Fidelity Active STrategy Société d’investissement à capital variable Established in Luxembourg RCS Luxembourg B 102 944
Annual Report and Accounts For the year ended 30 September 2015 Audited
This audited Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to within it) supplemented by the last available audited Annual Report of the Company and any subsequently published unaudited Semi-Annual Report. Copies of the current Prospectus, latest audited Annual and unaudited SemiAnnual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Active STrategy.
Fidelity Active STrategy
Contents
Directors' Report Directors and Supervisory Officers Investment Manager’s Report Footnotes Fund Reviews .
2 5 6 7 8 .
Schedule of Investments Equity Funds Asia Fund Emerging Markets Fund Europe Fund Global Fund UK Fund US Fund Bond Funds Fixed Income Diversified Alpha Fund
15 17 19 20 21 22
.
.
Statement of Net Assets Statement of Net Asset Value per Share Statement of Operations and Changes in Net Assets Statement of Share Statistics Notes to the Financial Statements Audit Report Unaudited Supplementary Information Directory
26 28 30 32 34 39 40 41
24
1
Fidelity Active STrategy
Directors' Report
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I
Introduction
Fidelity Active STrategy (the "Company") is an open-ended investment company established in Luxembourg as a société d'investissement à capital variable (SICAV). Its assets are held in different sub-funds. Each sub-fund holds a separate portfolio of securities and other assets managed in accordance with specific investment objectives. Separate classes of Shares are or may be issued in relation to the funds. .
II
Financial Statements
The Board of Directors of the Company (the "Board") submits its Report and the audited Financial Statements for the year ended 30 September 2015. The audited Financial Statements are set out on pages 15 to 38 of this Annual Report, with results for the year appearing in the Statement of Operations and Changes in Net Assets on pages 30 to 31. A copy of the Annual Report may be obtained upon request from the offices of companies registered as share distributors or from the Registered Office of the Company. Comparative figures for the previous year can be found in the Annual Report of the Company for the year ended 30 September 2014. Alternatively, please go to https://www.fidelityinternational.com/statutory/fast.page. .
III
Activities during the year
During the year the Company followed the normal activities of an open-ended investment company. The Investment Manager's Report that follows gives an overview of performance. Assets under management as at 30 September 2015 exceeded USD 4,483 million (2014: USD 5,348 million). .
IV
Board of Directors
The Directors of the Company are listed on page 5. There are no service contracts proposed or in existence between any of the Directors and the Company. During the year ended 30 September 2015, Mrs. Anne-Marie Brennan was appointed as a director. Mr. Charles Hutchinson resigned as a Director of the Company and as a Supervisory Officer of FIL Investment Management (Luxembourg) S.A. ("FIMLUX") with effect from 7 August 2015.
Board’s Responsibilities The Board is responsible for the overall strategy of the Company. .
V
Management of the Company
FIMLUX as the Management Company is responsible for the investment management, administration and distribution functions of the Company. FIMLUX may delegate part or all of such functions to third parties, subject to overall control and supervision. With the consent of the Company, FIMLUX has delegated the investment management function to FIL Fund Management Limited ("FFML") and the distribution function to FIL Distributors ("FID"). FIMLUX performs the central administration function. As such, FIMLUX processes subscriptions, redemptions, switches and transfers of Shares and enters these transactions in the Company's register of Shareholders. It provides services to the Company in connection with keeping the Company's accounts, determination of the Net Asset Value of Shares in each fund on each valuation date and dispatch of dividend payments. FIMLUX is formally responsible for the Annual Report and Accounts of the Company for each financial year, which are required under general principles to give a true and fair view of the state of affairs of the Company. In accordance with those same principles, FIMLUX is responsible for: • selecting suitable accounting policies and applying them consistently; • preparing the Financial Statements on a going concern basis; • maintaining proper accounting records which disclose at any time the financial position of the Company; and • complying with both the amended Luxembourg Law of 10 August 1915 on commercial companies and the amended Luxembourg Law of 17 December 2010 on undertakings for collective investment.
Supervisory Officers FIMLUX has appointed three Supervisory Officers (the "SOs"), namely Mr. Stephan von Bismarck, Mr. Nishith Gandhi, and Mrs. Corinne Lamesch.
Supervisory Officers’ Responsibilities The SOs have a duty to ensure that the tasks of the General Distributor, the Investment Manager as well as the administrative functions carried out by the Management Company are performed in compliance with Luxembourg Law, the Company's Articles of Incorporation and the current Prospectus. Amongst other things, the SOs ensure compliance with the investment restrictions of the Company and oversee the implementation of the investment policy of each sub-fund by the appointed Investment Manager. The Management Company and/or the SOs shall report to the Board on a quarterly basis and the SOs shall inform the Management Company and the Board without delay of any materially adverse matters resulting from the actions of the Investment Manager, the General Distributor and of the Management Company in relation to the administrative functions. .
VI
Role of the Investment Manager and other services
FFML provides day-to-day investment management of the Company, under the supervision and subject to the control of FIMLUX and its SOs. FFML is authorised to act on behalf of the Company and to select agents, brokers and dealers through whom to execute transactions and is required to provide FIMLUX and the Board with any reports they may require. FFML may receive investment advice from, and act upon the advice of, any company within the FIL Limited ("FIL") organisation, including affiliate companies of FFML, and may execute, transact and otherwise carry out its functions, duties and obligations with or through any of these Fidelity companies. FFML remains responsible for the proper performance by such companies of those responsibilities.
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Fidelity Active STrategy
Directors' Report
The duties of the Investment Manager include the design, implementation and maintenance of controls and procedures to administer the assets of the Company and to manage its affairs properly. The system extends to operational and compliance controls and risk management. In addition, the Company and FIMLUX have appointed FIL to provide services in relation to the investments of the sub-funds including valuation, statistical, technical, reporting and other assistance. .
VII
Corporate Governance
The Board applies a clear and transparent corporate governance framework for the management of the Company's affairs. 1.
The Board has adopted the ALFI Code of Conduct issued in June 2013, which sets out the principles of good governance, and considers that the Company has been in compliance with it in all material respects throughout the financial year ended 30 September 2015.
2.
There are contractual arrangements in place governing the relationships with FIMLUX, FFML and FID as well as other third party suppliers to the Company.
3.
The Directors take decisions in the interests of the Company and its Shareholders and refrain from taking part in any deliberation or decision which creates conflict between their personal interests and those of the Company and its Shareholders.
4.
The Board meets at least four times a year. The Board requests and receives reports from FIMLUX and its SOs, FFML and FID on the various activities including compliance controls and risk management undertaken by the relevant FIL companies. Senior representatives of these companies attend meetings by invitation, thus enabling the Board to question the reports presented to it.
5.
As part of the control framework within FIL, all FIL group employees are subject to a Code of Ethics, which, among other things, sets out procedures for personal account dealing in securities. The Board receives regular reports on the Code of Ethics to ensure that any conflicts of interest between personal accounts dealing by FIL group staff and the interests of the Company are properly managed.
6.
The Board reviews the Annual Report, the external audit process, corporate governance issues, sub-custodian arrangements and the relationship with the external Auditor, including the recommendation to Shareholders of its appointment and level of fees.
7.
The nomination of new Directors is considered by the Board and is subject to the approval of the CSSF and ultimately the approval of Shareholders at the Annual General Meeting. Directors, all of whom are affiliated with FFML or its holding company or its subsidiaries, have waived their fees for the year ended 30 September 2015.
8.
The Directors are committed to ensuring that Shareholders are kept informed of matters relevant to their investment and that all Shareholders are treated fairly. The maintenance and integrity of information concerning the Company on the FIL website is the responsibility of FIL. FIMLUX is responsible for the accuracy of translations of legal documents which may be available to investors in languages other than English. The Directors approve the English form of the Financial Statements presented to them at Board meetings.
The external Auditor, PricewaterhouseCoopers, Société coopérative, being eligible, offers itself for re-election for the year from 1 October 2015 to 30 September 2016.
VIII
Other Information
Proxy Voting FFML has a policy of voting on equity securities in all markets where it is possible to do so unless the loss of liquidity as a result of attendant share blocking is deemed to outweigh the expected benefits to be gained. Such voting is undertaken in accordance with written proxy voting guidelines employed by the FIL group, of which FFML is a part, and takes account of prevailing local market best practices. The Board reviews and approves the proxy voting policy, activity and guidelines annually. FIL's Principles of Ownership, which summarises how FIL engages with companies in which its sub-funds have invested, can be accessed within the Corporate Governance section of www.fidelityinternational.com.
