the level of available financial resources
indicated by the Company’s financial forecasts.
We considered whether the going concern disclosure in note 2(a)
to the financial statements gives a full and accurate description of
the directors’ assessment of going concern.
Our conclusions based on this work:
• we consider that the directors’ use of the going concern basis
of accounting in the preparation of the financial statements is
appropriate;
• we have not identified, and concur with the directors’
assessment that there is not, a material uncertainty related to
events or conditions that, individually or collectively, may cast
significant doubt on the the Company’s ability to continue as
a going concern for the going concern period; and
• we have nothing material to add or draw attention to
in relation to the directors’ statement in the notes to the
financial statements on the use of the going concern basis
of accounting with no material uncertainties that may cast
significant doubt over the Company’s use of that basis for
the going concern period, and that statement is materially
consistent with the financial statements and our audit
knowledge.
However, as we cannot predict all future events or conditions and
as subsequent events may result in outcomes that are inconsistent
with judgements that were reasonable at the time they were made,
the above conclusions are not a guarantee that the Company will
continue in operation.
FRAUD AND BREACHES OF LAWS AND REGULATIONS –
ABILITY TO DETECT
Identifying and responding to risks of material misstatement
due to fraud
To identify risks of material misstatement due to fraud (“fraud
risks”) we assessed events or conditions that could indicate an
incentive or pressure to commit fraud or provide an opportunity
to commit fraud. Our risk assessment procedures included:
• enquiring of management as to the Company’s policies and
procedures to prevent and detect fraud as well as enquiring
whether management have knowledge of any actual,
suspected or alleged fraud;
• reading minutes of meetings of those charged with
governance; and
• using analytical procedures to identify any unusual or
unexpected relationships.
As required by auditing standards, we perform procedures to
address the risk of management override of controls, in particular
the risk that management may be in a position to make
inappropriate accounting entries. On this audit we do not believe
there is a fraud risk related to revenue recognition because the
Company’s revenue streams are simple in nature with respect
to accounting policy choice, and are easily verifiable to external
data sources or agreements with little or no requirement for
estimation from management. We did not identify any additional
fraud risks.

42
Fidelity Emerging Markets Limited | Annual Report 2023
Independent Auditor‘s Report to the Members
of Fidelity Emerging Markets Limited continued
We performed procedures including
• Identifying journal entries and other adjustments to test
based on risk criteria and comparing any identified entries to
supporting documentation; and
• incorporating an element of unpredictability in our audit
procedures.
Identifying and responding to risks of material misstatement
due to non-compliance with laws and regulations
We identified areas of laws and regulations that could
reasonably be expected to have a material effect on the
financial statements from our sector experience and through
discussion with management (as required by auditing standards),
and from inspection of the Company’s regulatory and legal
correspondence, if any, and discussed with management the
policies and procedures regarding compliance with laws and
regulations. As the Company is regulated, our assessment of risks
involved gaining an understanding of the control environment
including the entity’s procedures for complying with regulatory
requirements.
The Company is subject to laws and regulations that directly
affect the financial statements including financial reporting
legislation and taxation legislation and we assessed the extent
of compliance with these laws and regulations as part of our
procedures on the related financial statement items.
The Company is subject to other laws and regulations where
the consequences of non-compliance could have a material
effect on amounts or disclosures in the financial statements, for
instance through the imposition of fines or litigation or impacts
on the Company’s ability to operate. We identified financial
services regulation as being the area most likely to have such
an effect, recognising the regulated nature of the Company’s
activities and its legal form. Auditing standards limit the required
audit procedures to identify non-compliance with these laws
and regulations to enquiry of management and inspection
of regulatory and legal correspondence, if any. Therefore if
a breach of operational regulations is not disclosed to us or
evident from relevant correspondence, an audit will not detect
that breach.
Context of the ability of the audit to detect fraud or breaches
of law or regulation
Owing to the inherent limitations of an audit, there is an
unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have
properly planned and performed our audit in accordance with
auditing standards. For example, the further removed non-
compliance with laws and regulations is from the events and
transactions reflected in the financial statements, the less likely
the inherently limited procedures required by auditing standards
would identify it.
In addition, as with any audit, there remains a higher risk of
non-detection of fraud, as this may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal controls. Our audit procedures are designed to detect
material misstatement. We are not responsible for preventing
non-compliance or fraud and cannot be expected to detect non-
compliance with all laws and regulations.
Other information
The directors are responsible for the other information. The other
information comprises the information included in the annual
report but does not include the financial statements and our
auditor’s report thereon. Our opinion on the financial statements
does not cover the other information and we do not express an
audit opinion or any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Disclosures of emerging and principal risks and longer term
viability
We are required to perform procedures to identify whether
there is a material inconsistency between the directors’
disclosures in respect of emerging and principal risks and the
viability statement, and the financial statements and our audit
knowledge. we have nothing material to add or draw attention
to in relation to:
• the directors’ confirmation within the Viability Statement
(page 26) that they have carried out a robust assessment
of the emerging and principal risks facing the Company,
including those that would threaten its business model, future
performance, solvency or liquidity;
• the emerging and principal risks disclosures describing
these risks and explaining how they are being managed or
mitigated;
• the directors’ explanation in the Viability Statement (page26)
as to how they have assessed the prospects of the Company,
over what period they have done so and why they consider
that period to be appropriate, and their statement as
to whether they have a reasonable expectation that the
Company will be able to continue in operation and meet its
liabilities as they fall due over the period of their assessment,
including any related disclosures drawing attention to any
necessary qualifications or assumptions.
We are also required to review the Viability Statement, set out on
page 26 under the Listing Rules. Based on the above procedures,
we have concluded that the above disclosures are materially
consistent with the financial statements and our audit knowledge.

43
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS GOVERNANCE
Corporate governance disclosures
We are required to perform procedures to identify whether there
is a material inconsistency between the directors’ corporate
governance disclosures and the financial statements and our
audit knowledge.
Based on those procedures, we have concluded that each of the
following is materially consistent with the financial statements
and our audit knowledge:
• the directors’ statement that they consider that the annual
report and financial statements taken as a whole is fair,
balanced and understandable, and provides the information
necessary for shareholders to assess theCompany’s position
and performance, business model and strategy;
• the section of the annual report describing the work of the
Audit Committee, including the significant issues that the audit
committee considered in relation to the financial statements,
and how these issues were addressed; and
• the section of the annual report that describes the review of
the effectiveness of the Company’s risk management and
internal control systems.
We are required to review the part of Corporate Governance
Statement relating to the Company’s compliance with the
provisions of the UK Corporate Governance Code specified by
the Listing Rules for our review. We have nothing to report in this
respect.
We have nothing to report on other matters on which we are
required to report by exception
We have nothing to report in respect of the following matters
where the Companies (Guernsey) Law, 2008 requires us to report
to you if, in our opinion:
• the Company has not kept proper accounting records; or
• the financial statements are not in agreement with the
accounting records; or
• we have not received all the information and explanations,
which to the best of our knowledge and belief are necessary
for the purpose of our audit.
RESPECTIVE RESPONSIBILITIES
Directors’ responsibilities
As explained more fully in their statement set out on page 36,
the directors are responsible for: the preparation of the financial
statements including being satisfied that they give a true and
fair view; such internal control as they determine is necessary to
enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error; assessing
the Company’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern; and using the
going concern basis of accounting unless they either intend
to liquidate the Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue our opinion in an auditor’s report. Reasonable assurance
is a high level of assurance, but does not guarantee that an
audit conducted in accordance with ISAs (UK) will always detect
a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial
statements.
A fuller description of our responsibilities is provided on the FRC’s
website at www.frc.org.uk/auditorsresponsibilities.
The purpose of this report and restrictions on its use by
persons other than the Company’s members as a body
This report is made solely to the Company’s members, as
a body, in accordance with section 262 of the Companies
(Guernsey) Law, 2008. Our audit work has been undertaken so
that we might state to the Company’s members those matters
we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company’s members, as a body, for our audit
work, for this report, or for the opinions we have formed.
Rachid Frihmat
For and on behalf of KPMG Channel Islands Limited
Chartered Accountants and Recognised Auditors, Guernsey
12 October 2023

44
Fidelity Emerging Markets Limited | Annual Report 2023
The notes on pages 48 to 74 form an integral part of these financial statements
Year ended 30 June 2023 Year ended 30 June 2022
Note
Revenue
$’000
Capital
$’000
Total
$’000
Revenue
$’000
Capital
$’000
Total
$’000
Revenue
Investment income 3 22,272 – 22,272 24,399 – 24,399
Derivative income 3 17,709 – 17,709 10,849 – 10,849
Other income 3 620 – 620 137 – 137
Total Income 40,601 – 40,601 35,385 – 35,385
Net gains/(losses) on financial assets
at fair value through profit or loss
1
10 – 36,553 36,553 – (535,032) (535,032)
Net (losses)/gains on derivative
instruments 11 – (37,809) (37,809) – 23,229 23,229
Net foreign exchange losses – (933) (933) – (2,707) (2,707)
Total income and gains/(losses) 40,601 (2,189) 38,412 35,385 (514,510) (479,125)
Expenses
Management fees 4 (923) (3,690) (4,613) (927) (3,709) (4,636)
Other expenses
1
5 (1,619) – (1,619) (2,451) (1,318) (3,769)
Profit/(loss) before finance costs and
taxation 38,059 (5,879) 32,180 32,007 (519,537) (487,530)
Finance costs 6 (15,653) – (15,653) (13,946) – (13,946)
Profit/(loss) before taxation 22,406 (5,879) 16,527 18,061 (519,537) (501,476)
Taxation 7 (2,622) 644 (1,978) (2,954) 6,948 3,994
Profit/(loss) after taxation for the
year attributable to Participating
Preference Shares 19,784 (5,235) 14,549 15,107 (512,589) (497,482)
Earnings/(loss) per Participating
Preference Share (basic and diluted) 8 $0.22 $(0.06) $0.16 $0.15 $(5.11) $(4.96)
1 Transaction costs directly associated with purchases and sales of non-derivative securities changed presentation to be included under the ‘Net gains/(losses) on financial
assets at fair value through profit or loss’ line in the capital column of the Statement of Comprehensive Income. In the prior periods the transaction costs were included
under ‘Other expenses’. The change in presentation is consistently applied for both for the current year and comparative reporting period. The change in presentation of
transaction costs was applied in order to align with best market practice as relevant for investment companies.
The total column of this statement represents the Company’s Statement of Other Comprehensive Income prepared in accordance
with IFRS. The supplementary information on the allocation between the revenue account and the capital reserve is presented under
guidance published by the AIC.
All the profit/(loss) and total comprehensive income is attributable to the equity shareholders of the Company. There are no
minorityinterests.
No operations were acquired or discontinued in the year and all items in the above statement derive from continuing operations.
Statement of Comprehensive Income
for the year ended 30 June 2023

45
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
The notes on pages 48 to 74 form an integral part of these financial statements
Note
Share
premium
account
$’000
Capital
reserve
$’000
Revenue
reserve
$’000
Total
equity
$’000
Total equity at 30 June 2022 6,291 741,095 49,375 796,761
(Loss)/profit after taxation for the year – (5,235) 19,784 14,549
Dividend paid to shareholders 9 – – (14,576) (14,576)
Total equity at 30 June 2023 6,291 735,860 54,583 796,734
Note
Share
premium
account
$’000
Capital
reserve
$’000
Revenue
reserve
$’000
Total
equity
$’000
Total equity at 30 June 2021 6,291 1,642,118 50,666 1,699,075
(Loss)/profit after taxation for the year – (512,589) 15,107 (497,482)
Write off receivable for shares – (134) – (134)
Repurchase and cancellation of the Company’s own shares 14 – (388,300) – (388,300)
Dividend paid to shareholders 9 – – (16,398) (16,398)
Total equity at 30 June 2022 6,291 741,095 49,375 796,761
Statement of Changes in Equity
for the year ended 30 June 2023

46
Fidelity Emerging Markets Limited | Annual Report 2023
The notes on pages 48 to 74 form an integral part of these financial statements
Note
30 June
2023
$’000
30 June
2022
$’000
Non-current assets
Financial assets at fair value through profit or loss
1
10 778,608 727,342
Current assets
Derivative assets 11 9,468 20,515
Amounts held at futures clearing houses and brokers 18,210 11,901
Other receivables 12 6,480 30,419
Cash at bank 18,057 34,418
52,215 97,253
Current liabilities
Derivative liabilities 11 12,847 14,408
Other payables 13 21,242 13,426
34,089 27,834
Net current assets 18,126 69,419
Net assets 796,734 796,761
Equity
Share premium account 15 6,291 6,291
Capital reserve 15 735,860 741,095
Revenue reserve 15 54,583 49,375
Total Equity Shareholders’ Funds 796,734 796,761
Net asset value per Participating Preference Share 16 $8.75 $8.75
1 The entire balance of investments in Financial assets at fair value through profit or loss was reclassified from Current assets to Non-Current assets. For more information
please see Note 10 - Financial Assets at Fair Value through Profit or Loss.
The Financial Statements on pages 44 to 74 were approved by the Board of Directors of the Company on 12 October 2023 and
signed on its behalf by:
Heather Manners
Chairman
Statement of Financial Position
as at 30 June 2023