Commissions and Interfunding FFML uses supplemental research in the course of its work for the Company and other clients that are paid for or provided by brokers through whom the Investment Manager executes transactions for the Company and other clients. Softing arrangements that have been undertaken in respect of the Company include research and advisory services, economic and political analysis, portfolio analysis, market analysis and specialist economic and company research. For the year ended 30 September 2015 the percentage of total commissions incurred by the Company used for soft commissions was 16.62%. The Company participates in the Investment Manager's interfunding programme whereby FIL's traders, on occasion, identify situations where an account or sub-fund managed by FIL is buying the same security that another account or sub-fund is selling. If a trader can confirm that it would be in the interests of both accounts to execute a transaction between them rather than in the market then an interfund transaction is executed.
Swiss investors Swiss investors are advised that all the present sub-funds of the Company have been authorised by the Swiss Financial Market Supervisory Authority for distribution in Switzerland.
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Fidelity Active STrategy
Directors' Report
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IX
Business of the Annual General Meeting
The Board of Directors is proposing the following resolutions be put to the Shareholders at the Annual General Meeting of the Company to be held on 10 March 2016 at noon at 2a rue Albert Borschette, L-1246 Luxembourg:
• • • • • • • •
the presentation of the Report of the Board of Directors; the presentation of the Audit Report; the approval of the Statement of Net Assets and Statement of Operations and Changes in Net Assets for the year ended 30 September 2015; the discharge of the Board of Directors; the election/re-election of the Directors; the re-election of the external Auditor; approval of the payment of dividends; and consideration of such other business that may properly come before the Annual General Meeting under the Articles of Association.
BOARD OF DIRECTORS FIDELITY ACTIVE STRATEGY 15 December 2015
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Fidelity Active STrategy
Directors and Supervisory Officers Board of Directors of Fidelity Active STrategy Anne-Marie Brennan
Stephen Fulford
Mikael Nikou
Director Grand Duchy of Luxembourg
Director United Kingdom
Director Singapore
FIL (Luxembourg) S.A. Corporate Director Represented by Claude Hellers Grand Duchy of Luxembourg
Board of Directors of the Management Company Nicholas Clay
Judy Marlinski
Allan Pelvang
Director Grand Duchy of Luxembourg
Director Japan
Director Bermuda
Jon Skillman
Marc Wathelet
Director Grand Duchy of Luxembourg
Director Grand Duchy of Luxembourg
Supervisory Officers of the Management Company Stephan von Bismarck
Nishith Gandhi
Corinne Lamesch
Supervisory Officer United Kingdom
Supervisory Officer Grand Duchy of Luxembourg
Supervisory Officer Grand Duchy of Luxembourg
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Fidelity Active STrategy
Investment Manager’s Report*
Market Environment Global equities, as measured by the MSCI All Country World (Net Total Return) Index, declined by 6.7% in US dollar terms over the period. The markets remained under pressure given investor concerns over the Greek debt crisis, economic slowdown in China and uncertainty over the timing of US Federal Reserve (Fed) interest rate hike. The divergence in global central banks' monetary policies also impacted investor sentiment. While the US Fed ended its quantitative easing programme in October, other central banks around the world continued to increase money supply in order to support growth. Merger & acquisition activity remained buoyant across markets. Crude oil prices were weak due to slowing global demand and rising production from the US.
Regional Developments European equities, as measured by the MSCI Europe (Net Total Return) Index, returned 2.6% in euro terms (declined by 9.3% in USD terms) over the period. The European Central Bank's (ECB) announcement of a bond buying stimulus programme in the first quarter of 2015 exceeded market expectations, supporting equities. Consequently, the weakened euro led to an increased demand for European exports and higher profitability when converting overseas profits back into the local currency. Sentiment was also supported by increased confidence in the US economic recovery. However, these gains were partially offset as markets fell sharply in the third quarter of 2015 amid concerns around China's economic growth. At a sector level, telecommunications and consumer staples generated strong returns, while energy stocks tracked oil prices lower. The UK stock market, as measured by the FTSE All Share (Total Return) Index, fell by 2.3% in sterling terms (declined by 8.7% in US dollar terms) over the period. While the UK economic outlook remained positive, a devaluation of its currency by China in August highlighted fears about slowing growth in the world's second-largest economy. On a positive note, an unexpectedly large victory for the Prime Minister David Cameron's Conservative party in the UK general election in May provided a positive catalyst for stock prices. At a sector level, resources sectors were the leading decliners. US equities, as measured by the S&P500 (Net Total Return) Index fell by 1.2% in US dollar terms over the period. This was primarily due to heightened volatility in the last few months of the review period. Markets around the world fell amid concerns about slowing economic activity in China, the possibility of an interest rate hike by the US Fed and financial imbalances across emerging markets. Meanwhile, the Fed decided to hold back from raising interest rates in September, citing external economic concerns. However, it confirmed that a rate rise was still on the cards for 2015, but acknowledged that 'economic surprises' could cause the central bank to change its strategy. On a positive note, US equities were supported by an improving macroeconomic backdrop, largely positive earnings announcements and continued merger activity. At a sector level, consumer discretionary, consumer staples and utilities were among the best performing sectors. Conversely, energy and materials stocks lagged the broader market. Asia ex Japan equities, as measured by the MSCI All Country Asia ex Japan (Net Total Return) Index, fell by 12.4% in US dollar terms over the period. Of note, Chinese stocks fell sharply over the second half of the period, following strong earlier gains, as the usage of borrowed funds to purchase stocks was curbed. These declines prompted a number of Chinese companies to halt trading, and policymakers responded with a series of marketstabilising measures. Investors also feared that the unexpected devaluation of China's currency could lead to a global currency war. Hong Kong, Singaporean, Indian, Taiwanese and South Korean equities were also negatively impacted by these developments. Weak earnings further hurt Indonesian equities, and concerns about the negative impact of falling oil prices on export-revenues dragged Malaysian stocks lower. Meanwhile, policymakers in Asia unveiled measures to sustain growth at healthy levels. For instance, central banks in China, India, South Korea, Thailand and Taiwan eased their monetary policies. All sectors in Asia ex Japan ended in negative territory. Energy and materials were among the worst performers as resource prices declined. Emerging market equities, as measured by the MSCI Emerging Markets (Net Total Return) Index, fell by 19.3% in US dollar terms over the period. Prices of commodities, including oil, declined on worries that a weakening demand from China may aggravate a global supply glut, given that the country is a large buyer. However, a partial recovery in oil price, optimism around Chinese monetary stimulus measures and the US Fed's decision to lower its medium term outlook for interest rates helped to limit the downside. Latin American stocks declined due to falls in the prices of oil and other commodities. Brazilian markets were lower on account of a deteriorating macro-economic environment and an ongoing corruption scandal at a large state-owned enterprise. Shares in the emerging Europe, Middle East and Africa region also declined. From a sector perspective, energy, materials and utilities sectors led the broader index lower. Global government bond markets rallied over the review period and outperformed corporate bonds. Both the Bank of Japan (BoJ) and ECB embarked on quantitative easing programmes, which continued to provide ample liquidity for markets. Adding to that, the US Fed refrained from raising rates at their recent meeting in the wake of the global sell-off triggered by slower growth in China. Most developed market central banks reiterated their decision to keep interest rates low which was broadly supportive for fixed income markets. Core government bonds also benefited from growing demand for safe haven assets amid risk events such as a fall in oil prices and the sharp sell-off in Chinese equities. These developments weighed on high yield assets towards the end of the period. However, the only exception was European high-yield bonds, which rallied on the back of positive developments in Greece as the country reached an agreement with its creditors. Investors are now focussed on when the US Fed and Bank of England begin raising interest rates.
*The information stated in this report is historical and not necessarily indicative of future performance.
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Fidelity Active STrategy
Footnotes
A copy of the Fund Factsheet report disclosing the Sector/Industry Exposure, Country Exposure and Top Net Long Positions including derivatives exposures may be obtained upon request from either the offices of the companies registered as distributors or from the Registered Office of the Company. The market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. Alternatively, please go to https://www.fidelity.lu/luxembourg/document-centre.page. Cumulative Returns are calculated from published Net Asset Value price to published Net Asset Value price with gross income reinvested on exdividend dates.
Performance notes on Fund Reviews Cumulative Returns are calculated from published Net Asset Value price to published Net Asset Value price with gross income reinvested on exdividend dates. For sub-funds where the price adjustment policy has been applied as per note 2 on page 35, the Cumulative Returns are calculated to or from the adjusted Net Asset Value price.This calculation does not include any initial charge, and represents the true investment performance of the sub-fund. The performance figures reported under the column "Since Launch" in the tables are calculated from the commencement of operations until 30 September 2015. Annualised performance is an alternative way of expressing a sub-fund's total return. It assumes a steady compound rate of growth during the period in question and is not the sub-fund's year by year performance, which fluctuated over the periods shown. Please note that the Manager's Overviews are based on the first Share class disclosed for each sub-fund. Performance data is expressed in the Share class currency of denomination, indicated by the ISO code shown.
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Fidelity Active STrategy
Asia Fund
FUND SIZE AS AT 30.09.2015 : USD 90 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
The A-ACC-USD class of the fund returned -6.5% in net US dollar terms, outperforming the MSCI All Country Asia ex Japan (Net Total Return) Index, which returned -12.4% over the period. Both long and short positions enhanced relative returns. At a sector level, stock selection among consumer and financials companies boosted performance. South Korean convenience store operator BGF Retail and Chinese high-end liquor producer Kweichow Moutai contributed to returns owing to their healthy earnings. The latter is held as it profits from structural consumption growth given its strong brand and leadership position in the high-end Chinese liquor segment. Techtronic Industries added value as the Hong Kong-based power tools and floor care appliances maker benefits from the ongoing recovery in the US housing market and is gaining market share in US and Europe. In financials, Indiabased HDFC Bank gained on the back of upbeat operating results. The bank is held for its strong franchise, management quality, solid balance sheet and asset quality, and low cost of funds. Conversely, selected industrials held back performance. The position in China's heavy-duty diesel engine manufacturer Weichai Power declined in light of weak demand in the truck industry. The holding is maintained for its strong market position and longer term growth potential from its strategic investment in Europe's leading forklift truck maker KION Group. Within information technology, shares in South Korean memory chipmaker SK Hynix retreated as slower demand for smartphones and computing devices weighed on its orders and memory product prices. The fund maintained an average net equity exposure of 93.5% during the period, which is in line with the typical 90-110% range. At the end of September, the fund's net equity exposure stood at 94.4%, with short exposure of -24.0%. Overall, ongoing accommodative monetary policies, weak commodity prices, improving growth in major developed markets and reforms in key Asian economies continue to support a positive growth outlook for the region. Asia's strong structural growth drivers and attractive equity valuations versus the developed world also provide a positive backdrop for investors. However, each Asian economy is very different from the other, which reinforces the importance of bottom-up stock selection.
Total Return as at 30.09.2015
Taiwan Semiconductor Manufacturing Techtronic Industries HKT Trust Guangdong Investment China Mengniu Dairy China Resources Power Holdings E.Sun Financial Holding Bank Rakyat Indonesia Persero CNOOC United Overseas Bank
GEOGRAPHICAL BREAKDOWN AS AT 30.09.2015* Net Assets (%) 19.45
China Hong Kong
16.68
Taiwan
15.06
Korea
11.04
Singapore
5.68
Indonesia
4.55
Philippines
3.06
Malaysia
1.89
Thailand
1.69
USA
1.31
India
0.43
One Year
Five Years
Since Launch
Launch Date
Performance From
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Share Class Annualised
A-ACC Shares (USD)
31.01.2013
31.01.2013
-6.5%
-12.4%
-
A-ACC Shares (EUR) I-ACC Shares (USD)
02.04.2014 31.01.2013
02.04.2014 31.01.2013
5.6% -5.8%
-
Y-ACC Shares (USD)
31.01.2013
31.01.2013
-6.0%
-
Y-ACC Shares (GBP)
31.01.2013
31.01.2013
0.9%
-
Share Class
Market Value Net Assets (USD) (%) 4,929,678 5.49 1,932,581 2.15 1,830,066 2.04 1,604,025 1.79 1,531,906 1.71 1,470,913 1.64 1,436,197 1.60 1,422,718 1.58 1,418,282 1.58 1,414,781 1.57
Share Class Cumulative
Index** Cumulative
Share Class Annualised
-
6.4%
-7.0%
-
22.9% 8.7%
14.8% 3.2%
-
8.0%
2.9%
-
13.3%
4.8%
2.4%
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: MSCI All Country Asia ex Japan (Net Total Return) Index Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
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Fidelity Active STrategy
Emerging Markets Fund
FUND SIZE AS AT 30.09.2015 : USD 1,294 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
During the year, the A-ACC-USD class of the FAST Emerging Markets Fund returned -10.2% in net US dollar terms, outperforming the MSCI Emerging Markets (Net Total Return) Index, which delivered -19.3%. Both long and short positions contributed to relative returns over the period. From a sector perspective, stock selection in consumer discretionary, industrials and financials enhanced gains. India-based HDFC Bank was the top contributor to performance. Its shares advanced on the back of improving macroeconomic conditions in India. In the consumer discretionary sector, the holding in media company Naspers performed well, led by its Chinese internet subsidiary. However, the allocation to Brazil based Kroton Educacional declined due to uncertainty over changes in the government-sponsored education loan programme. The fund is well diversified, with the largest overweights in the consumer discretionary, consumer staples and information technology sectors. Within consumer discretionary, the fund holds Steinhoff International. It is an integrated retailer that manufactures and sells furniture and household goods in Europe, Africa and Australasia. In contrast, the manager avoids sectors where weak economic demand or excessive capacity could damage the pricing environment and future returns. The fund maintained an average net equity exposure of 102.9% during the period, which is in line with the typical 90-----110% range. At the end of September, the fund's net equity exposure stood at 96.5%, with short exposure of -27.8%. Looking ahead, the situation across emerging markets remains mixed, and selecting companies with robust business models remains key to maximising returns. Current account imbalances in a number of economies are improving. However, China's move towards domestic consumption, the threat of an increase in US interest rates and global commodity prices may cause short-term volatility. In this environment, the manager looks for businesses that can maintain their competitive position.
Total Return as at 30.09.2015
Market Value Net Assets (USD) (%) 107,734,033 8.32 76,723,008 5.93 63,029,115 4.87 58,013,139 4.48 46,890,751 3.62 40,899,204 3.16 35,400,269 2.73 33,799,445 2.61 26,160,216 2.02 24,828,020 1.92
HDFC Bank (Dematerialised) Naspers Steinhoff International Holdings Cognizant Technology Solutions (A) Check Point Software Technologies Samsonite International Techtronic Industries Abu Dhabi Commercial Bank PJSC Uni-President Enterprises Novolipetsk Steel
GEOGRAPHICAL BREAKDOWN AS AT 30.09.2015* Net Assets (%) 16.61
South Africa India
16.48
China
10.20
USA
7.64
Russia
5.29
Taiwan
3.95
Israel
3.62
Hong Kong
3.06
United Arab Emirates
2.61
Philippines
2.25
Brazil
2.01
Kenya
1.60
One Year
Five Years
Since Launch
Launch Date
Performance From
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Share Class Annualised
A-ACC Shares (USD)
31.10.2011
31.10.2011
-10.2%
-19.3%
-
A-ACC Shares (EUR) A-ACC Shares (EUR) (hedged)
01.04.2015 31.10.2011
01.04.2015 31.10.2011
1.4%
-10.3%
-
E-ACC Shares (EUR)
07.05.2013
07.05.2013
1.8%
-
-
9.6%
3.9%
I-ACC Shares (USD)
31.10.2011
31.10.2011
-8.8%
-
-
24.8%
5.8%
Y-ACC Shares (USD)
31.10.2011
31.10.2011
-8.8%
-
-
23.8%
5.6%
Y-ACC Shares (GBP)
31.10.2011
31.10.2011
-2.0%
-
-
31.1%
7.2%
Share Class
Share Class Cumulative
Index** Cumulative
Share Class Annualised
-
20.3%
-12.2%
4.8%
-
-19.8% 37.2%
-0.3%
8.4%
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: MSCI Emerging Markets Index (Net Total Return) Comparative index Hedged EUR : MSCI Emerging Markets (Net) Hedged to EUR Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
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Fidelity Active STrategy
Europe Fund
FUND SIZE AS AT 30.09.2015 : EUR 2,405 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
The A-ACC-EUR class of the fund returned 6.2% in net euro terms, outperforming the MSCI Europe (Net Total Return) Index, which returned 2.6% over the same period. Long positions were the main driver of outperformance. At a sector level, strong stock selection in consumer discretionary and materials contributed to returns. Among consumer stocks, the holding in house builder Taylor Wimpey benefited from the strong UK residential market. Holdings in Christian Dior and Continental also performed well. In materials, short positions in several mining companies added relative value. Weak commodity prices, driven by the slowdown in China, weighed significantly on these companies. Elsewhere, selected consumer staple stocks such as Nestle and L'Oreal also performed well during a period of heightened volatility. Conversely, shares in Volkswagen fell sharply after the company admitted that it had cheated on US emissions tests. The manager is positive on health care as these stocks are reasonably valued, offer strong cash flow generation, and have diversified end-market exposure and strong pricing power. The overweight exposure to financials is also maintained, although the manager prefers US financials and is less positive on European banks. Elsewhere, the manager has net short exposure to materials due to the negative view on supply/demand dynamics for industrials metals, particularly iron ore. The fund maintained an average net equity exposure of 98.3% during the period, which is in line with the typical 90-110% range. At the end of September, the fund's net equity exposure stood at 99.3%, with short exposure of -9.8%.