47
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
30 June
2023
$’000
30 June
2022
$’000
Operating activities
Cash inflow from investment income 24,214 20,371
Cash inflow from derivative income 6,184 3,808
Cash inflow from other income 33 –
Cash inflow from securities lending income – 38
Cash outflow from taxation paid (1,063) (3,694)
Cash outflow from the purchase of investments
1
(928,894) (1,647,814)
Cash inflow from the sale of investments
1
930,627 2,064,569
Cash (outflow)/inflow from net proceeds from settlement of derivatives (4,819) 14,119
Cash outflow from amounts held at futures clearing houses and brokers (6,309) (11,901)
Cash outflow from bank charges – (63)
Cash outflow from operating expenses
1
(5,150) (11,409)
Net cash inflow from operating activities 14,823 428,024
Financing activities
Cash outflow from CFD interest paid (10,111) (4,585)
Cash outflow from short CFD dividends paid (5,564) (8,542)
Cash outflow from dividends paid to shareholders (14,576) (16,398)
Cash outflow from repurchase and cancellation of the Company’s own shares – (388,300)
Net cash outflow from financing activities (30,251) (417,825)
Net (decrease)/increase in cash at bank (15,428) 10,199
Cash at bank at the start of the year 34,418 26,926
Effect of foreign exchange movements (933) (2,707)
Cash at bank at the end of the year 18,057 34,418
1 Transaction costs directly associated with purchases and sales of non-derivative securities changed presentation to be included under the ‘Net gains/(losses) on financial
assets at fair value through profit or loss’ line in the capital column of the Statement of Comprehensive Income. In the prior periods the transaction costs were included
under ‘Other expenses’. The change in presentation is consistently applied for both for the current year and comparative reporting period.
Statement of Cash Flows
for the year ended 30 June 2023
The notes on pages 48 to 74 form an integral part of these financial statements

48
Fidelity Emerging Markets Limited | Annual Report 2023
1. Principal Activity
Fidelity Emerging Markets Limited (the ‘Company’) was incorporated in Guernsey on 7 June 1989 and commenced activities on
19September 1989. The Company is an Authorised Closed-Ended Investment Scheme as defined by The Authorised Closed-Ended
Investment Schemes Rules and Guidance, 2021 (and, as such, is subject to ongoing supervision by the Guernsey Financial Services
Commission). The Company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The Company’s registered office is at Level 3, Mill Court La Charroterie, St Peter Port, Guernsey GY1 1EJ, Channel Islands.
The Company’s investment objective is to achieve long-term capital growth from an actively managed portfolio made up primarily of
securities and financial instruments providing exposure to emerging market companies, both listed and unlisted.
These financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023.
2. Summary of Significant Accounting Policies
(a) Basis of preparation
The principal accounting policies applied in the preparation of these financial statements on a going concern basis are set out below.
These policies have been consistently applied to all years presented, unless otherwise stated. The Company’s financial statements,
which give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company, have been prepared in
accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’), which comprise standards
and interpretations approved by the International Accounting Standards Board (‘IASB’), the IFRS Interpretations Committee and
interpretations approved by the International Accounting Standards Committee (‘IASC’) that remain in effect and the Companies
(Guernsey) Law, 2008. The financial statements have been prepared under the historical cost convention, as modified by the
revaluation of financial assets and financial liabilities at fair value through profit or loss.
Going concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at
least twelve months from the date of approval of these financial statements. In making their assessment the Directors have reviewed
the income and expense projections, the liquidity of the investment portfolio, stress testing performed and considered the Company’s
ability to meet liabilities as they fall due. Accordingly, the Directors consider it appropriate to adopt the going concern basis of
accounting in preparing these financial statements.
Significant accounting estimates, assumptions and judgements
The preparation of financial statements in conformity with IFRS may require management to make critical accounting judgements,
estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and
expense. Actual results may differ from the estimates.
Valuations use observable data to the extent practicable. Changes in any assumptions could affect the reported fair value of the
financial instruments. The determination of what constitutes observable requires significant judgement by the Company. The Company
considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant market.
Adoption of new and revised International Financial Reporting Standards
The accounting policies adopted are consistent with those of the previous financial year.
At the date of authorisation of these financial statements, the following revised International Accounting Standards (IAS) were in issue
but not yet effective:
• IAS 1 Classification of Liabilities as Current or Non-current - (Amendments);
• IAS 1 Disclosure of Accounting Policies - (Amendments) and IFRS Practice Statement 2;
• IAS 8 Definition of Accounting Estimate - (Amendments); and
• IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The Directors do not expect that the adoption of the above standards will have a material impact on the financial statements of the
Company in future periods.
Notes to the Financial Statements
for the year ended 30 June 2023

49
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEINFORMATION FOR SHAREHOLDERS FINANCIAL
2. Summary of Significant Accounting Policies continued
(b) Financial Instruments
Classification
(i) Assets
The Company classifies its investments based on both the Company’s business model for managing those financial assets and
the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is
evaluated on a fair value basis. The Company is primarily focused on fair value information and uses that information to assess the
assets’ performance and to make decisions. The Company has not taken the option to irrevocably designate any equity securities
as fair value through other comprehensive income. All investments are measured at fair value through profit or loss. The Company’s
investments are included in the Financial assets at fair value through profit and loss line in the Statement of Financial Position.
(ii) Liabilities
Derivative contracts that have a negative fair value are presented as derivative financial liabilities at fair value through profit or loss.
As such, the Company classifies all of its investment portfolio as financial assets or liabilities at fair value through profit or loss. The
Company’s policy requires the Manager and the Board of Directors to evaluate the information about these financial assets and
liabilities on a fair value basis together with other related financial information.
Recognition/derecognition
The Company recognises a financial asset or a financial liability when, and only when, it becomes a party to the contractual
provisions of the instrument.
Regular-way purchases and sales of investments are recognised on their trade date, the date on which the Company commits to
purchase or sell the investment. Investments are derecognised when the rights to cash flows from the investments have expired or the
Company has transferred substantially all risks and rewards of ownership. The Company derecognises a financial liability when the
obligation under the liability is discharged, cancelled or expires.
Measurement
Financial assets at fair value through profit and loss are measured initially at fair value being the transaction price. Transaction costs
incurred to acquire financial assets at fair value through profit or loss are expensed in the Statement of Comprehensive Income.
Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers. Subsequent to initial recognition, all
financial assets at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value
of the ‘financial assets at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income in the
year in which they arise.
The Company includes transaction costs, incidental to the purchase or sale of investments within Net gains/(losses) on financial assets
at fair value through profit or loss in the capital column of the Statement of Comprehensive Income and has disclosed them in Note 10
below.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
Securities listed on active markets are valued based on their last bid price for valuation and financial statement purposes.
Equity Linked Notes are valued based on the available price of the underlying asset as at reporting date.
In the normal course of business, the Company may utilise Participatory notes (‘P Notes’) to gain access to markets that otherwise
would not be accessible as a foreign investor. P Notes are issued by banks or broker-dealers and allow the Company to gain
exposure to local shares in foreign markets. They are valued based on the last price of the underlying equity at the valuation date.
The Company’s investment in other funds (‘Investee Funds’) are subject to the terms and conditions of the respective Investee Fund’s
offering documentation. The investments in Investee Funds are primarily valued based on the latest available redemption price
for such units in each Investee Fund, as determined by the Investee Funds’ administrators. The Company reviews the details of the
reported information obtained for the Investee Funds and considers the liquidity of the Investee Fund or its underlying investments,
the value date of the net asset value provided, any restrictions on redemptions and the basis of the Investee Funds’ accounting. If
necessary, the Company makes adjustments to the net asset value of the Investee Funds to obtain the best estimate of fair value.
The Company may make adjustments to the value of a security if it has been materially affected by events occurring before the
Company’s NAV calculation but after the close of the primary markets on which the security is traded. The Company may also make
adjustment to the value of its investments if reliable market quotations are unavailable due to infrequent trading or if trading in a
particular security was halted during the day and did not resume prior to the Company’s NAV calculation.

50
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
2. Summary of Significant Accounting Policies continued
In preparing these financial statements the Directors have considered the impact of climate change risk as a principal and as an
emerging risk as set out on pages 23 to 25, and have concluded that there was no further impact of climate change to be taken
into account as the investments are valued based on market pricing. In line with IFRS 13 – ”Fair Value Measurement” investments
are valued at fair value, which for the Company are quoted bid prices for investments in active markets at the statement of financial
position date. Investments which are unlisted are priced using market-based valuation approaches. All investments therefore reflect the
market participants view of climate change risk on the investments held by the Company.
Derivative Instruments
When appropriate, permitted transactions in derivative instruments are used. Derivative transactions into which the Company may
enter include long and short contracts for difference (“CFDs”), futures and options.
Under IFRS 9 derivatives are classified at fair value through profit or loss – held for trading, and are initially accounted and measured
at fair value on the date the derivative contract is entered into and subsequently measured at fair value as follows:
• Long and short CFDs – the difference between the strike price and the value of the underlying shares in the contract;
• Futures – the difference between the contract price and the quoted trade price;
• Exchange Traded Options – valued based on similar instruments or the quoted trade price for the contract; and
• Over the counter options - valued based on broker statements.
Where transactions are used to protect or enhance income, if the circumstances support this, the income and expenses derived are
included in derivative income in the revenue column of the Statement of Comprehensive Income. Where such transactions are used to
protect or enhance capital, if the circumstances support this, the income and expenses derived are included in net gains on derivative
instruments in the capital column of the Statement of Comprehensive Income. Any positions on such transactions open at the reporting
date are reflected on the Statement of Financial Position at their fair value within current assets or current liabilities.
Amortised cost measurement
Cash at bank, amounts held at futures clearing houses and brokers and other receivables are carried at amortised cost using the
effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the receivables
are derecognised or impaired, as well as through the amortisation process.
Capital gains tax payable and other payables are measured at amortised cost using the effective interest method. Gains and losses
are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation of these liabilities.
(c) Foreign Currency Translation
Functional and presentation currency
The books and records of the Company are maintained in the currency of the primary economic environment in which it operates (its
functional currency). The Directors have considered the primary economic environment of the Company and considered the currency
in which the original capital was raised, past distributions have been made and ultimately the currency in which capital would be
returned on a break up basis. The Directors have also considered the currency to which underlying investments are exposed.
On balance, the Directors believe that US dollars best represent the functional currency of the Company. The financial statements,
results and financial position of the Company are also expressed in US dollars which is the presentation currency of the Company and
have been rounded to the nearest thousand unless otherwise stated.
Transactions and balances
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing on the date of the transaction. At
the end of each reporting period, monetary items and non-monetary assets and liabilities that are fair valued and are denominated
in foreign currencies are retranslated at rates prevailing at the end of the reporting period. Gains and losses arising on translation
are included in the Statement of Comprehensive Income for the year. Foreign exchange gains and losses relating to cash and cash
equivalents are presented in the Statement of Comprehensive Income within ‘Net foreign exchange gains or losses’. Foreign exchange
gains and losses relating to financial assets at fair value through profit or loss and derivatives are presented in the Statement of
Comprehensive Income within ‘Net gains or losses on investments’ and ‘Net gains on derivative instruments’ respectively.
(d) Recognition of dividend and interest income
Dividends arising on the Company’s investments are accounted for on an ex-dividend basis, gross of applicable withholding taxes.
Interest on cash at bank and collateral is accrued on a day-to-day basis using the effective interest method. Dividends and interest
income are recognised in the Statement of Comprehensive Income.

51
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
2. Summary of Significant Accounting Policies continued
(e) Income from derivatives
Derivative instrument income received from dividends on long (or payable from short) CFDs are accounted for on the date on which
the right to receive the payment is established, normally the ex-dividend date. The amount net of tax is credited (or charged) to the
revenue column of the Statement of Comprehensive Income.
Interest received on CFDs is accounted for on an accruals basis and credited to the revenue column of the Statement of Comprehensive
Income. Interest received on CFDs represent the finance costs calculated by reference to the notional value of the CFDs.
(f) Finance costs
Finance costs comprise bank charges and finance costs paid on CFDs, which are accounted for on an accruals basis, and dividends
paid on short CFDs, which are accounted for on the date on which the obligation to incur the cost is established, normally the ex-
dividend date. Finance costs are charged in full to the revenue column of the Statement of Comprehensive Income.
(g) Dividend distribution
Dividend distributions are at the discretion of the Board of Directors. A dividend is recognised as a liability in the period in which it is
approved at the Annual General Meeting of the shareholders and is recognised in the Statement of Changes in Equity.
(h) Cash and cash equivalents
Cash comprises current deposits with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to
known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term
cash commitments rather than for investment or other purposes.
Bank overdrafts are accounted for as short term liabilities on the Statement of Financial Position and the interest expense is recorded
using the effective interest rate method. Bank overdrafts are classified as other financial liabilities.
(i) Amounts held at futures clearing houses and brokers
Cash deposits are held in segregated accounts on behalf of brokers as collateral against open derivative contracts. These are carried
at amortised cost.
(j) Other receivables
Other receivables include amounts receivable on settlement of derivatives, securities sold pending settlement, accrued income,
taxation recoverable and other debtors and prepayments incurred in the ordinary course of business. If collection is expected in one
year or less they are classified as current assets. If not, they are presented as non-current assets. Other receivables are recognised
initially at fair value and, where applicable, subsequently measured at amortised cost using the effective interest rate method and as
reduced by appropriate allowance for estimated irrecoverable amounts.
(k) Other payables
Other payables include amounts payable on settlement of derivatives, securities purchased pending settlement, investment
management fees, amounts payable for repurchase of shares, finance costs payable and expenses accrued in the ordinary course
of business. Other payables are classified as current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Other payables are recognised initially at fair value and, where applicable, subsequently measured at
amortised cost using the effective interest rate method.
(l) Segment reporting
Operating Segments are reported in a manner consistent with the internal reporting used by the chief operating decision maker
(‘CODM’). The CODM, who is responsible for allocation of resources and assisting performance of the operating segments, has been
identified as the Directors of the Company, as the Directors are ultimately responsible for investment decisions.
The Company is engaged in a single segment business and, therefore, no segmental reporting is provided.
(m) Expenses
All expenses are accounted for on an accruals basis and are charged to the Statement of Comprehensive Income.
Expenses are allocated wholly to revenue with the following exceptions:
• Management fees are allocated 20% to revenue and 80% to the capital, in line with the Board’s expected long-term split of
revenue and capital return from the Company’s investment portfolio; and
• Expenses which are incidental to capital events are charged to capital.