Market Value Net Assets (EUR) (%) 219,229,809 9.12 194,113,378 8.07 160,777,246 6.69 159,981,074 6.65 125,913,934 5.24 94,357,535 3.92 80,863,158 3.36 80,319,875 3.34 79,018,257 3.29 74,269,197 3.09
Nestle (Reg'd) Roche Holding BT Group Novartis (Reg'd) L'Oreal Allianz (Reg'd) Sanofi Taylor Wimpey Novo Nordisk (B) DNB
GEOGRAPHICAL BREAKDOWN AS AT 30.09.2015* Net Assets (%) 32.46
Switzerland
The recovery in the eurozone remains intact, supported by low oil prices, a weak euro and an expansionary monetary policy. Going forward, a steady, domesticdemand-driven recovery is expected. However, the slowdown in emerging market economies is weighing on global growth as well as on demand for exports from the eurozone. Volatility in European markets is likely as Spain and Portugal are heading to elections before the end of 2015.
Total Return as at 30.09.2015 Share Class
UK
13.09
France
12.00
Ireland
8.71
Germany
5.32
USA
3.87
Denmark
3.29
Norway
3.09
Sweden
2.74
Netherlands
1.96
Luxembourg
1.95
One Year Launch Date
Performance From
Five Years
Since Launch
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Index** Cumulative
2.6%
59.6%
50.8%
Share Class Annualised
Share Class Cumulative
Index** Cumulative
Share Class Annualised
86.6%
11.3%
A-ACC Shares (EUR)
01.10.2004 04.10.2004
6.2%
9.8%
226.0%
A-DIST Shares (GBP) E-ACC Shares (EUR)
22.02.2008 22.02.2008 22.02.2008 22.02.2008
0.7% 5.4%
36.8% 54.5%
6.5% 9.1%
74.9% 65.6%
7.6% 6.9%
I-ACC Shares (EUR)
22.02.2008 22.02.2008
7.2%
66.6%
10.8%
86.7%
8.5%
Y-ACC Shares (EUR)
22.02.2008 22.02.2008
6.9%
64.4%
10.5%
83.5%
8.3%
W-ACC Shares (GBP)
11.03.2014 11.03.2014
1.4%
-
-
-1.0%
-0.6%
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: MSCI Europe (Net Total Return) Index Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
10
Fidelity Active STrategy
Global Fund
FUND SIZE AS AT 30.09.2015 : USD 45 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
The A-ACC-USD class of the fund returned -7.7%, underperforming the MSCI All Country World (Net Total Return) Index, which returned -6.7%. The core long book generated 0.28 percentage points of positive relative performance, the long extensions contributed 0.82 percentage points and short positions detracted 0.26 percentage points from relative performance on a gross basis. Serco, which is going through a lengthy and painful turnaround, was the top detractor from performance. The manager remains confident about the company's ability to execute its turnaround plan and retained the position. From a country perspective, China is a large overweight in the portfolio. However, the allocation to China generated mixed performance due to the significant volatility in the second and third quarters of 2015 on the back of the volatility in the domestic A share market. However, the fund's exposure is to Hong Kong and US-listed Chinese stocks, and the manager sees exceptional value in some of the fund's China related holdings. On a positive note, the allocation to Qantas was the top contributor to performance as it has executed a very impressive turnaround. Financials positions also did well, with holdings in CME Group, HDFC Bank and UBS among the leading relative contributors to returns. The manager still likes the sector and maintained the significant overweight in Citigroup, Barclays, CME Group and HDFC Bank. The fund's relative geographic positioning remains broadly unchanged. The fund is underweight in the US and more positive on China and ASEAN. China is the single largest country overweight, accounting for approximately 14% of the portfolio on a relative basis. The manager continues to run net equity exposure within the 90-----110% range. Global growth prospects appear to be mixed. While the US stands out as a pocket of relative strength on the back of continued gains in housing and employment, the European and Japanese economies are showing modest recovery and growth in China remains slow.
Total Return as at 30.09.2015
Market Value Net Assets (USD) (%) 2,492,509 5.55 2,001,841 4.46 1,954,637 4.36 1,538,377 3.43 1,472,176 3.28 1,348,484 3.01 1,333,488 2.97 1,116,325 2.49 1,113,429 2.48 1,069,841 2.38
Citigroup CME Group Nuance Communications HDFC Bank Barclays Google (A) China Lodging Group General Electric Philip Morris International Ultra Electronics Holdings
GEOGRAPHICAL BREAKDOWN AS AT 30.09.2015* Net Assets (%) 33.82
USA China
13.51
UK
12.45
Japan
4.80
India
3.43
Sweden
3.39
France
3.01
Indonesia
2.08
Netherlands
2.08
Australia
1.98
Thailand
1.89
Austria
1.84
One Year
Five Years
Since Launch
Launch Date
Performance From
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Share Class Annualised
A-ACC Shares (USD)
30.09.2013
30.09.2013
-7.7%
-6.7%
-
A-ACC Shares (EUR) E-ACC Shares (EUR)
02.04.2014 30.09.2013
02.04.2014 30.09.2013
4.5% 3.7%
-
I-ACC Shares (USD)
30.09.2013
30.09.2013
-6.8%
Y-ACC Shares (USD)
30.09.2013
30.09.2013
-7.1%
Y-ACC Shares (EUR)
30.09.2013
30.09.2013
Y-ACC Shares (GBP)
30.09.2013
30.09.2013
Share Class
Share Class Cumulative
Index** Cumulative
Share Class Annualised
-
-3.7%
3.9%
-1.9%
-
11.2% 15.0%
7.4% 7.2%
-
-
-1.8%
-0.9%
-
-
-2.5%
-1.2%
5.1%
-
-
18.1%
8.7%
-0.3%
-
-
4.3%
2.1%
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: MSCI All Country World (Net Total Return) Index Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
11
Fidelity Active STrategy
UK Fund
FUND SIZE AS AT 30.09.2015 : GBP 107 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
The A-ACC-GBP class of the fund returned 8.3% in net sterling terms, outperforming the FTSE All Share (Total Return) Index, which returned -2.3% over the same period. The outperformance was primarily driven by the long positions in the portfolio, while the short positions partially offset some gains. At a stock level, key holdings in online estate agent Rightmove and video game maker Electronic Arts performed well on the back of strong earnings. Shares in food products wholesaler Booker also rose after it announced that it will acquire local grocery chains Londis and Budgens. Booker also stated that it intends a further capital return next year following the successful integration of Makro, a Dutch chain of warehouse clubs, and a period of strong cash generation. The manager splits the market into four broad groups ----- financials, GDP sensitives, defensives and resources. The manager was significantly underweight in 'resources' due to a negative medium-term outlook for commodities given uncertain demand trends. 'Financials' was also held at an underweight position owing to the average riskiness of these stocks in a still over-leveraged western world. The overweight stance in 'GDP sensitives' was maintained, with a bias towards consumer cyclical and media stocks, as well as towards companies that are likely to benefit from the growing middle class. The manager was also underweight positioning in 'defensives', with a bias against utilities and telecommunications. The fund maintained an average net equity exposure of 97.2% during the period, which is in line with the typical 90-110% range. At the end of September, the fund's net equity exposure stood at 96.6%, with short exposure of -23.6%. The UK economy has seen a robust and more broad-based recovery over the past year. Domestic demand remains strong, driven by solid employment growth and rising wages. According to consensus estimates, solid consumer spending and business investment will help to drive the economy for the rest of 2015 and into 2016. Merger and acquisition activity also remains in focus. Given the relatively strong economic recovery and low inflation, the likelihood of an immediate increase in interest rates remains low.
Total Return as at 30.09.2015
Market Value Net Assets (GBP) (%) 5,403,283 5.05 5,390,595 5.03 5,073,492 4.74 5,023,331 4.69 4,843,386 4.52 4,524,088 4.22 4,238,106 3.96 4,214,866 3.94 3,902,329 3.64 3,571,943 3.34
Wolseley Booker Group Rightmove Bunzl Lloyds Banking Group Diageo Travis Perkins London Stock Exchange Group Provident Financial Close Brothers Group
SECTOR BREAKDOWN AS AT 30.09.2015*
Financials
Net Assets (%) 23.76
Industrials
17.68
Consumer Discretionary
11.45
Consumer Staples
11.18
Open Ended Fund
8.63
Healthcare
4.89
Information Technology
4.82
Telecommunication Services
2.43
Energy
1.38
Materials
0.91
One Year
Five Years
Since Launch
Launch Date
Performance From
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Share Class Annualised
Share Class Cumulative
Index** Cumulative
Share Class Annualised
A-ACC Shares (GBP)
14.03.2011
14.03.2011
8.3%
-2.3%
-
-
50.4%
30.6%
9.4%
Y-ACC Shares (GBP)
14.03.2011
14.03.2011
8.5%
-
-
53.7%
Share Class
9.9%
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: FTSE All Share (Total Return) Index Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
12
Fidelity Active STrategy
US Fund
FUND SIZE AS AT 30.09.2015 : USD 161 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
During the year, the A-ACC-USD class of the FAST US Fund returned 1.4% in net US dollar terms, outperforming the S&P 500 (Net Total Return) Index, which delivered -1.2%. Both long and short positions contributed to relative returns over the period. From a sector perspective, strong positioning in health care and information technology (IT) enhanced gains. Within IT, gaming company Activision Blizzard was the top contributor to performance. Its shares advanced on the back of its diverse product range and some very successful gaming titles such as Call of Duty. In the consumer discretionary sector, the holding in automobile parts retailer AutoZone gained on account of its strong market position. The exposure to education and media company Graham Holdings added value owing to the strong performance of its education division Kaplan. The manager believes that markets are driven by longterm themes, including mobility, ageing and the manufacturing renaissance in the US, as well as the rise of the emerging market consumer. Within these themes, the manager looks for businesses with strong pricing power and robust growth in cash flows. For instance, Check Point Software, a large pure-play cyber security solutions provider, is a key position in the portfolio. The manager also holds Molson Coors Brewing in the consumer staples sector as it stands to benefit from consolidation in the global beer market. On the short side, the manager looks for growth stocks that are over-valued or are failing. The fund maintained an average net equity exposure of 94.6% during the period, which is in line with the typical 90-----110% range. At the end of September, the net equity exposure stood at 95.7%, and the short book was held at -28.2%. The US appears to be on a recovery path despite the recent uncertainties surrounding the global economy. Growth is likely to be supported by labour market progress (although at a slower rate); a rebound in consumption, driven by lower energy prices; and improving activity in housing and construction-related sectors.
Total Return as at 30.09.2015
Google (A) Molson Coors Brewing (B) MasterCard (A) Comcast (A) Activision Blizzard Anheuser-Busch ADR FTI Consulting TE Connectivity Allergan plc PayPAL Holdings
SECTOR BREAKDOWN AS AT 30.09.2015*
Information Technology
Net Assets (%) 26.95
Consumer Discretionary
21.67
Healthcare
14.99
Industrials
11.50
Consumer Staples
6.92
Materials
5.13
Energy
4.02
Financials
3.46
One Year Launch Date
Performance From
A-ACC Shares (USD)
25.06.2013
A-ACC Shares (EUR) A-ACC Shares (EUR) (hedged)
25.06.2013 25.06.2013
E-ACC Shares (EUR) I-ACC Shares (USD)
Market Value Net Assets (USD) (%) 5,007,109 3.12 3,740,797 2.33 3,407,063 2.12 3,377,288 2.10 3,254,554 2.03 3,198,881 1.99 3,192,994 1.99 3,182,856 1.98 3,046,708 1.90 3,045,604 1.90
Five Years
Since Launch
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Share Class Annualised
Share Class Cumulative
Index** Cumulative
Share Class Annualised
25.06.2013
1.4%
-1.2%
-
-
29.8%
24.9%
12.2%
25.06.2013 25.06.2013
14.6% 1.3%
-1.7%
-
-
51.7% 29.2%
23.7%
20.2% 12.0%
25.06.2013
25.06.2013
13.9%
-
-
49.6%
19.5%
25.06.2013
25.06.2013
2.0%
-
-
32.1%
13.1%
Y-ACC Shares (USD)
25.06.2013
25.06.2013
2.1%
-
-
31.6%
12.9%
Y-ACC Shares (GBP)
25.06.2013
25.06.2013
9.2%
-
-
33.9%
13.8%
Share Class
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: S&P 500 Index (Net Total Return) Comparative index Hedged EUR: Standard & Poor's 500 (Net) Hedged to EUR Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
13
Fidelity Active STrategy
Fixed Income Diversified Alpha Fund
FUND SIZE AS AT 30.09.2015 : EUR 43 MILLION Manager's Overview
LARGEST HOLDINGS AS AT 30.09.2015*
The fund posted a net return of -2.09% over the review period, underperforming the EUR 1 Month London Interbank Offered Rate (LIBOR) return by -2.06%. As of the end of September 2015, the fund's duration (sensitivity to interest rates) was at +0.30 years. The average rating quality stood at BBB. Its annualised volatility was 2.07%, while its gross derivative weight was 154%. The fund's relative value corporate strategy of long Hellenic Telecoms versus short Deutsche Telecom (which was sold during the period) detracted from returns. The long position in Hellenic Telecom underperformed as the company's bonds remain closely linked to sentiment towards Greece, which turned extremely negative in the last quarter of 2014 and early 2015. As a result, we sold the position in January. Another strategy of long five-year Mexican rates versus short five-year US dollar rates also detracted from performance. Mexican bonds slid during the period as weak economic growth amid falling oil prices continued to weigh on investor sentiment. Also, fears that Mexico's central bank may tighten its monetary policy in response to a possible interest rate hike by the US Fed later this year pushed yields higher. This was despite Mexico's annual inflation rate easing to the central bank's 3% target. The short position in US dollar rates also hampered returns as US Treasuries rallied. The US Fed refrained from raising interest rates at its September meeting due to the global sell-off triggered by slower growth in China. Most developed market central banks reiterated their decision to keep interest rates low, which was broadly supportive for fixed income markets. The inflation outlook remains benign, giving major central banks ample headroom to maintain their accommodative stance. This should continue to support bond valuations.
Total Return as at 30.09.2015
Market Value Net Assets (EUR) (%) 4,045,676 9.31 4,021,146 9.26 2,241,186 5.16 2,203,067 5.07 2,128,673 4.90 2,100,438 4.84 1,404,243 3.23 1,228,695 2.83 999,231 2.30 629,254 1.45
Netherlands 0.50% 15/04/2017 France 0.25% 25/11/2016 US Treasury Note 0.50% 31/01/2017 UK Treasury 1.75% 22/01/2017 Belgium 3.50% 28/06/2017 Canada 1.50% 01/02/2017 Germany 0.00% 16/12/2016 Spain 2.15% 31/10/2025 Wind Acquisition Finance 7.00% 23/04/2021 Reg S China 3.39% 21/05/2025
GEOGRAPHICAL BREAKDOWN AS AT 30.09.2015* Net Assets (%) 19.94
USA France
15.42
Netherlands
12.23
UK
9.69
Germany
5.63
Belgium
4.90
Canada
4.84
Spain
4.71
Luxembourg
4.48
Ireland
2.19
Switzerland
1.85
Italy
1.62
One Year
Five Years
Since Launch
Launch Date
Performance From
Share Class Cumulative
Index** Cumulative
Share Class Cumulative
Share Class Annualised
Share Class Cumulative
Index** Cumulative
Share Class Annualised
I-ACC Shares (EUR)
11.01.2013
11.01.2013
-2.1%
0.0%
-
-
0.1%
0.2%
0.0%
I-ACC Shares (GBP) (hedged) I-ACC Shares (JPY) (hedged)
11.01.2013 11.01.2013
11.01.2013 11.01.2013
-1.6% -2.3%
0.5% 0.1%
-
-
1.1% -0.5%
1.4% 0.3%
0.4% -0.2%
Y-ACC Shares (GBP) (hedged)
23.09.2015
23.09.2015
-
-
-
-0.4%
-
-
Share Class
*Please note that the market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. **Please note that the Index Cumulative performances are based on the first Share class disclosed for each sub-fund and the hedged share classes in the currency of denomination. Comparative index: EUR 1 Month London interbank offered rate (LIBOR) Comparative index Hedged GBP: GBP 1 Month London interbank offered rate (LIBOR) Comparative index Hedged JPY: JPY 1 Month London interbank offered rate (LIBOR) Please refer to performance notes on page 7. A full list of footnotes is given on page 7.