52
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
2. Summary of Significant Accounting Policies continued
(n) Taxation
The Company currently incurs withholding taxes imposed by certain countries on investment income and capital gains taxes
upon realisation of its investments. Such income or gains are recorded gross of withholding taxes and capital gains taxes in the
Statement of Comprehensive Income. Withholding taxes and capital gains taxes are shown as separate items in the Statement of
ComprehensiveIncome.
In accordance with IAS 12, ‘Income taxes’, the Company is required to recognise a tax liability when it is probable that the tax laws
of foreign countries require a tax liability to be assessed on the Company’s capital gains sourced from such foreign country, assuming
the relevant taxing authorities have full knowledge of all the facts and circumstances. The tax liability is then measured at the amount
expected to be paid to the relevant taxation authorities, using the tax laws and rates that have been enacted or substantively enacted
by the end of the reporting period. There is sometimes uncertainty about the way enacted tax law is applied to offshore investment
funds. This creates uncertainty about whether or not a tax liability will ultimately be paid by the Company. Therefore, when measuring
any uncertain tax liabilities, management considers all of the relevant facts and circumstances available at the time that could
influence the likelihood of payment, including any formal or informal practices of the relevant tax authorities.
(o) Share capital
Participating Preference Shares are not redeemable and there is no obligation to pay cash or another financial asset to the holder
but are entitled to receive dividends. They are classified as equity. Incremental costs directly attributable to the issue of new shares
are shown in equity as a deduction from the proceeds net of tax.
(p) Purchase of own shares
The cost of purchases of the Company’s own shares is shown as a reduction in Shareholders’ Funds. The Company’s net asset value
and return per Participating Preference Share are calculated using the number of shares outstanding after adjusting for purchases.
(q) Securities lending
During the year ended 30 June 2022, the Company was engaged in securities lending with third party investment companies.
As of 30 June 2023, the Company is no longer engaged in securities lending activities. JPMorgan Chase Bank N.A. acted as the
securities lending agent (the ‘Lending Agent’) providing the securities lending services, record keeping services and served as
securities custodian, maintaining custody of all Company-owned listed investments. Under the terms of its lending agreement,
the Company received compensation in the form of fees, 20% of which are commissions payable to the Lending Agent for their
services. The Company received dividends on the securities loaned and any gains and losses that occurred during the term of the
loan were accounted for by the Company. Income earned from the securities lending agreement is recognised on the Statement of
Comprehensive Income on an accruals basis and shown net of the commissions paid to the Lending Agent.
(r) Critical accounting estimates and assumptions
As stated in Note 2(a) Basis of Preparation, the preparation of financial statements, in conformity with IFRS, requires the use of certain
critical accounting estimates. It also requires the Board of Directors to exercise its judgment in the process of applying the Company’s
accounting policies. For example, the Company may, from time to time, hold financial instruments that are not quoted in active
markets, such as minority holdings in investment and private equity companies. Fair values of such instruments are determined using
different valuation techniques validated and periodically reviewed by the Board of Directors.
(s) Capital reserve
The following are transferred to capital reserve:
• Gains and losses on the disposal of financial assets at fair value through profit and loss and derivatives instruments;
• Changes in the fair value of financial assets at fair value through profit and loss and derivative instruments, held at the year end;
• Foreign exchange gains and losses of a capital nature;
• 80% of management fees;
• Dividends receivable which are capital in nature;
• Taxation charged or credited relating to items which are capital in nature; and
• Other expenses which are capital in nature.
.

53
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
3. Income
Year ended
30 June
2023
$’000
Year ended
30 June
2022
$’000
Investment income
UK dividends 798 608
Overseas dividends 21,474 23,595
UK and overseas scrip dividends – 196
22,272 24,399
Derivative income
Dividends received on long CFDs 5,220 4,182
Interest received on CFDs 1,414 374
Option Income 11,075 6,293
17,709 10,849
Other income
Securities lending income* – 38
Interest income from cash and cash equivalents and collateral 587 99
Fee rebate 33 –
620 137
Total income 40,601 35,385
* As of 30 June 2023, the Company is no longer engaged in securities lending activities. As at 30 June 2022, the Company generated gross income of $47,000 from securi-
ties lending transactions and Commissions amounting to $9,000 was paid to JPMorgan Chase Bank N.A. in respect of these transactions of which none were outstanding
at the year end.
4. Management Fees
Year ended 30 June 2023 Year ended 30 June 2022
Revenue
$’000
Capital
$’000
Total
$’000
Revenue
$’000
Capital
$’000
Total
$’000
Management fees 923 3,690 4,613 927 3,709 4,636
Up until 4 October 2021, the Company’s Investment Manager was Genesis Investment Management, LLP (‘GIML’ or ‘Genesis’).
Under the terms of its Management Agreement and up to the end of same, GIML was entitled to receive a Management Fee from
the Company, payable monthly in arrears equal to 0.90% (2022: 0.90%) per annum, calculated and accrued on the Net Asset Value
of the Company as at each weekly Valuation Day, except for investments in Investee Funds, where GIML absorbed the expenses of
the management of such funds to a maximum of 1% per annum of the value of the Company’s holding in the relevant fund at the
relevanttime.
With effect from 4 October 2021, FIL Investment Services (UK) Limited was appointed as the Alternative Investment Fund Manager of
the Company (‘the Manager’), with the investment management of the Company undertaken by FIL Investments International (‘Fidelity
International’, ‘the Investment Manager’) collectively ‘Fidelity’.
Under the Investment Management Agreement (‘the IMA’), Fidelity International is entitled to receive a Management Fee of 0.60% per
annum of the Net Asset Value of the Company. Fees will be payable monthly in arrears and calculated on a daily basis.
Management fees incurred by collective investment schemes or investment companies managed or advised by the Investment
Manager are reimbursed.
Fidelity International has waived its entitlement to receive a Management Fee for a period of nine months from its date of
appointment. Hence, management fees for the financial year ended 30 June 2022 relates to the period under GIML management.
Please see information on ongoing charges ratio as presented on page 75.

54
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
5. Other Expenses
Year ended
30 June
2023
$’000
Year ended
30 June
2022
$’000
Allocated to revenue:
Custodian fees 362 1,002
Directors’ fees 279 263
Directors’ expenses 74 19
Administration fees 192 359
Audit fees
1
73 159
Legal and professional fees 117 213
Sundry expenses 522 436
1,619 2,451
Allocated to capital:
2
Legal and professional fees – 1,318
– 1,318
Other expenses 1,619 3,769
1 The audit fees charged through the Statement of Comprehensive Income for the year ended 30 June 2022 also includes an element related to the prior year’s Audit.
2 Transaction costs directly associated with purchases and sales of non-derivative securities changed presentation to be included under the ‘Net gains/(losses) on financial
assets at fair value through profit or loss’ line in the capital column of the Statement of Comprehensive Income. In the prior periods the transaction costs were included
under ‘Other expenses’. The change in presentation is consistently applied for both for the current year and comparative reporting period.
Administration fees
The Administrator is entitled to receive a fee, payable monthly, based on the Net Asset Value of the Company and time incurred.
Administration fees for the year were $192,000 and charged by JP Morgan Administration Services (Guernsey) Limited (2022: $359,000).
Custodian fee
Under the Custodian Agreement, the Custodian to the Company is entitled to receive a fee payable monthly, based on the Net Asset
Value of the Company. All custody services are performed by JP Morgan Chase Bank.
The Company also incurs charges and expenses of other organisations with whom securities are held. The total of all Custodian fees
for the year represented approximately 0.05% (2022: 0.08%) per annum of the average Net Assets of the Company. Custodian fees for
the year were $362,000 (2022: $1,002,000).
6. Finance Costs
Year ended 30 June 2023 Year ended 30 June 2022
Revenue
$’000
Capital
$’000
Total
$’000
Revenue
$’000
Capital
$’000
Total
$’000
Bank charges – – – 63 – 63
Dividends paid on short CFDs 5,270 – 5,270 9,097 – 9,097
Interest paid on CFDs 10,383 – 10,383 4,786 – 4,786
15,653 – 15,653 13,946 – 13,946

55
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
7. Taxation
Year ended 30 June 2023 Year ended 30 June 2022
Revenue
$’000
Capital
$’000
Total
$’000
Revenue
$’000
Capital
$’000
Total
$’000
Capital gains tax – (644) (644) – (6,948) (6,948)
Withholding taxes 2,622 – 2,622 2,954 – 2,954
2,622 (644) 1,978 2,954 (6,948) (3,994)
The Company is exempt from taxation in Guernsey under the provisions of the Income Tax (Exempt Bodies) (Guernsey) Ordinance,
2012. As such, the Company is only liable to pay a fixed annual fee, currently £1,200 (2022: £1,200).
Income due to the Company is subject to withholding taxes. The Manager undertakes regular reviews of the tax situation of the
Company and believes that withholding taxes on dividend income and capital gains taxes on capital gains are currently the material
transactions that generate the amounts of tax payable.
In accordance with IAS 12, ‘Income taxes’, where necessary the Company provides for deferred taxes on any capital gains/losses on
the revaluation of securities in such jurisdictions where capital gains tax is levied.
The capital gains charge has been calculated on the basis of the tax laws enacted or substantially enacted at the reporting date
in the countries where the Company’s investments generate taxable income on realisation. The Manager, on behalf of the Board,
periodically evaluates which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.
As at 30 June 2023, $915,000 capital gains tax provision was recognised in the Statement of Financial Position (2022: $nil).
8. Earnings/(loss) per Participating Preference Share
Year ended
30 June
2023
Year ended
30 June
2022
Revenue earnings per Participating Preference Share $0.22 $0.15
Capital loss per Participating Preference Share $(0.06) $(5.11)
Total earnings/(loss) per Participating Preference Share – basic and diluted $0.16 $(4.96)
The earnings/(loss) per Participating Preference Share is based on the profit/(loss) after taxation for the year divided by the weighted
average number of Participating Preference Shares in issue during the year, as shown below:
$’000 $’000
Revenue profit after taxation for the year 19,784 15,107
Capital loss after taxation for the year (5,235) (512,589)
Total profit/(loss) after taxation for the year attributable to Participating Preference Shares 14,549 (497,482)
Number Number
Weighted average number of Participating Preference Shares in issue 91,100,066 100,251,671

56
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
9. Dividends Paid to Shareholders
Year ended
30 June
2023
$’000
Year ended
30 June
2022
$’000
Dividend paid
2022 final dividend of 16.0¢ (2021: 18.0¢) per Participating Preference Share 14,576 16,398
Total dividend paid 14,576 16,398
Dividend proposed
2023 final dividend of 19.0¢ (2022: 16.0¢) per Participating Preference Share 17,309 14,576
Total dividend proposed 17,309 14,576
The Directors have proposed the payment of a dividend for the year ended 30 June 2023 of 19.0¢ per Participating Preference Share
which is subject to approval by shareholders at the Annual General Meeting on 7 December 2023 and has not been included as a
liability in these financial statements. The dividend will be paid on 15 December 2023 to shareholders on the register at the close of
business on 17 November 2023 (ex-dividend date 16 November 2023).
10. Financial Assets at Fair Value through Profit or Loss
30 June
2023
$’000
30 June
2022
$’000
Financial Assets:
Equity securities 752,126 642,794
Equity linked notes 17,433 78,739
Investee funds 9,049 5,809
Total financial assets at fair value through profit or loss
1
778,608 727,342
Opening book cost 907,801 1,184,256
Opening unrealised (losses)/gains on financial assets at fair value through profit or loss (180,459) 495,679
Opening fair value of financial assets at fair value through profit or loss 727,342 1,679,935
Movements in the year
Purchases at cost
2
932,911 1,659,847
Sales – proceeds
2
(918,198) (2,077,408)
Gains/(losses) on financial assets at fair value through profit or loss
2
36,553 (535,032)
Closing fair value 778,608 727,342
Closing book cost 884,753 907,801
Closing unrealised losses on financial assets at fair value through profit or loss (106,145) (180,459)
Closing fair value of financial assets at fair value through profit or loss 778,608 727,342
1 The fair value hierarchy of the financial assets at fair value through profit or loss shown in Note 17 below.
2 Transaction costs directly associated with purchases and sales of non-derivative securities changed presentation to be included under the ‘Net gains/(losses) on financial
assets at fair value through profit or loss’ line in the capital column of the Statement of Comprehensive Income. In the prior periods the transaction costs were included
under ‘Other expenses’. The change in presentation is consistently applied for both for the current year and comparative reporting period.
Under the previous Investment Manager and until the re-balancing of the portfolio by the new Investment Manager, the entire
balance of investments in Financial assets at fair value through profit or loss was classified under Current assets. Under the investment
approach adopted by the current Investment Manger, the portfolio does not meet the definition of current assets, therefore the
entire balance of investments in Financial assets at fair value through profit or loss is classified as Non-current assets. This led to a
restatement of the entire balance of Financial assets at fair value through profit or loss as at 30 June 2022 reducing the Current assets
from $824,595,000 to $97,253,000 and increasing the Non-current assets from Nil to $727,342,000. The restatement of the 30 June
2022 balance has no impact on the Net Asset Value of the Company or any other indicators, including the Alternative Performance
Measures as at 30 June 2022.

57
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
10. Financial Assets at Fair Value through Profit or Loss continued
As the investment objective of the Company is to achieve long-term capital growth, the classification of investments in Financial assets
at fair value through profit or loss as Non-current assets is representative of the way the portfolio is managed.
The appropriate classification for periods prior to the change of Investment Manager (4 October 2021) and accounting periods prior
to that is considered to be impracticable to determine, due to the change in Investment Manager and directors.
Gains/(losses) on financial assets at fair value through profit or loss
Year ended
30 June
2023
$’000
Year ended
30 June
2022
$’000
Realised gains/(losses) on financial assets at fair value through profit or loss
Realised gains 75,936 385,792
Realised losses (113,697) (244,686)
Net realised (losses)/gains on financial assets at fair value through profit or loss (37,761) 141,106
Change in unrealised gains/(losses) on financial assets at fair value through profit or loss
Change in unrealised gains on financial assets at fair value through profit or loss 20,750 (499,923)
Change in unrealised losses on financial assets at fair value through profit or loss 53,564 (176,215)
Net change in unrealised gains/(losses) on financial assets at fair value through profit or loss 74,314 (676,138)
Net gains/(losses) on financial assets at fair value through profit or loss 36,553 (535,032)
The Company received $918,198,000 (2022: $2,077,408,000) from financial assets at fair value through profit or loss sold in the
year. The book cost of these financial assets at fair value through profit or loss when they were purchased was $955,959,000 (2022:
$1,936,302,000). These financial assets at fair value through profit or loss have been revalued over time and until they were sold any
unrealised gains/losses were included in the fair value of the financial assets at fair value through profit or loss.
Transaction costs incurred during the year in the acquisition and disposal of financial assets at fair value through profit or loss, which
are included in the Net realised gains/(losses) on financial assets at fair value through profit or loss were as follows:
Year ended
30 June
2023
$’000
Year ended
30 June
2022
$’000
Purchases transaction costs 1,403 2,094
Sales transaction costs 1,123 2,945
2,526 5,039
Transaction costs for the year ended 30 June 2022 were higher due to the rebalancing of the investment portfolio following the
change of Investment Manager to Fidelity.