14
Fidelity Active STrategy
Asia Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Country Code Ccy
Shares or Market Value % Net Nominal USD Assets Telekomunikasi Indonesia Persero China Telecom (H) HKBN
Securities Admitted to or Dealt on an Official Stock Exchange Securities Admitted to or Dealt on an Official Stock Exchange
Energy
CNOOC China Petroleum & Chemical (H) SK Innovation Tambang Batubara Bukit Asam Persero
CN CN KR ID
HKD HKD KRW IDR
1,386,000 1,474,000 5,329 826,600
1,418,282 900,699 443,039 318,045 3,080,065
1.58 1.00 0.49 0.35 3.43
HK HK
HKD HKD
1,076,000 642,000
1,604,025 1,470,913 3,074,938
1.79 1.64 3.42
KR ID MY
KRW IDR MYR
3,711 3,630,800 233,700
897,918 543,343 478,975 1,920,236
1.00 0.60 0.53 2.14
HK CN KR CN PH KR SG KR PH HK KR
HKD HKD KRW HKD PHP KRW SGD KRW PHP HKD KRW
100,500 138,500 5,890 946,000 3,445,800 3,285 208,100 52,265 232,510 91,000 7,333
1,303,817 1,028,094 994,053 883,836 742,966 622,854 506,803 468,280 430,454 427,335 417,317 7,825,809
1.45 1.14 1.11 0.98 0.83 0.69 0.56 0.52 0.48 0.48 0.46 8.71
E.Sun Financial Holding Bank Rakyat Indonesia Persero United Overseas Bank Shinhan Financial Group China Overseas Land & Investment Public Bank Fubon Financial Holding Samsung Fire & Marine Insurance Dah Sing Banking Group Ayala China Pacific Insurance Group (H) Bangkok Bank (Reg'd) CapitaLand Commercial Trust Korean Reinsurance Tisco Financial Group ICICI Bank ADR AIA Group Industrial & Commercial Bank of China (H) BOC Hong Kong Holdings
Materials LG Chem Vale (Indonesia) Lafarge Malaysia
Industrials CK Hutchison Holdings Zhuzhou CSR Times Electric (H) CJ Korea Express Weichai Power (H) LT Group Hyundai Glovis Sembcorp Industries TK Cebu Air Orient Overseas International Daelim Industrial
TW KR TW TW CN TW TW CN HK TW
TWD KRW TWD TWD HKD TWD TWD HKD HKD TWD
1,235,000 2,984 511,000 8,000 97,500 74,673 189,237 225,000 388,000 161,000
4,929,678 1,293,598 873,476 623,248 609,120 511,447 451,637 449,220 402,236 311,132 10,454,792
5.49 1.44 0.97 0.69 0.68 0.57 0.50 0.50 0.45 0.35 11.64
HK US CN CN SG TW CN TW HK CN TW KR CN ID HK CN CN CN HK
HKD HKD HKD USD SGD TWD USD TWD HKD CNY TWD KRW HKD IDR HKD CNY HKD CNY HKD
519,500 359,400 194,000 47,344 49,900 126,000 51,237 105,267 1,003,400 185,989 78,000 5,805 1,687,000 392,500 476,000 119,682 59,400 31,562 42,000
1,932,581 1,172,548 1,004,362 950,668 946,897 916,113 892,036 866,907 841,458 737,212 462,475 449,485 447,398 432,952 412,876 370,974 149,378 105,269 103,141 13,194,730
2.15 1.31 1.12 1.06 1.05 1.02 0.99 0.96 0.94 0.82 0.51 0.50 0.50 0.48 0.46 0.41 0.17 0.12 0.11 14.69
CN SG HK PH CN KR HK CN ID KR CN CN
HKD SGD USD PHP HKD KRW HKD CNY IDR KRW CNY HKD
435,000 780,500 143,700 135,780 342,000 2,986 644,500 15,955 166,100 611 70,400 7,400
1,531,906 898,729 871,929 557,642 545,439 510,212 495,425 477,031 476,848 442,142 381,132 22,725 7,211,160
1.71 1.00 0.97 0.62 0.61 0.57 0.55 0.53 0.53 0.49 0.42 0.03 8.03
CN SG CN CN KR
HKD SGD USD HKD KRW
1,146,000 277,424 10,634 271,500 1,134
1,008,189 880,942 459,921 442,673 409,497 3,201,222
1.12 0.98 0.51 0.49 0.46 3.56
HK
HKD
1,538,440
1,830,066
2.04
IDR HKD HKD
4,936,600 1,308,000 411,500
890,673 632,204 475,879 3,828,822
0.99 0.70 0.53 4.26
TW ID SG KR HK MY TW KR HK PH CN TH SG KR TH IN HK CN HK
TWD IDR SGD KRW HKD MYR TWD KRW HKD PHP HKD THB SGD KRW THB USD HKD HKD HKD
2,441,092 2,404,100 108,600 39,527 416,000 305,100 766,000 4,808 617,200 62,050 199,400 112,900 481,300 37,372 431,500 46,200 72,400 277,000 14,500
1,436,197 1,422,718 1,414,781 1,381,721 1,261,814 1,217,274 1,196,132 1,136,303 1,135,408 1,018,018 741,926 493,715 453,639 450,150 421,303 383,922 375,827 160,038 42,699 16,143,585
1.60 1.58 1.57 1.54 1.40 1.35 1.33 1.26 1.26 1.13 0.83 0.55 0.50 0.50 0.47 0.43 0.42 0.18 0.05 17.97
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets
Information Technology Hermes Microvision
TW
TWD
25,000
950,561 950,561
1.06 1.06
CN CN CN CN CN CN
USD USD USD USD USD USD
17,427 6,840 46,909 33,696 13,400 10,100
521,730 204,776 156,663 133,739 72,641 31,348 1,120,897
0.58 0.23 0.17 0.15 0.08 0.03 1.25
TH
THB
47,450
605,535 605,535
0.67 0.67
1
0.00
72,612,353 72,612,353.00
80.82
Equity Linked Notes BNP (Kweichow Moutai (A)) ELN 11/11/2016 MSAP (Kweichow Moutai (A)) ELN 27/05/2017 BNP (Wuxi Weifu H-T (A)) ELN 26/01/2017 BNP (Midea Group (A)) ELN 10/02/2017 MSAP (Shanghai Jahwa United (A)) ELN 31/07/2017 DB (Zhejiang Supor Cookwr (A)) ELN 29/11/2024
Information Technology Taiwan Semiconductor Manufacturing NAVER Chroma ATE Largan Precision AAC Technologies Holdings Advantech TPK Holding Sunny Optical Technology Group Wasion Group Holdings HTC
ID CN HK
Financials
Utilities Guangdong Investment China Resources Power Holdings
Shares or Market Value % Net Nominal USD Assets
Unlisted Unlisted
Materials Siam Cement NVDR
Consumer Discretionary Techtronic Industries Samsonite International Shenzhou International Group Holdings New Oriental Education & Technology Group ADR Jardine Cycle & Carriage Giant Manufacturing Vipshop Holdings ADR Makalot Industrial Chow Tai Fook Jewellery Group Midea Group (A) Gourmet Master CJ E&M Springland International Holdings Matahari Department Store Shangri-La Asia Zhejiang Supor Cookware (A) Weifu High-Technology Group (B) Weifu High-Technology Group (A) Stella International Holdings
Fractions Total Investments (Cost USD 82,272,721) 1 Underlying exposure Ccy
Contracts For Difference Contracts For Difference
Kumho Petro Chemical Petrochina (H) MediaTek Hang Lung Properties China National Building Material Siam Commercial Bank (F) (UBS) United Microelectronics Lite-On Technology Maruti Suzuki India City Developments Doosan Heavy Industries & Construction (GS) Shanghai Electric Group (H) Krung Thai Bank Agile Property Holdings Hyundai Development Co-Engineering & Construction China COSCO Holdings (H)* Philippine Long Distance Telephone ADR (DB) Hyosung Metallurgical Corp of China (H) LG Uplus Cheng Shin Rubber Industry Hong Kong & China Gas Luye Pharma Group (GS) Axis Bank Want Want China Holdings (GS) Want Want China Holdings (UBS) Asian Paints CapitaLand Mall Trust Li & Fung LG Innotek Pegatron (GS) Philippine Long Distance Telephone ADR (GS) Singapore Press Holdings (GS)
Consumer Staples China Mengniu Dairy First Resources Dairy Farm International Holdings Universal Robina Tingyi Cayman Islands Holding BGF retail Sun Art Retail Group Kweichow Moutai (A) Gudang Garam LG Household & Health Care Shanghai Jahwa United (A) Yantai Changyu Pioneer Wine (B)
Healthcare CSPC Pharmaceutical Group Raffles Medical Group WuXi PharmaTech Cayman ADR Phoenix Healthcare Group Medy-Tox
Telecommunication Services HKT Trust
Unrealised % Net gain/(loss) Assets USD
USD HKD USD HKD HKD USD USD USD USD SGD USD HKD USD HKD USD HKD USD USD HKD USD USD HKD HKD USD HKD HKD USD SGD HKD USD USD USD SGD
(665,442) (3,142,009) (408,242) (5,227,623) (3,201,572) (422,352) (421,459) (412,122) 902,770 (611,161) (571,250) (913,148) (439,032) (1,917,098) (400,520) (2,059,610) (313,861) (437,340) (3,068,208) 1,443,290 (216,679) (5,021,688) (2,837,808) (453,041) (1,907,024) (1,537,099) 446,596 (632,486) (2,016,762) (213,955) (185,526) (112,428) (569,828)
280,335 225,333 222,602 192,676 171,607 143,901 140,720 128,164 125,505 113,543 104,837 102,853 100,392 86,356 82,396 80,258 78,434 77,215 70,384 66,073 65,166 63,482 58,068 57,681 57,305 52,316 38,237 36,682 36,380 35,419 31,512 30,994 28,266
0.31 0.25 0.25 0.21 0.19 0.16 0.16 0.14 0.14 0.13 0.12 0.11 0.11 0.10 0.09 0.09 0.09 0.09 0.08 0.07 0.07 0.07 0.06 0.06 0.06 0.06 0.04 0.04 0.04 0.04 0.04 0.03 0.03
* Security with price determined by the Directors. The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
15
Fidelity Active STrategy
Asia Fund
- continued
Schedule of Investments as at 30 September 2015 Underlying exposure Ccy Zee Entertainment Enterprises Catcher Technology Advanced Info Service (UBS) Singapore Press Holdings (UBS) Jubilant Foodworks Doosan Heavy Industries & Construction (UBS) Youku Tudou ADR HDFC Bank (Dematerialised) LG Electronics Hon Hai Precision Industry Hotel Shilla Prada Yangzijiang Shipbuilding Holdings AIA Group (UBS) Tenaga Nasional Bhd CLP Holdings Rio Tinto Power Assets Holdings Luye Pharma Group (UBS) Samsung SDS CRRC Corp (H) GS Retail (UBS) DB Korea Zinc Tata Consultancy Services Beijing Enterprises Water Group Housing Development Finance Oberoi Realty Bank of Baroda Container Corp Of India Hyundai Mipo Dockyard Crompton Greaves Dr Reddy's Laboratories ADR (DB) Power Grid Corp of India Dr Reddy's Laboratories ADR (GS) Mahindra & Mahindra Financial Services HK Electric Investments GS Retail (GS) Sun Pharmaceutical Industries Hanwha Chemical Corp KT&G ICICI Bank Pegatron (UBS) Ultratech Cement Kasikornbank Coal India Delta Electronics Tencent Holdings BOC Hong Kong Holdings AIA Group (GS) Samsung Electronics
Unrealised % Net gain/(loss) Assets USD
USD USD USD SGD USD USD USD USD USD USD USD HKD SGD HKD USD HKD AUD HKD HKD USD HKD USD USD USD USD HKD USD USD USD USD USD USD USD USD USD USD HKD USD USD USD USD USD USD USD USD USD USD HKD HKD HKD USD
559,592 448,128 (208,849) (363,246) 435,123 (59,268) (240,973) 2,267,625 (219,627) (434,914) (418,070) (1,524,679) (600,166) 201,155 (225,550) (3,543,205) (196) 6,814,549 (417,731) (234,109) (1,834,948) (61,372) 126,717 518,501 1,478,605 (3,381,386) 1,776,487 508,901 430,774 477,807 452,363 451,646 (209,222) 454,246 (259,943) 445,276 (6,931,892) (381,925) 862,878 (466,085) (477,975) 630,278 (427,197) 911,257 416,411 432,098 695,281 30,988,682 12,769,264 31,919,328 4,387,944
27,333 25,061 24,312 21,075 19,194 17,236 15,648 13,583 12,359 9,886 8,427 7,168 6,249 2,820 1,309 762 (2) (782) (4,213) (4,985) (5,761) (9,219) (9,290) (9,490) (10,150) (11,856) (21,564) (23,155) (23,605) (30,705) (33,876) (39,223) (43,032) (43,587) (44,526) (45,260) (50,367) (59,558) (63,630) (63,631) (72,888) (94,892) (96,386) (99,050) (130,965) (140,340) (159,221) (173,700) (385,363) (575,054) (698,857) 119,331
Ccy
Contracts Market Value % Net USD Assets
GEOGRAPHICAL SPLIT Country
0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.03) (0.03) (0.03) (0.04) (0.04) (0.05) (0.05) (0.05) (0.05) (0.06) (0.07) (0.07) (0.07) (0.08) (0.11) (0.11) (0.11) (0.15) (0.16) (0.18) (0.19) (0.43) (0.64) (0.78) 0.13
China Hong Kong Taiwan Korea Singapore Indonesia Philippines Malaysia Thailand USA India Cash and other net assets
Options Options
Purchased Put HSCEI 10000 31/03/2016 Purchased Put HSCEI 10800 31/12/2015 Purchased Put HSI 20200 31/03/2016 Purchased Put HSCEI 9000 31/03/2016 Purchased Call HSCEI 10200 31/12/2015 Purchased Put Hero MotoCorp 30/10/2015 Purchased Call HSCEI 12600 29/01/2016 Purchased Call HSCEI 11600 31/03/2016 Purchased Call HSCEI 12200 29/01/2016 Purchased Put Intel 17/10/2015 Purchased Call KOSPI 200 Index 262.5 11/12/2015 Purchased Call KOSPI 200 Index 275 11/12/2015 Written Call HSCEI 12800 31/03/2016 Written Call HSCEI 11600 31/12/2015 Written Call HSCEI 13200 29/01/2016 Written Call HSCEI 13800 29/01/2016 Written Put Taiwan Semiconductor 22/10/2015 Written Call Hero MotoCorp 30/10/2015 Written Put HSCEI 8000 31/03/2016 Written Put China Petroleum & Chemical (H) 30/10/2015 Written Put Ind. & Com. Bank of China 30/10/2015 Written Put Tencent Holdings 30/10/2015 Written Put HSCEI 10800 31/12/2015
Other Assets and Liabilities Net Assets
HKD HKD HKD HKD HKD INR HKD HKD HKD USD KRW KRW HKD HKD HKD HKD TWD INR HKD HKD HKD HKD HKD
2,578 13 668 700 731 101 1,334 697 660 136 4,740,725 4,740,725 (697) (731) (660) (1,334) (115,291) (101) (700) (159) (345) (51,775) (650)
345,519 125,237 96,294 50,949 25,108 17,313 8,096 7,598 5,907 2,992 1,597 335 (928) (2,042) (2,191) (2,368) (6,175) (10,242) (26,015) (32,870) (35,071) (55,647) (125,291) 388,105
0.38 0.14 0.11 0.06 0.03 0.02 0.01 0.01 0.01 0.00 0.00 0.00 (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.03) (0.04) (0.04) (0.06) (0.14) 0.43
16,719,421
18.64
89,839,210 100.00 89,839,210.00
16
Country Code CN HK TW KR SG ID PH MY TH US IN
% Net Assets 19.45 16.68 15.06 11.04 5.68 4.55 3.06 1.89 1.69 1.31 0.43 19.18
Fidelity Active STrategy
Emerging Markets Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Country Code Ccy
Shares or Market Value % Net Nominal USD Assets Magnitogorsk Iron & Steel Works
Securities Admitted to or Dealt on an Official Stock Exchange
Shares or Market Value % Net Nominal USD Assets
RU
USD
1,597,292
6,445,073 48,835,442
0.50 3.77
RU
USD
1,132,241
19,700,993 19,700,993
1.52 1.52
CN CN CN
USD USD USD
2,763,175 1,286,643 3,272,332
12,049,335 5,106,658 3,902,007 21,058,000
0.93 0.39 0.30 1.63
1,083,838,266 1,083,838,266.0
83.73
Securities Admitted to or Dealt on an Official Stock Exchange
Energy
Motor Oil Hellas Corinth Refineries (A) Petrobras Global Finance 5.375% 27/01/2021
GR NL
EUR USD
714,189 8,530,000
8,609,520 6,166,448 14,775,968
0.67 0.48 1.14
ZA
GBP
3,050,433
3,882,363 3,882,363
0.30 0.30
PH IN MX CN CN
PHP INR MXN CNY USD
57,428,900 65,803 9,929,700 975,300 143,763
18,819,481 17,832,668 12,720,216 4,247,363 3,852,848 57,472,576
1.45 1.38 0.98 0.33 0.30 4.44
Consumer Staples X5 Retail Group
Materials Petra Diamonds
Equity Linked Notes CITI (Shanghai Int'l Airport (A)) ELN 12/02/2016 DB (Midea Group (A)) ELN 06/11/2023 DB (Beijing Yanjing Brewerage (A)) ELN 20/01/2020
Industrials Alliance Global Group Eicher Motors OHL Mexico Shanghai Int'l Airport (A) 51job ADR
Total Investments (Cost USD 1,095,321,325) 1 Underlying exposure
Information Technology Cognizant Technology Solutions (A) Check Point Software Technologies Infosys NAVER Infosys ADR NetEase ADR Luxoft Holding Tata Consultancy Services
US IL IN KR IN CN CH IN
USD USD INR KRW USD USD USD INR
936,451 598,478 1,017,961 25,554 554,500 54,991 82,513 76,370