58
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
11. Derivative Instruments
Year ended
30 June
2023
$’000
Year ended
30 June
2022
$’000
Realised (losses)/gains on derivative instruments
Gains on CFDs 163,817 129,741
Gains on futures 19,508 117,231
Gains on options 10,947 6,269
Losses on CFDs (187,154) (227,268)
Losses on futures (21,287) (3,963)
Losses on options (13,600) (6,068)
Net realised (losses)/gains on derivative instruments (27,769) 15,942
Change in unrealised (losses)/gains on derivative instruments
Change in unrealised gains on CFDs (11,177) 19,541
Change in unrealised gains on futures 849 –
Change in unrealised gains on options 138 948
Change in unrealised losses on CFDs (15) (10,890)
Change in unrealised losses on futures 277 (277)
Change in unrealised losses on options (112) (2,035)
Net change in unrealised (losses)/gains on derivative instruments (10,040) 7,287
Net (losses)/gains on derivative instruments (37,809) 23,229
30 June
2023
Fair value
$’000
30 June
2022
Fair value
$’000
Fair value of derivative instruments recognised on the Statement of Financial Position*
Derivative instrument assets 9,468 20,515
Derivative instrument liabilities (12,847) (14,408)
(3,379) 6,107
* The fair value hierarchy of the derivative instruments is shown in Note 17 below.
30 June 2023 30 June 2022
Fair value
$’000
Asset
exposure
$’000
Fair value
$’000
Asset
exposure
$’000
At the year end the Company held the following derivative instruments
Long CFDs (4,598) 312,737 3,781 249,053
Short CFDs 2,057 203,746 4,967 188,830
Short CFD (hedging exposure) – – (97) (7,938)
Futures (hedging exposure) 849 (130,176) (277) (60,312)
Long call options 254 2,879 973 3,675
Short put options (1,557) 10,789 (2,954) 16,092
Short call options (384) 6,406 (286) 3,334
(3,379) 406,381 6,107 392,734

59
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
12. Other Receivables
30 June
2023
$’000
30 June
2022
$’000
CFD dividend receivable 827 377
Securities sold pending settlement 789 13,218
Amounts receivable on settlement of derivatives – 9,770
Accrued income 4,834 6,189
Other receivables 30 865
6,480 30,419
13. Other Payables
30 June
2023
$’000
30 June
2022
$’000
CFD interest payable 473 201
CFD dividend payable 261 555
Securities purchased pending settlement 16,050 12,033
Amounts payable on settlement of derivatives 2,762 103
Management fees 391 –
Custodian fees 89 108
Directors’ fees 45 76
Capital gains tax payable 915 –
Accrued expenses 256 350
21,242 13,426
14. Share Capital
2023
Number of
shares
2022
Number of
shares
Authorised
Founder shares of no par value 1,000 1,000
Issued
Participating Preference Shares of no par value adjusted for purchase of own shares 91,100,066 121,466,754
Repurchase and cancellation of the Company’s own shares – (30,366,688)
Participating Preference Shares as at 30 June 91,100,066 91,100,066
On 6 September 2021, the Company launched a tender offer to buy back up to 25% of its issued share capital. As a result of the
tender offer, on 22 October 2021, the Company repurchased 30,366,688 Participating Preference Shares for cancellation. The resultant
number of shares in issue is 91,100,066 Participating Preference Shares.
The costs associated with the cancellation of the shares of $388,300,000 were charged to the capital reserve for the year ended
30June 2022.
The Company may issue an unlimited number of Unclassified Shares of no par value.

60
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
14. Share Capital continued
Founder Shares
All of the Founder Shares were issued on 6 June 1989 to GIML or its nominees. The Founder Shares were issued at $1 each par value.
The Founder Shares are not redeemable. At the Extraordinary General Meeting of the Company on 30 October 2009 and in accordance
with The Companies (Guernsey) Law, 2008 it was approved that each Founder Share be redesignated as no par value shares.
The Founder Shares confer no rights upon holders other than at general meetings, on a poll, every holder is entitled to one vote in
respect of each Founder Share held.
On 7 October 2021, all of the Founder shares were transferred from GIML to FIL Investment Services (UK) Limited.
Treasury Shares
The Company does not hold treasury shares as all historical repurchases of its own shares have been cancelled.
Participating Preference Shares
At the Extraordinary General Meeting of the Company held on 30 October 2009 it was approved that each Participating Preference
Share be divided into ten Participating Preference Shares. Under The Companies (Guernsey) Law, 2008 (as amended), the nominal
values of the shares were also converted into sterling and redesignated as no par value shares.
The holders of Participating Preference Shares rank ahead of holders of any other class of share in issue in a winding up. They have
the right to receive any surplus assets available for distribution. The Participating Preference Shares confer the right to dividends
declared, and at general meetings, on a poll, confer the right to one vote in respect of each Participating Preference Share held.
Participating Preference Shares are classed as equity as they have a residual interest in the assets of the Company.
All of the above classes of shares are considered as Equity under the definitions set out in IAS 32, ‘Financial instruments: Disclosure and
presentation’, because the shares are not redeemable and there is no obligation to pay cash or another financial asset to the holder.
15. Capital and Reserves
Share
premium
account
$’000
Capital
reserve
$’000
Revenue
reserve
$’000
Total
equity
$’000
At 1 July 2022 6,291 741,095 49,375 796,761
Net gains on investments at fair value through profit or
loss (see Note 10) – 36,553 – 36,553
Net losses on derivative instruments (see Note 11) – (37,809) – (37,809)
Net foreign exchange losses – (933) – (933)
Management fees (see Note 4) – (3,690) – (3,690)
Tax charged to capital (see Note 7) – 644 – 644
Revenue profit after taxation for the year – – 19,784 19,784
Dividends paid to shareholders (see Note 9) – – (14,576) (14,576)
At 30 June 2023 6,291 735,860 54,583 796,734

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15. Capital and Reserves continued
Share
premium
account
$’000
Capital
reserve
$’000
Revenue
reserve
$’000
Total
equity
$’000
At 1 July 2021 6,291 1,642,118 50,666 1,699,075
Net losses on investments at fair value through profit or
loss (see Note 10) – (535,032) – (535,032)
Net gains on derivative instruments (see Note 11) – 23,229 – 23,229
Net foreign exchange losses – (2,707) – (2,707)
Management fees (see Note 4) – (3,709) – (3,709)
Other expenses (see Note 5) – (1,318) – (1,318)
Tax charged to capital (see Note 7) – 6,948 – 6,948
Write off receivable for shares – (134) – (134)
Repurchase and cancellation of the Company’s own
shares (see Note 14) – (388,300) – (388,300)
Revenue profit after taxation for the year – – 15,107 15,107
Dividends paid to shareholders (see Note 9) – – (16,398) (16,398)
At 30 June 2022 6,291 741,095 49,375 796,761
Share Premium
Share Premium is the amount by which the value of shares subscribed for exceeded their nominal value at the date of issue.
The capital reserve balance at 30 June 2023 includes unrealised losses on the revaluation of financial assets at fair value through
profit or loss of $106,145,000 (2022: losses of $180,459,000) as detailed in Note 10 above.
16. Net Asset Value per Participating Preference Share
The calculation of the net asset value per Participating Preference Share is based on the following:
30 June
2023
30 June
2022
Net assets $796,734,000 $796,761,000
Participating Preference Shares in issue 91,100,066 91,100,066
Net Asset Value per Participating Preference Share $8.75 $8.75
17. Financial Instruments
Management of risk
The Company’s investing activities in pursuit of its investment objective involve certain inherent risks. The Board confirms that there
is an ongoing process for identifying, evaluating and managing the risks faced by the Company. The Board with the assistance
of the Investment Manager, has developed a risk matrix which, as part of the internal control process, identifies the risks that the
Company faces. Principal risks identified are investment performance, cybercrime and information security, business continuity &
event management, gearing, discount to NAV, unlisted securities, foreign currency exposure, lack of market liquidity, environmental,
social and governance (ESG) and key person risks. Other risks identified are tax and regulatory and operational risks, including those
relating to third party service providers covering investment management, marketing and business development, company secretarial,
fund administration and operations and support functions. Risks are identified and graded in this process, together with steps taken in
mitigation, and are updated and reviewed on an ongoing basis. Risks identified are shown in the Strategic Report.
This note is incorporated in accordance with IFRS 7: Financial Instruments: Disclosures and refers to the identification, measurement
and management of risks potentially affecting the value of financial instruments.

62
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
17. Financial Instruments continued
The Company’s financial instruments may comprise:
• Equity shares (listed and unlisted), preference shares, equity linked notes, convertible bonds, rights issues, holdings in investment
companies and private placements;
• Derivative instruments including CFDs, warrants, futures and options written or purchased on stocks and equity indices and forward
currency contracts; and
• Cash, liquid resources and short-term receivables and payables that arise from its operations.
The risks identified by IFRS 7 arising from the Company’s financial instruments are market price risk (which comprises interest rate risk,
foreign currency risk and other price risk), liquidity risk, credit and counterparty risk and derivative instrument risk. The Board reviews
and agrees policies for managing each of these risks, which are summarised below.
Interest rate risk
The Company has the ability to borrow up to 10% of the Company’s NAV in order to increase the amount of capital available for
investment. The Company aims to keep its use of an overdraft facility for trading purposes to a minimum only using a facility to enable
settlements. It may also hold interest bearing securities and cash.
The Company finances its operations through its share capital and reserves. In addition, the Company has gearing through the use of
derivative instruments. The Board imposes limits to ensure gearing levels are appropriate. The Company is exposed to a financial risk
arising as a result of any increases in interest rates associated with the funding of the derivative instruments.
Interest rate risk exposure
The values of the Company’s financial instruments that are exposed to movements in interest rates are shown below:
30 June
2023
$’000
30 June
2022
$’000
Exposure to financial instruments that bear interest
Long CFDs – exposure less fair value 317,335 245,272
317,335 245,272
Exposure to financial instruments that earn interest
Short CFDs – exposure plus fair value 205,804 201,638
Amounts held at futures clearing houses and brokers 18,210 11,901
Cash and cash equivalents 18,057 34,418
242,071 247,957
Net exposure to financial instruments that (bear)/earn interest (75,264) 2,685
Interest rate risk sensitivity analysis
Based on the financial instruments held and interest rates at the statement of financial position date, an increase of 1% in interest rates
throughout the year, with all other variables held constant, would have decreased the profit after taxation for the year and decreased
the net assets of the Company by $753,000 (2022: decreased the loss after taxation for the year and increased the net assets of the
Company by $27,000). A decrease of 1% in interest rates throughout the year would have had an equal but opposite effect.
Foreign currency risk
The Company invests in financial instruments and enters into transactions denominated in currencies other than its functional
currency. Consequently, the Company is exposed to risks that the exchange rate of its functional currency relative to other foreign
currencies may change in a manner that has an adverse effect on the value of that portion of the Company’s assets or liabilities
denominated in currencies other than US dollars (functional currency) or UK sterling (the currency in which shares are traded on the
London Stock Exchange).

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17. Financial Instruments continued
Three principal areas have been identified where foreign currency risk could impact the Company:
• movements in currency exchange rates affecting the value of investments and derivatives exposures;
• movements in currency exchange rates affecting short-term timing differences, for example, between the date when an investment
is bought or sold and the date when settlement of the transaction occurs; and
• movements in currency exchange rates affecting income received.
Currency exposure of financial assets
The Company’s financial assets comprise of investments, positions on derivative instruments, short-term debtors and cash and
cashequivalents.
Currency exposure of financial liabilities
The Company finances its investment activities through its ordinary share capital and reserves. The Company’s financial liabilities
comprise positions on derivative instruments and other payables.
The net currency exposure profile of these financial assets/(liabilities) is shown below:
Currency
Investments
held at
fair value
through
profit or loss
$’000
Asset/
(liabilities)
exposure of
derivative
instruments
1
$’000
Cash, cash
equivalents
and other
receivables/
(payables)
2
$’000
2023
Total foreign
currency risk
$’000
Brazilian real 70,992 263 (74) 71,181
Canadian dollar 23,451 19,717 15 43,183
Chinese yuan renminbi 6,364 – 30 6,394
Euro 35,411 3,570 5 38,986
Hong Kong dollar 77,538 53,348 1,265 132,151
Indian rupee 93,561 – 136 93,697
Indonesian rupiah 36,602 – – 36,602
Korean won 9,563 (604) 36 8,995
Mexican peso 34,214 18,890 (65) 53,039
Nigerian naira 9,356 – 1,319 10,675
Poland zloty 12,087 (7,503) 21 4,605
South African rand 80,608 (4,512) (237) 75,859
UK sterling 20,784 9,044 (27) 29,801
Swedish krona 10,837 – – 10,837
Taiwan dollar 107,225 – 1,835 109,060
United Arab Emirates dirham 4,124 – – 4,124
United States dollar 92,384 (90,177) 17,175 19,382
Vietnamese dong 15,131 – 68 15,199
Other currencies 38,376 (15,959) 3 22,420
778,608 (13,923) 21,505 786,190
1 The asset exposure of long and short derivative positions is after the netting of hedging exposures;
2 Other receivables/(payables) include amounts held at futures clearing houses and brokers.

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Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
17. Financial Instruments continued
Currency
Investments
held at
fair value
through
profit or loss
$’000
Asset/(liabilities)
exposure of
derivative
instruments
1
$’000
Cash, cash
equivalents
and other
receivables/
(payables)
2
$’000
2022
Total foreign
currency risk
$’000
Brazilian real 71,653 – 1,363 73,016
Canadian dollar 50,696 (18) 302 50,980
Chinese yuan renminbi 43,529 – 148 43,677
Euro 13,162 (2,746) 35 10,451
Hong Kong dollar 62,006 105,454 4,893 172,353
Indian rupee 68,882 – 472 69,354
Indonesian rupiah 10,611 – – 10,611
Korean won 37,393 2,275 82 39,750
Mexican peso 1,737 16,545 (67) 18,215
Nigerian naira 15,731 – 1,602 17,333
Polish zloty 2,118 (391) 1 1,728
South African rand 60,046 (3,091) 2 56,957
UK sterling 20,936 (7,209) 112 13,839
Swedish krona 3,251 – – 3,251
Taiwan dollar 99,327 – 2,971 102,298
United Arab Emirates dirham 26,679 – – 26,679
United States dollar 132,765 (85,971) 47,516 94,310
Vietnamese dong 5,784 – 4,134 9,918
Other currencies 1,036 (16,442) (254) (15,660)
727,342 8,406 63,312 799,060
1 The asset exposure of long and short derivative positions is after the netting of hedging exposures;
2 Other receivables/(payables) include amounts held at futures clearing houses and brokers.
Foreign currency risk management
The degree of sensitivity of the Company’s assets to foreign currency risk depends on the net exposure of the Company to each
specific currency and the volatility of that specific currency in the year. At 30 June 2023, had the average exchange rate of the US
dollar weakened by a reasonable possible movement of 5% (2022: 5%) in relation to the basket of currencies in which the Company’s
net assets are denominated, weighted by the Company’s exposure to each currency with all other variables held constant, the
Company estimates the profit after taxation for the year would have increased and net assets would have increased by $38,340,000
(2022: decreased the loss after taxation for the year and increased the net assets of the Company by $35,238,000).
An increase in the US dollar by 5% in relation to the basket of currencies in which the Company’s net assets are denominated would
have resulted in a decline in net assets by the same amount, under the assumption that all other factors remain constant.
The Investment Manager does not consider it realistic or useful to examine foreign currency risk in isolation. The Investment Manager
considers the standard deviation of the NAV (which is struck in US dollars) as the appropriate risk measurement for the portfolio as a
whole as it reflects market price risk generally. Please see Market Price Risk section.
Market price risk
Market price risk is the risk that value of the instrument will experience unanticipated fluctuations as a result of changes in market
prices (other than those arising from foreign currency risk and interest rate risk), whether caused by factors specific to an individual
investment, its issuer, or all factors influencing all instruments traded in the market.

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17. Financial Instruments continued
Market price risk management
Market price risk can be moderated in a number of ways by the Investment Manager through:
(i) a disciplined stock selection and investment process; and
(ii) limitation of exposure to a single investment through diversification and through amongst others, the implementation of investment
restrictions.
The Board reviews the prices of the portfolio’s holdings and investment performance at their meetings. Country and Sector
Exposure of the Portfolio and Forty Largest Holdings illustrate the Company’s portfolio at the end of reporting period reflects the
diversifiedstrategy.
The Investment Manager has identified the MSCI Emerging Markets Index as a relevant reference point for the markets in which
it operates. However, the Investment Manager does not manage the Company’s investment strategy to track the MSCI Emerging
Markets Index or any other index or benchmark. The short-term performance of the Company and its correlation to the MSCI Emerging
Markets Index is shown in the Financial Highlights section and is expected to change over time.
Market price risk – Investee Funds
The Company’s investments in Investee Funds are subject to the terms and conditions of the respective Investee Fund’s offering
documentation and are susceptible to market price risk arising from uncertainties about future values of those Investee Funds. The
Investment Manager makes investment decisions after extensive due diligence of the underlying fund, its strategy and the overall
quality of the underlying fund’s manager. All of the Investee Funds in the investment portfolio are managed by portfolio managers
who are compensated by the respective Investee Funds for their services. Such compensation generally consists of an asset based fee
and a performance based incentive fee and is reflected in the valuation of the Company’s investment in each of the Investee Funds.
The exposure to investments in Investee Funds at fair value is disclosed as part of Note below. These investments are included in
‘Financial assets at fair value through profit or loss’ in the Statement of Financial Position. The Company’s maximum exposure to loss
from its interests in Investee Funds is equal to the total fair value of its investments in Investee Funds.
Total purchases in Investee Funds amounted $3,846,000 (2022: none). Total sales amounted to $4,045,000 (2022: $1,473,000). As at
30June 2023 and 2022 there were no capital commitment obligations and no amounts due to Investee Funds for unsettled purchases.
During the year ended 30 June 2023 total net losses incurred on investments in Investee Funds were $1,154,000 (2022: losses
of$1,488,000).
Other price risk
Other price risk arises mainly from uncertainty about future prices of financial instruments. It represents the potential loss the Company
might suffer through price movements in its investment positions. The Board meets quarterly to consider the asset allocation of the
portfolio and the risk associated with particular industry sectors within the parameters of the investment objective.
The Investment Manager is responsible for actively monitoring the portfolio selected in accordance with the overall asset allocation
parameters and seeks to ensure that individual stocks also meet an acceptable risk/reward profile. Other price risks arising from
derivative positions, mainly due to the underlying exposures, are assessed by the Investment Manager’s specialist derivative
instruments team.
Other price risk sensitivity
The following table illustrates the sensitivity of loss after taxation for the year and net assets to an increase or decrease of 10% (year
ended 30 June 2022: 10%) in the fair value of investments. This level of change is considered to be a reasonable illustration based on
observation of current market conditions. The sensitivity analysis is based on investments with all other variables held constant.
The other price sensitivity analysis is based on the valuation of investments directly held by the Company. For underlying investment
funds this is based on the net assets of such underlying funds as included in the Company’s portfolio of investments at reporting date.
The value of certain investments, in particular positions held in underlying funds may vary due to currency, interest rate and credit risks
and such risks are not directly considered in the other price risk sensitivity analysis.

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Notes to the Financial Statements continued
17. Financial Instruments continued
Effect of a 10% increase/(decrease) in fair value:
2023 2022
10% increase
in fair value
$’000
10% decrease
in fair value
$’000
10% increase
in fair value
$’000
10% decrease
in fair value
$’000
Statement of Comprehensive Income – profit/(loss)
aftertaxation
Total profit/(loss) after taxation for the year 77,861 (77,861) 72,734 (72,734)
Net assets 77,861 (77,861) 72,734 (72,734)
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations associated with financial liabilities. The
Company’s assets mainly comprise readily realisable securities and derivative instruments which can be sold easily to meet funding
commitments if necessary. Short-term flexibility is achieved by the use of a bank overdraft, if required.
The liquidity risk profile of the Company was as follows:
30 June
2023
$’000
30 June
2022
$’000
Amounts due within one month
Securities purchased pending settlement 16,050 12,033
Amounts payable on settlement of derivatives 2,762 103
Derivative liabilities 12,847 12,494
CFD interest payable 473 201
CFD dividend payable 261 555
Custodian fees 89 108
Management fees 391 –
Directors’ fees 45 76
Accrued expenses 256 350
Amounts due within one year
Derivative liabilities – 1,914
Capital gains tax payable 915 –
Total liabilities 34,089 27,834
Liquidity risk management
The restrictions on concentration and the diversification requirements detailed above (see market price risk) also serve normally to
protect the overall value of the Company from the risks created by the lower level of liquidity in the markets in which the Company
operates.
The Company has no payables past their due dates as at 30 June 2023 (2022: nil).
Credit and counterparty risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment it has entered
into with the Company. Financial instruments may be adversely affected if any of the institutions with which money is deposited suffer
insolvency or other financial difficulties. All transactions are carried out with brokers that have been approved by the Investment Manager
and are settled on a delivery versus payment basis. Limits are set on the amount that may be due from any one broker and are kept
under review by the Investment Manager. Exposure to credit risk arises on outstanding security transactions and derivative instrument
contracts and cash at bank. The Company only engages with approved counterparties that are rated investment grade or above.
The Company has no receivables past their due dates as at 30 June 2023 (2022: nil).

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17. Financial Instruments continued
Credit risk management
Certain derivative instruments in which the Company may invest are not traded on an exchange but instead will be traded between
counterparties based on contractual relationships, under the terms outlined in the International Swaps and Derivatives Association’s
(“ISDA”) market standard derivative legal documentation. These are known as Over The Counter (“OTC”) trades. As a result, the
Company is subject to the risk that a counterparty may not perform its obligations under the related contract. In accordance with
the risk management process which the Investment Manager employs, this risk is minimised by only entering into transactions with
counterparties which are believed to have an adequate credit rating at the time the transaction is entered into, by ensuring that formal
legal agreements covering the terms of the contract are entered into in advance, and through adopting a counterparty risk framework
which measures, monitors and manages counterparty risk by the use of internal and external credit agency ratings and evaluates
derivative instrument credit risk exposure.
The maximum exposure to credit risk at 30 June is the carrying amount of the financial assets as set out below.
30 June
2023
Amounts due
within 1 year
$’000
30 June
2022
Amounts due
within 1 year
$’000
Derivative assets 9,468 20,515
Securities sold pending settlement 789 13,218
Amounts receivable on settlement of derivatives – 9,770
Amounts held at futures clearing houses and brokers 18,210 11,901
Cash and cash equivalents 18,057 34,418
CFD dividend receivable 827 377
Accrued income 4,834 6,189
Other receivables 30 865
52,215 97,253
None of these assets are impaired nor past due but not impaired.
For OTC and exchange traded derivative transactions, collateral is used to reduce the risk of both parties to the contract. Collateral is
managed on a daily basis for all relevant transactions and held in segregated collateral accounts. Collateral can be held by brokers
on behalf of the Company to reduce the credit risk exposure of the Company or held by the Company on behalf of brokers to reduce
the credit risk exposure of the brokers. All collateral received or pledged at reporting date is in form of cash. The value of collateral
received from brokers and pledged to brokers is shown below:
30 June 2023 30 June 2022
collateral
received
$’000
collateral
pledged
$’000
collateral
received
$’000
collateral
pledged
$’000
Bank of America Merrill Lynch International – 250 – –
Goldman Sachs International Ltd – 3,430 2,730 –
J.P. Morgan Securities plc 1,180 – – 440
Morgan Stanley & Co. International Ltd 110 – 8,090 –
HSBC Bank plc – 1,800 5,180 –
UBS AG – 12,730 740 11,461

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Notes to the Financial Statements continued
17. Financial Instruments continued
Credit Risk – Securities Lending
During the year ended 30 June 2022, the Company was engaged in securities lending. As of 30 June 2022 and during the year ended
30June 2023, the Company was no longer engaged in securities lending activities.
Participation in securities lending transactions during the year ended 30 June 2022 exposed the Company to risk of default by the
third party borrower. To mitigate this risk, during the period when the Company was engaged in securities lending, the loans were
secured by collateral comprising of governmental securities and was called in on a daily basis to a value of 102% of the fair value of
securities on loan if that collateral was denominated in the same currency as the securities on loan and 105% if it was denominated
in a different currency. The Lending Agent was responsible for monitoring the collateralisation of 102% and 105% and ensuring that
these levels were maintained on marked to market fair values of all securities on loan. The Company had the right under the lending
agreement to recover the securities from the borrower on demand. In case of default by the borrower, the responsibility to ‘make
good’ the transaction was with the Lending Agent.
During the period when the Company was engaged in securities lending, Genesis actively monitored the capital levels and credit
rating of the Lending Agent and the third party borrowers.
Derivative instrument risk
The risks and risk management processes which result from the use of derivative instruments, are set out in the Risk Management
Process document. This document was approved by the Board and allows the use of derivative instruments for the following purposes:
• to gain exposure to equity markets, sectors or individual investments;
• to hedge equity market risk in the Company’s investments with the intention of mitigating losses in the event markets fall;
• to enhance portfolio returns by writing call and put options; and
• to take short positions in equity markets, sectors or individual investments which would benefit from a fall in the relevant market
price, where the Investment Manager believes the investment is overvalued. These positions distinguish themselves from other
short exposures held for hedging purposes since they are expected to add risk to the portfolio.
The risk and investment performance of these instruments are managed by an experienced, specialist derivative team of the
Investment Manager using portfolio risk assessment tools for portfolio construction.
Derivative instruments exposure sensitivity analysis
The Company invests in derivative instruments to gain or reduce exposure to the equity market. An increase of 10% in the share
prices of the investments underlying the derivative instruments at the reporting date would have increased the profit after taxation
for the year and increased the net assets of the Company by $1,392,000 (2022: decreased the loss after taxation for the year and
increased the net assets of the Company by $841,000). A decrease of 10% in share prices of the investments underlying the derivative
instruments would have had an equal but opposite effect.

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17. Financial Instruments continued
Offsetting
To mitigate counterparty risk for OTC derivative transactions, the ISDA legal documentation is in the form of a master agreement
between the Company and the brokers. This allows enforceable netting arrangements in the event of a default or termination event.
Derivative instrument assets and liabilities that are subject to netting arrangements have not been offset in preparing the Statement of
Financial Position.
The Company’s derivative instrument financial assets and liabilities recognised in the Statement of Financial Position and amounts that
could be subject to netting in the event of a default or termination are shown below:
Financial assets
Gross
amount
$’000
Gross amount
of recognised
financial
liabilities
set off on
the statement
of financial
position
$’000
Net amount
of financial
assets
presented on
the statement
of financial
position
$’000
Related amounts not set
off on statement of
financial position 2023
Financial
instruments
$’000
Margin
account
received as
collateral
$’000
Net
amount
$’000
CFDs 8,365 – 8,365 (6,055) (1,290) 1,020
Options 254 – 254 (254) – –
Futures 849 – 849 – – 849
9,468 – 9,468 (6,309) (1,290) 1,869
Financial liabilities
Gross
amount
$’000
Gross amount
of recognised
financial
assets
set off on
the statement
of financial
position
$’000
Net amount
of financial
liabilities
presented on
the statement
of financial
position
$’000
Related amounts not set
off on statement of
financial position 2023
Financial
instruments
$’000
Margin
account
pledged as
collateral
$’000
Net
amount
$’000
CFDs (10,906) – (10,906) 6,055 4,235 (616)
Options (1,941) – (1,941) 254 1,687 –
(12,847) – (12,847) 6,309 5,922 (616)

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Notes to the Financial Statements continued
17. Financial Instruments continued
Financial liabilities
Gross
amount
$’000
Gross amount
of recognised
financial
assets
set off on
the statement
of financial
position
$’000
Net amount
of financial
liabilities
presented on
the statement
of financial
position
$’000
Related amounts not set
off on statement of
financial position 2022
Financial
instruments
$’000
Margin
account
pledged as
collateral
$’000
Net
amount
$’000
CFDs 19,542 – 19,542 (10,444) (6,635) 2,463
Options 973 – 973 (973) – –
20,515 – 20,515 (11,417) (6,635) 2,463
Financial assets
Gross
amount
$’000
Gross amount
of recognised
financial
liabilities
set off on
the statement
of financial
position
$’000
Net amount
of financial
assets
presented on
the statement
of financial
position
$’000
Related amounts not set
off on statement of
financial position 2022
Financial
instruments
$’000
Margin
account
received as
collateral
$’000
Net
amount
$’000
CFDs (10,891) – (10,891) 10,444 – (447)
Options (3,240) – (3,240) 973 2,267 –
Futures (277) – (277) – 277 –
(14,408) – (14,408) 11,417 2,544 (447)
Fair Value Hierarchy
The Company is required to disclose the fair value hierarchy that classifies its financial instruments measured at fair value at one of
three levels, according to the relative reliability of the inputs used to estimate the fair values.
Classification Input
Level 1 Valued using quoted prices in active markets for identical assets
Level 2 Valued by reference to inputs other than quoted prices included in level 1 that are observable (i.e.
developed using market data) for the asset or liability, either directly or indirectly
Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data

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17. Financial Instruments continued
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value
measurement of the relevant asset. The valuation techniques used by the Company are explained in Note 2(b). The table below sets
out the Company’s fair value hierarchy:
Financial assets at fair value through profit or loss
Level 1
$’000
Level 2
$’000
Level 3
$’000
30 June
2023
Total
$’000
Investments in equity securities 751,117 – 1,009 752,126
Equity linked notes – 17,433 – 17,433
Investee funds – 3,943 5,106 9,049
Derivative instrument assets – Futures contracts 849 – – 849
Derivative instrument assets – Options 13 241 – 254
Derivative instrument assets – CFDs – 8,365 – 8,365
751,979 29,982 6,115 788,076
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – Options 1,516 425 – 1,941
Derivative instrument liabilities – CFDs – 10,906 – 10,906
1,516 11,331 – 12,847
Financial instruments classified under Level 2 are valued by reference to inputs other than quoted prices included in level 1 that are
observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. The Level 2 instruments include
underlying investment funds, equity linked notes, over the counter option contracts and contracts for difference.
Financial assets at fair value through profit or loss
Level 1
$’000
Level 2
$’000
Level 3
$’000
30 June
2022
Total
$’000
Investments in equity securities 642,794 – – 642,794
Equity linked notes – 78,739 – 78,739
Investee funds – – 5,809 5,809
Derivative instrument assets – Options 973 – – 973
Derivative instrument assets – CFDs – 19,542 – 19,542
643,767 98,281 5,809 747,857
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities – Futures contracts (277) – – (277)
Derivative instrument liabilities – Options (2,155) (1,085) – (3,240)
Derivative instrument liabilities – CFDs – (10,891) – (10,891)
(2,432) (11,976) – (14,408)
Valuation basis for Level 3 Investment
30 June
2023
$’000
30 June
2022
$’000
Net asset value 5,106 5,809
Most recently available published price 1,009 –
6,115 5,809
As at 30 June 2023 there were twelve holdings (2022: twelve holdings) classified as Level 3 investments. Two holdings (2022: two
holdings) in Investee Funds were valued using the most recently available valuation statements as received from the respective
general partner/manager/administrator, updated to include subsequent cash flows. One holding (China Renaissance) was valued
using the most recently available published price. Nine holdings (2022: ten holdings) had a nil value.

72
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
17. Financial Instruments continued
As at the reporting date seven Russian securities (2022: seven) as well as one investment exposed to Ukrainian securities (2022:
one) have been fair valued at nil as at 30 June 2023 as a result of trading being suspended on international stock exchanges. These
investments have been transferred from Level 1 to Level 3 with a value of nil during the year ended 30 June 2022.
As the key input into the valuation of Level 3 investments is official valuation statements from the investee funds and the adjusted most
recently available published price, we do not consider it appropriate to put forward a sensitivity analysis on the basis that insufficient
value is likely to be derived by the end users.
The following table summarises the change in value associated with Level 3 financial instruments carried at fair value during the year:
Movements in level 3 investments during the year
30 June
2023
Level 3
$’000
30 June
2022
Level 3
$’000
Opening balance 5,809 8,770
Sales (4,045) (1,473)
Transfers into level 3 1,009 –
Realised gains 3,112 889
Net change in unrealised gains/(losses) 230 (2,377)
Closing balance 6,115 5,809
Unrealised losses as at year end amounting to $6,956,000 (2022: unrealised losses of $7,186,000) related to Level 3 securities. Gains
and losses (realised and unrealised) included in the Statement of Comprehensive Income for the year are reported in ‘Net (losses)/
gains on financial assets at fair value through profit or loss’.
The Company holds seven securities issued by Russian entities (2022: seven). These securities continue to be impacted by a range of
actions taken by governments, stock exchanges and counterparties, including sanctions regimes, leading to significant valuation and
liquidity issues. Due to these issues, and the Company’s inability to transact or transfer these assets, the value of the seven Russian
securities (2022: seven) held by the Company was written down to nil (2022: nil), reflecting the significant uncertainty in the resolution
of geopolitical events. These securities, classified as Level 1 immediately prior to the suspension of Russian markets, were transferred
to Level 3 during the year ended 30 June 2022. The Company’s investments in the seven Russian securities (2022: seven) amounted to
$17,283,661 immediately prior to suspension of markets on 28 February 2022 with a cost of $99,959,944 (2022: $99,959,944).
During the year ended 30 June 2023, one security (China Renaissance) transferred from Level 1 into Level 3 as its shares were
suspended from trading on the Hong Kong Stock Exchange in April 2023. The fair value of shares held in China Renaissance amounts
to USD 1,008,686 and was determined based on the last available published price for the shares before suspension, with a cost of
USD 1,466,334.
The Company’s policy is to recognise transfers in and transfers out at the end of each accounting period.
Securities Lending
During the year ended 30 June 2023, the Company was not engaged in securities lending activities. As of 30 June 2022, the Company
was no longer engaged in securities lending activities.
Capital Risk Management
The capital of the Company is represented by the equity attributable to holders of Participating Preference Shares. The amount of
equity attributable to holders of Participating Preference Shares is subject to change, at most, twice monthly as the Company is a
closed-ended fund with the ability to issue additional shares only if certain conditions are met as set out in the Company’s scheme
particulars. The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in
order to provide returns for shareholders and to maintain a strong capital base to support the development of the investment activities
of the Company.

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Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
18. Capital Resources and Gearing
The Company does not have any externally imposed capital requirements. The financial resources of the Company comprise its share
capital, reserves and gearing, which are disclosed on the Statement of Financial Position. The Company is managed in accordance
with its investment policy and in pursuit of its investment objective, both of which are detailed in the Strategic Report. The principal
risks and their management are disclosed in the Strategic Report and in Note 17 above.
The Company’s gearing at the year end is set out below:
30 June 2023
Gross gearing Net gearing
Exposure
$’000 %
1
Exposure
$’000 %
1
Investments 778,608 97.7 778,608 97.7
Long CFDs 312,737 39.2 312,737 39.2
Short put options 10,789 1.4 10,789 1.4
Long call options 2,879 0.4 2,879 0.4
Total long exposures before hedges 1,105,013 138.7 1,105,013 138.7
Less: short derivative instruments hedging the above (130,176) (16.3) (130,176) (16.3)
Total long exposures after the netting of hedges 974,837 122.4 974,837 122.4
Short CFDs 203,746 25.5 (203,746) (25.5)
Short call options 6,406 0.8 (6,406) (0.8)
Gross Asset Exposure/net exposure 1,184,989 148.7 764,685 96.1
Net Assets 796,734 796,734
Gearing
2
48.7% (3.90)%
30 June 2022
Gross gearing Net gearing
Exposure
$’000 %
1
Exposure
$’000 %
1
Investments 727,342 91.3 727,342 91.3
Long CFDs 249,053 31.3 249,053 31.3
Short put options 16,092 2.0 16,092 2.0
Long call options 3,675 0.5 3,675 0.5
Total long exposures before hedges 996,162 125.1 996,162 125.1
Less: short derivative instruments hedging the above (68,250) (8.6) (68,250) (8.6)
Total long exposures after the netting of hedges 927,912 116.5 927,912 116.5
Short CFDs 188,830 23.7 (188,830) (23.7)
Short call options 3,334 0.4 (3,334) (0.4)
Gross Asset Exposure/net exposure 1,120,076 140.6 735,748 92.4
Net Assets 796,761 796,761
Gearing
2
40.6% (7.6)%
1 Exposure to the market expressed as a percentage of Net Assets.
2 Gearing is the amount by which Gross Asset Exposure/net exposure exceeds Net Assets expressed as a percentage of Net Assets.

74
Fidelity Emerging Markets Limited | Annual Report 2023
Notes to the Financial Statements continued
19. Transactions with the Manager and Related Parties
FIL Investment Services (UK) Limited is the Company’s Alternative Investment Fund Manager and has delegated portfolio management
to FIL Investments International. Both companies are Fidelity group companies.
Details of the current fee arrangements are given in Note 4 above. During the year, management fees of $4,613,000 (2022:
$4,636,000) were payable to the Manager. During the year, marketing fees of $176,000 (2022: $148,000) were payable to the
Manager. Amounts payable at the reporting date are included in other payables.
At the date of this report, the Board consisted of five non-executive Directors (as shown on pages 29 to 30) all of whom are
considered to be independent by the Board. None of the Directors has a service contract with the Company.
The Directors received for the financial year fees totalling £221,115, the breakdown of the fees is shown in the Directors’ Remuneration
Report on page 35. From 1 July 2023, the Chairman receives an annual fee of £50,000, the Chairman of the Audit Committee and
Senior Independent Director receive £38,000 and the other Directors receive an annual fee of £36,000. The following members of
the Board hold ordinary shares in the Company at the date of this report: Dr Simon Colson 4,416 shares, Katherine Tsang nil shares,
Torsten Koster 15,000 shares, Julian Healy* nil shares and Heather Manners 10,000 shares.
Directors’ expenses for the year include travelling, hotel and other expenses which the Directors are entitled to when properly incurred
by them in travelling to, attending and returning from meetings and while on other business of the Company.
Directors’ related party interests are stated on page 35 as part of the Directors’ Remuneration Report.
* Appointed on 12 December 2022.
20. Ultimate Controlling Party
In the opinion of the Directors on the basis of the shareholdings advised to them, the Company has no immediate or ultimate
controlling party.
21. Segment Information
The Directors, after having considered the way in which internal reporting is provided to them, are of the opinion that the
Company continues to be engaged in a single segment of business, being the provision of a diversified portfolio of investments in
emergingmarkets.
All of the Company’s activities are interrelated, and each activity is dependant on the others. Accordingly, all significant operating
decisions are based upon analysis of the Company operating in one segment.
The financial positions and results from this segment are equivalent to those per the financial statements of the Company as a whole,
as internal reports are prepared on a consistent basis in accordance with the measurement and recognition principles of IFRS.
A breakdown of the Company’s financial assets at fair value through profit and loss is shown in the Country exposure of the
Company’s portfolio on pages 17 and 18.
The Company is domiciled in Guernsey. All of the Company’s income from investment is from entities in countries or jurisdictions other
than Guernsey.
22. Subsequent events
No significant events have occurred since the end of the reporting date which would impact on the financial position of the Company
disclosed in the Statement of Financial Position as at 30 June 2023 or on the financial performance and cash flows of the Company
for the year ended on that date.

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Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
Active Share
Active Share is a measure of the percentage which stock holdings in the Company differ from the constituents of the benchmark, the
MSCI Emerging Markets Index. Active share is calculated by taking the sum of the absolute difference between the weights of the
holdings in the Company and those in the MSCI Emerging Markets Index and dividing the result by two. See The Year at a Glance
inside the front cover of this report for further details.
Discount/Premium
The discount/premium is considered to be an Alternative Performance Measure. It is the difference between the NAV of the Company and
the share price and is expressed as a percentage of the NAV. Details of the Company’s discount are on the Financial Highlights page.
Gearing
Gearing is considered to be an Alternative Performance Measure. See Note 18 on page 73 for details of the Company’s gearing.
Net Asset Value (“NAV”) per Participating Preference Share
The NAV per Participating Preference Share is considered to be an Alternative Performance Measure. See the Statement of Financial
Position on page 46 and Note 16 on page 61 for further details.
Ongoing charges ratio
Ongoing charges ratio is considered to be an Alternative Performance Measure. The ongoing charges ratio has been calculated in
accordance with guidance issued by the AIC as the total of management fees and other expenses expressed as a percentage of the
average net assets throughout the year.
30 June
2023
30 June
2022
Management fees ($’000) 4,613 4,636
Other expenses ($’000)
1
1,619 3,769
Less legal fees – not recurring ($’000) – (1,318)
Ongoing charges ($’000) 6,232 7,087
Average net assets ($’000) 768,785 1,179,409
Ongoing charges ratio 0.81% 0.60%
1 Transaction costs directly associated with purchases and sales of non-derivative securities changed presentation to be included under the ‘Net gains/(losses) on financial
assets at fair value through profit or loss’ line in the capital column of the Statement of Comprehensive Income. In the prior periods the transaction costs were included
under ‘Other expenses’. The change in presentation is consistently applied for both for the current year and comparative reporting period.
Alternative Performance Measures

76
Fidelity Emerging Markets Limited | Annual Report 2023
Alternative Performance Measures continued
Total Return Performance
Total return performance is considered to be an Alternative Performance Measure (as defined in the Glossary to the Annual Report on
pages 84 to 86). NAV per share total return includes reinvestment of the dividend in the NAV of the Company on the ex-dividend date.
Share price total return includes the reinvestment of the net dividend in the month that the share price goes ex-dividend.
The tables below provide information relating to the NAV per share and share prices of the Company, the impact of the dividend
reinvestments and the total returns for the years ended 30 June 2023 and 30 June 2022.
2023
Net asset
value per
share
Share
price
30 June 2022 720.13p 633.70p
30 June 2023 688.00p 587.50p
Change in the year -4.5% -7.3%
Impact of dividend reinvestment +1.9% +2.1%
Total return for the year -2.6% -5.2%
2022
Net asset
value per
share
Share
price
30 June 2021 1,013.13p 919.00p
30 June 2022 720.13p 633.70p
Change in the year -28.9% -31.0%
Impact of dividend reinvestment +1.0% +1.0%
Total return for the year -27.9% -30.0%

77
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
Securities Financing Transactions Regulation
(“SFTR”)
Securities Financing Transactions (Unaudited)
The Company engages in Securities Financing Transactions (SFT) (as defined in Article 3 of Regulation (EU) 2015/2365, securities
financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-
sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the
Company’s involvement in and exposures related to SFT for the accounting year ended 30 June 2023 are detailed below.
Global Data
Amount of securities on loan
During the year ended 30 June 2023, the Company was not engaged in securities lending. The total value of securities on loan as a
proportion of the Company’s total lendable assets, as at the statement of financial position date, is nil.
Amount of assets engaged in CFDs
The following disclosures relate to CFDs held by the Company which may be considered Total Return Swaps under the SFTR.
As at 30 June 2023, all CFDs were contracted bilaterally with open maturities:
Broker
Fair Value
$’000
Percentage of
Net Assets
Collateral held
by the broker
$’000
Collateral held
by the Company
$’000
Goldman Sachs International (UK) (1,665) (0.21%) – 3,430
HSBC Bank plc (UK) (1,815) (0.23%) – 1,800
J.P. Morgan Securities plc (UK) 1,608 0.20% 1,180 –
Morgan Stanley & Co International (UK) 702 0.09% 110 –
UBS AG (UK) (1,371) (0.17%) – 770
Collateral held by the broker was denominated in US dollars and held in a segregated account on behalf of the Company with a
maturity of one day.
Settlement and clearing
OTC derivative transactions are entered into by the Fund under an International Swaps and Derivatives Associations, Inc. Master
Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the
Company and a counterparty that governs OTC derivative transactions (including CFDs) entered into by the parties. All OTC derivative
transactions entered under an ISDA Master agreement are netted together for collateral purposes.
Share of collateral received that is reused and reinvestment return
Collateral received for CFD positions is kept in segregated accounts with the brokers and is not reinvested by the Company. There are
no returns from reinvestment of collateral received.
Return and cost
All returns from CFDs are earned by the Company. Information about returns and costs related to CFDs is disclosed in Note 3 Income,
Note 6 Finance Costs and Note 11 Derivative Instruments.

78
Fidelity Emerging Markets Limited | Annual Report 2023
Notice of Annual General Meeting
NOTICE is hereby given that the thirty-fourth Annual General Meeting of Fidelity Emerging Markets Limited (the “Company”)
will be held at the registered office of the Company, Level 3, Mill Court La Charroterie, St Peter Port, Guernsey GY1 1EJ,
on Thursday, 7December 2023 at 8:30 a.m. to consider and if thought fit, to pass the following resolutions which will be
proposed as ordinary resolutions and special resolutions as set out below:
ORDINARY RESOLUTIONS
To be proposed as ordinary resolutions:
1. To receive the Report of the Directors and audited Financial
Statements for the year ended 30 June 2023.
2. To approve the Directors’ Remuneration Report for the year
ended 30 June 2023.
3. To re-appoint KPMG Channel Islands Limited as Independent
Auditor to the Company.
4. To authorise the Directors to agree the remuneration of the
Independent Auditor.
5. To declare a final dividend of $0.19 per share designated
as a Participating Redeemable Preference Share (the
“Participating Preference Shares”) to be paid in respect of
the financial year ended 30 June 2023.
6. To re-elect Dr Simon Colson as a Director of the Company.
7. To elect Mr Julian Healy as a Director of the Company.
8. To re-elect Mr Torsten Koster as a Director of the Company.
9. To re-elect Ms Katherine Tsang as a Director of the Company.
10. To re-elect Ms Heather Manners as a Director of the Company.
11. THAT the Directors be generally and unconditionally authorised
to allot and issue, grant rights to subscribe for, or to convert
securities into, up to 30,366,688 Participating Preference Shares
(being 33.33 per cent. of the Company’s shares of each
class in issue as at the latest practicable date prior to the
date of publication of this document (excluding shares held
in treasury)) for the period expiring on the date falling fifteen
months after the date of passing of this Resolution 13 or the
conclusion of the next annual general meeting of the Company,
whichever is the earlier, save that the Company may before
such expiry make an offer or agreement which would or might
require shares to be allotted and issued after such expiry and
the Directors may allot and issue shares in pursuance of such
an offer or agreement as if the authority had not expired.
SPECIAL RESOLUTIONS
To be proposed as special resolutions:
12. THAT, In substitution for the Company’s existing authority to
make market purchases of Participating Preference Shares,
the Company is authorised to make market purchases of
Participating Preference Shares, PROVIDED THAT:
(a) the maximum number of Participating Preference Shares
that may be purchased shall be 13,655,899 being 14.99%
of the issued number of Participating Preference Shares
at the date of this document or, if lower, such number as
is equal to 14.99% of the issued number of Participating
Preference Shares at the date of passing the resolution;
(b) the maximum price which may be paid for a Participating
Preference Share is an amount equal to 105% of
the average of the middle market quotations for a
Participating Preference Share taken from the London
Stock Exchange Daily Official List for the five business
days immediately preceding the day on which the
Participating Preference Share is purchased;
(c) the authority hereby conferred shall expire at the
conclusion of the Annual General Meeting of the
Company to be held in 2023 unless such authority is
renewed prior to such time; and
(d) the Company may make a contract to purchase
Participating Preference Shares under the authority
hereby conferred prior to the expiry of such authority
which will or may be executed wholly or partly after the
expiration of such authority and may make a purchase
of Participating Preference Shares pursuant to any such
contract.
13. THAT, in accordance with Article 9(4) of the articles of
incorporation of the Company (the “Articles”), the Directors be
empowered to allot and issue (or sell from treasury) 9,110,006
Participating Preference Shares (being 10 per cent. of the
such Shares in issue of each class as at the latest practicable
date prior to the date of this notice (excluding shares held
in treasury)) for cash as if Article 9.4 of the Articles did not
apply to the allotment and issue (or sale from treasury) for
the period expiring on the date falling fifteen months after the
date of passing of this Resolution 13 or the conclusion of the
next annual general meeting of the Company, whichever is the
earlier, save that the Company may before such expiry make
offers or agreements which would or might require shares
to be allotted and issued (or sold) after such expiry and the
Directors may allot and issue (or sell) shares in pursuance of
any such offer or agreement notwithstanding that the power
conferred by this Resolution 13 has expired.

79
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS
Notes to the Notice of Meeting
1. A member of the Company who is entitled to attend the AGM
is entitled to appoint one or more proxies to attend speak
and vote in his or her place. A proxy does not need to be
a member of the Company but must attend the meeting to
represent you. Details of how to appoint the Chairman of
the meeting or another person as your proxy using the proxy
form are set out in the notes to the proxy form. If you wish
your proxy to speak on your behalf at the meeting you will
need to appoint your own choice of proxy (not the Chairman)
and give your instructions directly to them. A member may
appoint more than one proxy to attend the meeting provided
that each proxy is appointed to exercise rights attached to
different shares.
2. To allow effective constitution of the AGM, if it is apparent
to the Chairman that no members of the Company will be
present in person or by proxy, other than by proxy in the
Chairman’s favour, the Chairman may appoint a substitute to
act as proxy in his stead for any member, provided that such
substitute proxy shall vote on the same basis as the Chairman.
3. A form of proxy is enclosed which should be completed in
accordance with the instructions. To be valid, the form of
proxy (together with the power of attorney or other authority
(if any) under which it is signed or a notarially certified copy
of such authority) must be deposited with the Company’s
Registrar Computershare Investor Services (Guernsey) Limited,
c/o the Pavilions, Bridgwater Road, Bristol BS99 6ZY by not
less than 48 hours before the time for holding the meeting
or any adjournment thereof at which the person named in
the instrument proposes to vote. Completion of the form
of proxy will not preclude a member from attending and
voting in person, your proxy appointment will automatically
beterminated.
4. To change your proxy instructions simply submit a new proxy
form using the methods set out above and in the notes to the
proxy form. Note that the cut-off date and time for receipt of
a proxy form (see above) also apply in relation to amended
instructions; any amended proxy form received after the
relevant cut-off date and time will be disregarded. If you submit
more than one valid proxy form, the form received last before
the latest time for the receipt of proxies will take precedence.
5. In order to revoke a proxy instruction you will need to inform
the Company by sending a signed hard copy notice clearly
stating your intention to revoke your proxy appointment to the
Company’s Registrar. In the case of a member which is an
individual the revocation notice must be under the hand of
the appointer or of his attorney duly authorised in writing or
in the case of a member which is a company, the revocation
notice must be executed under its common seal or under
the hand of an officer of the company or an attorney duly
authorised. Any power of attorney or any other authority
under which the revocation notice is signed (or a notarially
certified copy of such power or authority) must be included
with the revocation notice.
6. The revocation notice must be received by 8:30 a.m. on
5 December 2023. If you attempt to revoke your proxy
appointment but the revocation is received after the time
specified then, subject to the paragraph directly below, your
proxy appointment will remain valid.
7. The Company gives notice that those Shareholders entered
on the register of members of the Company at 8:30 a.m.
on 5 December 2023 (or their duly appointed proxies) will
be entitled to attend and vote at the aforesaid meeting in
respect of the number of shares registered in their name at
that time. Changes to the entries on the register after that
time will be disregarded in determining the rights of any
person to attend or vote at the AGM.

80
Fidelity Emerging Markets Limited | Annual Report 2023
Administration
Registered Office
Level 3, Mill Court La Charroterie
St Peter Port
Guernsey GY1 1EJ
Website
www.fidelity.co.uk/emergingmarkets
Alternative Investment Fund Manager
(from 4 October 2021)
FIL Investment Services (UK) Limited
Beech Gate
Millfield Lane
Lower Kingswood
Tadworth
Surrey KT20 6RP
Investment Manager and Company Secretary
FIL Investments International
Beech Gate
Millfield Lane
Lower Kingswood
Tadworth
Surrey KT20 6RP
Custodian
JP Morgan Chase Bank
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
(Authorised and regulated by the United Kingdom’s
Financial Conduct Authority)
Administrator
J.P. Morgan Administration Services (Guernsey) Limited
Level 3, Mill Court La Charroterie
St Peter Port
Guernsey GY1 1EJ
(Authorised and regulated by the Guernsey Financial
Service Commission)
Registrar
Computershare Investor Services
(Guernsey) Limited
13 Castle Street
St. Helier
Jersey JE1 1ES
Channel Islands
Telephone: +44 (0) 370 707 4040
www.investorcentre.co.uk/je
Stockbrokers
JP Morgan Cazenove
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
Jefferies International Limited
100 Bishopsgate
London EC2N 4JL
United Kingdom
Independent Auditor
KPMG Channel Islands Limited
Glategny Court
Glategny Esplanade
St. Peter Port
Guernsey GY1 1WR

81
Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
General Data Protection Regulation (“GDPR”)
What personal data is collected and how it is used
The Company is an investment trust which is a public limited company and has certain regulatory obligations such as the
requirement to send documents to its shareholders, for example, the Annual Report and other documents that relate to meetings
of the Company. The Company will therefore collect shareholders’ personal data such as names, addresses and identification
numbers or investor codes and will use this personal data to fulfil its statutory obligations.
Any personal data collected will be kept securely on computer systems and in some circumstances on paper. Personal
information is kept secure in line with Fidelity’s Information Security policies and standards. If you are unhappy with how we have
used your personal data, you can complain by contacting the UK Data Protection Officer at Fidelity International, Beech Gate,
Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
Sharing personal data
In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing
of this data to its third party service providers, such as the Company’s Registrar and Printers. The Company has appointed Fidelity
to undertake marketing activities for the Company and their privacy statement can be found on the Company’s website at
https://investment-trusts.fidelity.co.uk/privacy-policy/
The Company’s agreements with the third party service providers have been updated to be compliant with GDPR requirements.
The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose, such as for
marketing purposes. In some circumstances, it may be necessary to transfer shareholders’ personal data across national borders
to Fidelity Group entities operating in the European Economic Area (“EEA”). Where this does occur, the European standard of
protections will be applied to the personal data that is processed. Where personal data is transferred within the Fidelity Group,
but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.
Retention Period
We will keep the personal data for as long as is necessary for these purposes and no longer than we are legally permitted to
doso.
Requesting access, making changes to your personal data and other important information
Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by
contacting Fidelity’s UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP.

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Fidelity Emerging Markets Limited | Annual Report 2023
In compliance with the Alternative Investment Fund Managers’ Directive (“AIFMD”), the Board has appointed FIL Investment Services (UK)
Limited (“FISL”) as the Company’s Alternative Investment Fund Manager (“AIFM”). FISL has delegated the investment management to FIL
Investments International (“FII”) and the company secretarial function.
Details of the current Management Agreement can be found in the Strategic Report on pages 21 to 28.
The table below discloses information required by the Alternative Investment Fund Managers’ Regulations 2013.
Function AIFM Role and Responsibility AIFMD Disclosure
Investment management The AIFM provides portfolio management of assets
and investment advice in relation to the assets of
the Company. It has delegated this function to FIL
Investments International (“FII”).
The Board remains responsible for setting the
investment strategy, investment policy and
investment guidelines and the AIFM operates within
these guidelines.
Details of the Company’s investment objective,
strategy and investment policy, including limits, are
on pages 21 and 22.
Risk management The AIFM has a responsibility for risk management
for the Company which is in addition to the Board’s
corporate governance responsibility for risk
management.
The Company has a Risk Management Process
Document which is agreed with the Board and
demonstrates that risk management is separated
functionally and hierarchically from operating units
and demonstrates independence safeguards. The
Manager maintains adequate risk management
systems in order to identify, measure and monitor
allrisks at least annually under AIFMD. The
Manager is responsible for the implementation
of various risk activities such as risk systems, risk
profile, risk limits and testing.
The Board, as part of UK corporate governance,
remains responsible for the identification of
significant risks and for the ongoing review of the
Company’s risk management and internal control
processes.
The AIFM has an ongoing process for identifying,
evaluating and managing the principal risks faced
by the Company and this is regularly reviewed
by the Board. The Board remains responsible for
the Company’s system of risk management and
internal controls and for reviewing its effectiveness.
Further details can be found in the Strategic
Report on pages 21 to 28 and in Note 17 to
the Financial Statements on pages 61 to 72.
Valuation of illiquid
assets
AIFMD requires the disclosure of the percentage
of the Alternative Investment Fund’s assets which
are subject to special arrangements arising from
their illiquid nature and any new arrangements for
managing the liquidity of the Company.
As at the date of this report, none of the Company’s
assets is subject to special arrangements arising
from its illiquid nature.
Alternative Investment Fund Manager’s Disclosure
(unaudited)

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Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERS FINANCIAL
Function AIFM Role and Responsibility AIFMD Disclosure
Leverage The Company may be geared through (i) borrowing
of up to 10% of its net asset value and/or (ii)
by entering into derivative positions (both long
and short) which have the effect of gearing the
Company’s portfolio, to enhance performance.
The AIFM has set maximum levels of leverage that
are reasonable. It has implemented systems to
calculate and monitor compliance against these
limits and has ensured that the limits have been
complied with at all times.
There are two methods of calculating leverage –
theGross Method which does not reduce exposure
for hedging; and the Commitment Method which
does reduce exposure for hedging
The maximum leverage limits are 2.50 for the Gross
Method of calculating leverage and 2.00 for the
Commitment Method.
At 30 June 2023, actual leverage was 1.82 for the
Gross Method and 1.68 for the Commitment Method.
Liquidity management The AIFM, in consultation with the Board, maintains
a liquidity management policy which is considered
at least annually.
The Company’s assets mainly comprise readily
realisable securities and derivative instruments
which can be sold easily to meet funding
commitments if necessary.
Further details can be found in Note 17 on page61.
Remuneration of the
AIFM
The AIFM operates under the terms of Fidelity’s
Global Remuneration Policy Statement. This ensures
that the AIFM complies with the requirements of
the FCA’s Remuneration Code (SYSC19A); the AIFM
Remuneration Code (SYSC19B) and the BIPRU
Remuneration Code (SYSC19C).
Details of Fidelity International’s Global
Remuneration Policy can be found at
www.fidelityinternational.com/global/
remuneration/default.page

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Fidelity Emerging Markets Limited | Annual Report 2023
Glossary to the Annual Report
ACTIVE SHARE
Active Share is a measure of the percentage by which stock
holdings in the Company differ from the constituents of the
benchmark, the MSCI Emerging Markets Index. Active share is
calculated by taking the sum of the absolute difference between
the weights of the holdings in the Company and those in the
MSCI Emerging Markets Index and dividing the result by two.
ADR (AMERICAN DEPOSITARY RECEIPT)
A negotiable certificate issued by a US bank representing a
specified number of shares in a foreign stock that is traded on a
US Exchange.
AIC
The Association of Investment Companies (“AIC”). The Company
is a member of the AIC.
AIF
Alternative Investment Fund (“AIF”). The Company is an AIF.
AIFM
Alternative Investment Fund Manager (“AIFM”). The Board has
appointed FIL Investment Services (UK) Limited to act as the
Company’s AIFM.
AIFMD
The Alternative Investment Fund Managers Directive (“AIFMD”) is
a European Union Directive implemented on 22 July 2014.
ALTERNATIVE PERFORMANCE MEASURES
The Company uses the following Alternative Performance
Measures which are all defined in this Glossary:
• Active Share
• Discount/Premium;
• Gearing (Gross and Net);
• Net Asset Value (NAV) per Participating Preference Share;
• Ongoing Charges ratio;
• Total Return Performance (Net Asset Value Total Return or
Share Price Total Return)
ASSET EXPOSURE
The value of an underlying security or instrument to which
the Company is exposed, whether through direct or indirect
investment (including the economic value of the exposure in the
underlying asset of derivative).
AUDITOR
KPMG Channel Islands Limited, or such other auditor, as the
Company may appoint from time to time.
BENCHMARK INDEX (THE INDEX)
The Company’s benchmark index, the MSCI Emerging Markets
Index.
COLLATERAL
Assets provided as security.
CONTRACT FOR DIFFERENCE (CFD)
A contract for difference is a derivative. It is a contract between
the Company and an investment bank at the end of which the
parties exchange the difference between the opening price and
the closing price of the underlying asset of the specified financial
instrument. It does not involve the Company buying or selling the
underlying asset, only agreeing to receive or pay the movement
in its share price. A contract for difference allows the Company
to gain access to the movement in the share price by depositing
a small amount of cash known as margin. The Company may
reason that the asset price will rise, by buying (“long” position)
or fall, by selling (“short” position). If the Company holds long
positions, dividends are received and interest is paid. If the
Company holds short positions, dividends are paid and interest
is received.
CUSTODIAN
An entity that holds (as intermediary) the Company’s assets,
arranges the settlement of transactions and administers income,
proxy voting and corporate actions. The Company’s Custodian is
JPMorgan Chase Bank.
DERIVATIVES
Financial instruments whose value is derived from the value of
an underlying asset or other financial instruments. The main
categories of derivatives are contracts for difference, warrants,
futures and options.
DISCOUNT
If the share price of the Company is lower than the Net Asset
Value per Participating Preference Share, the Company’s shares
are said to be trading at a discount. It is shown as a percentage
of the Net Asset Value per Participating Preference Share.
EARNINGS
The earnings generated in a given period from investments:
• Revenue Earnings – reflects the dividends and interest from
investments and other income, net of expenses, finance costs
and taxation;
• Capital Earnings – reflects the return on capital, excluding
any revenue earnings; and
• Total Earnings – reflects the aggregate of revenue and
capital earnings.

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Annual Report 2023 | Fidelity Emerging Markets Limited
STRATEGYGOVERNANCEFINANCIALINFORMATION FOR SHAREHOLDERSINFORMATION FOR SHAREHOLDERS
EQUITY LINKED NOTES (ELNS)
Debt instruments whose return on investment is linked to specific
equities or equity markets. The return on equity linked notes may
be determined by an equity index, a basket of equities, or a
single equity.
EQUITY SHAREHOLDERS’ FUNDS
Also described as Net Asset Value, Shareholders’ Funds represent
the total value of the Company’s assets less the total value of its
liabilities as shown in the Statement of Financial Position.
FAIR VALUE
The carrying value in the Statement of Financial Position which
represents the amount that would be received or paid on
disposal of the financial asset or liability.
FIDELITY
FIL Investments International.
FIL LIMITED
The ultimate parent company of the FIL Group of companies.
Incorporated in Bermuda.
FIL
FIL Limited and each of its subsidiaries.
FORWARD CURRENCY CONTRACT
An agreement to buy or sell a currency, commodity or other asset
at a specified future date and at a redetermined price.
FUTURE OR FUTURE CONTRACT
An agreement to buy or sell a stated amount of a security,
currency or commodity at a specific future date and at a
preagreed price.
GROSS ASSET EXPOSURE
The value of the portfolio to which the Company is exposed,
whether through direct or indirect investment (including the
economic value of the exposure in the underlying asset of the
derivatives, but excluding forward currency contracts).
GROSS GEARING
Gross Asset Exposure less Equity Shareholders’ Funds expressed
as a percentage of Equity Shareholders’ Funds.
HEDGES
Short positions that demonstrate risk-reduction qualities by
offsetting long positions held by the Company which have
regional congruence and a correlation of at least 80% to the
Long Exposure of the Company.
INVESTMENT MANAGER
FIL Investments International
LONG EXPOSURE
The value of the Company’s direct and indirect investments in
long positions (including the economic value of the exposure to
the reference asset of any derivative instrument).
MANAGER
FIL Investment Services (UK) Limited is the appointed Manager
under the Alternative Investment Fund Managers’ Directive
(“AIFMD”) and has delegated the investment management of the
Company to the Investment Manager.
MSCI EMERGING MARKETS INDEX
The Benchmark Index of the investment performance of the
Company, in UK sterling terms.
NET ASSET VALUE PER PARTICIPATING PREFERENCE SHARE
TOTAL RETURN
NAV per Participating Preference Share Total Return is a measure
showing how the NAV per Participating Preference Share has
performed over a period of time, taking into account dividends
paid to shareholders. Total Return measures allow shareholders
to compare performance between investment funds where the
dividend paid may differ. To calculate Total Return, it is assumed
that dividends are reinvested into the assets of the Company at
the prevailing NAV on the last day of the month that the shares
first trade ex-dividend.
NET ASSET VALUE PER PARTICIPATING PREFERENCE SHARE
Net Assets are the value of the Company’s assets less its
liabilities. Net Asset Value (‘NAV’) per Participating Preference
Share is the Net Assets divided by the number of Participating
Preference Shares in issue.
NET ASSETS
The value of the Company’s assets minus its liabilities.
NET GEARING
Net Market Exposure less Equity Shareholders’ Funds expressed
as a percentage of Equity Shareholders’ Funds.
NET MARKET EXPOSURE
Net positive market exposure of the Company’s portfolio, whether
through direct or indirect investment, with short and hedge
positions subtracted from long positions. It is calculated as (Long
Exposure – Hedges) – Short Exposure.
ONGOING CHARGES RATIO
The ongoing charges ratio is a measure used to estimate the
expenses likely to occur in the foreseeable future. It is calculated
by dividing the annualised ongoing charges (total operating
expenses excluding transaction costs and one-off charges) by
the average month end net asset values of the Company for
the year under review and has been prepared in accordance
with the AIC’s recommended methodology. The change in the
ongoing charges ratio for the reporting period is driven by the
change of Manager from 4 October 2021. Under the terms of the
Investment Management Agreement, the Manager has waived
its entitlement to receive a Management Fee for a period of nine
months from its date of appointment.
OPTIONS
An option is a contract which gives the right but not the
obligation to buy or sell an underlying asset at an agreed price
on or before an agreed date. Options may be call or put and
are used to gain or reduce exposure to the underlying asset on a
conditional basis.
PORTFOLIO
The Company’s portfolio which may be made up of equities,
index linked securities, equity linked notes and other debt
securities, cash deposits, money market instruments, foreign
currency exchange transactions and other interests including
derivatives (such as futures, options and contracts for difference).

Glossary to the Annual Report continued
PREMIUM
If the share price of the Company is higher than the net asset
value per ordinary share, the Company’s shares are said to be
trading at a premium. The premium is shown as a percentage of
the net asset value per ordinary share.
REGISTRAR
The entity that manages the Company’s shareholder register.
The Company’s Registrar is Computershare Investor Services
(Guernsey) Limited.
RESERVES
• Share premium account represents the amount by which the
proceeds from the issue of ordinary shares has exceeded the
cost of those ordinary shares. It is not distributable by way of
dividend and cannot be used to fund share repurchases.
• Capital reserve represents realised gains or losses on
investments and derivatives sold, unrealised increases and
decreases in the fair value of investments and derivatives
held and other income and costs recognised in the capital
column of the Statement of Comprehensive Income. It can be
used to fund share repurchases and it is distributable by way
of dividend.
• Revenue reserve represents retained revenue surpluses
recognised through the revenue column of the Statement of
Comprehensive Income. It is distributable by way of dividend.
SECRETARY
FIL Investments International.
SHARE PRICE TOTAL RETURN
Share Price Total Return is a measure showing how the Share
Price has performed over a period of time, taking into account
dividends paid to shareholders. Total Return measures allow
shareholders to compare performance between investment funds
where the dividend paid may differ. To calculate Total Return, it
is assumed that dividends are reinvested into the shares of the
Company at the prevailing Share Price on the last day of the
month that the shares first trade ex-dividend.
SHARE PRICE
The Share Price taken is the closing price. This is the price
at which the Company’s shares trade on the London Stock
Exchange at the end of trading on a business day.
SHORT EXPOSURE
The position of the Company when it has sold a security or
derivative that it does not own but is now committed to eventually
purchase in order to satisfy its obligation to sell. It is a strategy
used to capitalise on an expected decline in the security’s or
derivative’s price.
SIZE OF COMPANY (MARKET CAP)
• Large – above $50bn;
• Medium – between $10bn – $50bn;
• Small – below $10bn
TOTAL ASSETS
Net Assets plus borrowings. The Company does not have any
borrowings.
UNLISTED COMPANIES
Companies not listed on a regulated stock exchange. They
are stated at best estimate of fair value, based on recognised
valuation techniques which may take account of recent arm’s
length transactions in the investments.
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Fidelity Emerging Markets Limited | Annual Report 2023

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