58,013,139 46,890,751 18,016,657 11,077,948 10,463,415 6,662,160 5,074,550 3,010,586 159,209,206
4.48 3.62 1.39 0.86 0.81 0.51 0.39 0.23 12.30
ZA ZA US HK CN IN CN CN TW IN ZA ZA TW ID IN ZA CN IN DE ZA GR CL
ZAR ZAR HKD HKD CNY INR HKD USD TWD INR ZAR ZAR TWD IDR INR ZAR HKD INR EUR ZAR EUR CLP
612,588 10,258,601 12,536,100 9,516,000 5,243,109 289,714 3,660,000 779,301 1,923,000 533,660 1,265,530 4,916,886 1,341,279 8,725,400 1,722,410 832,424 2,667,519 1,419,899 38,887 1,874,647 124,862 156,467
76,723,008 63,029,115 40,899,204 35,400,269 20,782,323 20,677,133 18,948,276 15,648,364 13,981,624 13,016,869 12,363,789 11,742,200 11,045,858 9,624,652 9,002,246 8,644,540 6,708,224 6,458,072 4,242,904 3,934,258 2,536,552 346,883 405,756,363
5.93 4.87 3.16 2.73 1.61 1.60 1.46 1.21 1.08 1.01 0.96 0.91 0.85 0.74 0.70 0.67 0.52 0.50 0.33 0.30 0.20 0.03 31.35
TW ZA BR PH PE ZA TR GB VN HK CN
TWD ZAR BRL PHP PEN ZAR TRY GBP VND HKD HKD
15,092,400 2,387,408 3,122,600 2,508,600 6,391,849 655,071 1,049,200 115,174 1,165,967 2,268,000 294,000
26,160,216 15,127,870 13,282,289 10,302,699 10,074,649 8,248,652 6,640,067 6,505,790 5,186,686 4,217,048 1,291,336 107,037,302
2.02 1.17 1.03 0.80 0.78 0.64 0.51 0.50 0.40 0.33 0.10 8.27
CN CN ZA IN ZA
HKD HKD ZAR INR ZAR
26,112,000 6,076,500 3,071,628 537,660 1,249,220
22,971,924 9,907,558 8,069,017 7,111,860 3,219,262 51,279,621
1.77 0.77 0.62 0.55 0.25 3.96
IN AE KE NG NG BR BR
INR AED KES NGN NGN BRL USD
5,517,295 16,227,268 48,207,200 156,707,370 55,190,968 1,076,408 944,146
107,734,033 33,799,445 20,703,608 13,220,833 6,647,846 6,568,835 6,155,832 194,830,432
8.32 2.61 1.60 1.02 0.51 0.51 0.48 15.05
24,828,020 17,562,349
1.92 1.36
Ccy
Contracts For Difference Contracts For Difference
Britannia Industries NetEase ADR KAZ Minerals Natura Cosmeticos Latam Airls Group ADR NII Holdings (B) Discovery ArcelorMittal South Africa Woolworths Holdings Yanzhou Coal Mining (H) Acer (GS) Bidvest Group Mechel ADR (GS) Philippine Long Distance Telephone ADR (DB) Belle International Holdings Want Want China Holdings (GS) Li & Fung GOME Electrical Appliances Holding MercadoLibre Hanmi Pharm Pacific Exploration and Production Corp Doosan Heavy Industries & Construction (GS) Bukwang Pharmaceutical Coca-Cola Icecek AS Getin Noble Bank Hochschild Mining TOTVS Massmart Holdings Ilyang Pharmaceutical Hyundai Development Co-Engineering & Construction Maanshan Iron & Steel (H) (GS) Prada Polski Koncern Naftowy Orlen First Quantum Minerals Latam Airlines Group ADR VTB Bank Chong Kun Dang Pharmaceutical Corp Mota-Engil SGPS SA LG Electronics City Developments Nine Dragons Paper Holdings China COSCO Holdings (H)* Metallurgical Corp of China (H) mBank CCR Bank Millennium KGHM Polska Miedz Asustek Computer (GS) Mr Price Group Immofinanz Natura Cosmeticos SA Aspen Pharmacare Holdings Agile Property Holdings Hong Kong & China Gas MOL Hungarian Oil & Gas Polimex-Mostostal Hanmi Science Evergrande Real Estate Group Hanssem Afren* E-Mart Semen Indonesia Persero (GS) Country Garden Holdings Semen Indonesia Persero Tbk PT Acer (UBS) Banco Macro ADR Acer (DB) Maanshan Iron & Steel (H) (UBS) Hong Kong Exchanges and Clearing Grupo Financiero Galicia ADR CCR SA China Shipping Container Lines (H)*
Consumer Discretionary Naspers Steinhoff International Holdings Samsonite International Techtronic Industries Midea Group (A) Maruti Suzuki India Shenzhou International Group Holdings New Oriental Education & Technology Group ADR Giant Manufacturing Jubilant Foodworks Famous Brands Spur Makalot Industrial Matahari Department Store DB City Lodge Hotels Weifu High-Technology Group (B) Tata Motors Volkswagen (Pref'd) Metair Investments FF Group Forus
Consumer Staples Uni-President Enterprises AVI JBS Universal Robina Alicorp Distell Group Ulker Biskuvi Sanayi SABMiller Vietnam Dairy Products China Resources Enterprise Tsingtao Brewery (H)
Healthcare CSPC Pharmaceutical Group Phoenix Healthcare Group Netcare Sun Pharmaceutical Industries Life Healthcare Group Holdings
Financials HDFC Bank (Dematerialised) Abu Dhabi Commercial Bank PJSC Equity Group Holdings Zenith Bank Guaranty Trust Bank BB Seguridade Participacoes Itau Unibanco Holding ADR
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets
Materials
Novolipetsk Steel PhosAgro
RU RU
USD USD
2,168,386 1,272,634
Unrealised % Net gain/(loss) Assets USD
USD 29,055,409 USD 65,655,910 GBP (5,448,069) USD (5,906,236) USD (6,593,288) USD (222) ZAR 621,090,947 ZAR (48,161,620) ZAR 292,290,214 HKD (53,426,999) USD (5,912,130) ZAR 459,587,544 USD (4,978,367) USD (8,521,278) HKD (53,678,696) HKD (89,738,533) HKD (46,005,892) HKD (64,669,772) USD (8,376,283) USD (4,496,095) CAD (9,750,587) USD (5,884,000) USD (4,123,520) TRY (27,392,647) PLN (6,870,487) GBP (4,767,782) USD (6,121,810) ZAR (84,844,339) USD (4,028,159) USD (5,030,286) HKD (41,181,684) HKD (45,764,179) PLN (43,864,186) CAD (6,284,347) USD (2,801,279) USD (3,684,436) USD (3,538,832) EUR (3,041,552) USD (6,417,564) SGD (2,711,304) HKD (32,715,384) HKD (51,897,541) HKD (42,352,596) PLN (7,053,469) USD (881,936) PLN (12,870,826) PLN (25,133,655) USD (3,563,053) ZAR (55,507,958) EUR (3,259,363) USD (415,628) ZAR (72,499,812) HKD (50,127,672) HKD (28,629,143) HUF (1,086,675,720) PLN (178,536) USD (5,691,800) HKD (18,594,450) USD (5,675,257) GBP (5) USD (4,718,635) USD (438,957) HKD (40,205,428) USD (929,076) USD (46,811) USD (1,642,648) USD (247,060) HKD (842,979) HKD (412,346) USD (1,533,003) USD (546,117) HKD (42,594,716)
16,454,525 8,108,054 6,590,944 5,628,732 4,948,200 3,811,040 3,749,282 3,696,338 3,280,986 3,119,736 3,103,406 2,960,369 2,832,388 2,415,734 2,063,199 2,011,201 1,923,225 1,899,138 1,697,767 1,686,658 1,554,339 1,522,786 1,426,197 1,311,830 1,291,438 1,276,969 1,181,528 1,122,558 995,716 899,998 798,956 754,771 739,514 726,512 703,141 659,577 609,216 593,170 583,652 572,220 557,121 536,544 507,176 504,186 477,687 409,798 378,125 314,006 309,556 298,713 294,244 248,673 233,435 212,744 188,988 179,110 125,072 86,637 57,042 53,572 52,599 50,462 38,297 28,465 21,791 21,775 2,614 165 (2,455) (26,369) (50,363) (77,753)
1.27 0.63 0.51 0.43 0.38 0.29 0.29 0.29 0.25 0.24 0.24 0.23 0.22 0.19 0.16 0.16 0.15 0.15 0.13 0.13 0.12 0.12 0.11 0.10 0.10 0.10 0.09 0.09 0.08 0.07 0.06 0.06 0.06 0.06 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.00) (0.00) (0.00) (0.01)
* Security with price determined by the Directors. The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
17
Fidelity Active STrategy
Emerging Markets Fund
- continued
Schedule of Investments as at 30 September 2015 Underlying exposure
Unrealised % Net gain/(loss) Assets USD
(2,087,193) (45,941,324) (40,725,320) (5,645,497) (45,784,547) (3,987,827) (7,374,867) (27,283,980) (6,568,821) (19,633,297) (2,895,560) (3,939,150) 5,882,604 (22,283,435) 29,813,695 13,274,200 153,885,542 65,075,742 500,554,924 20,502,376 42,551,536 21,994,343 271,132,757
(82,886) (94,954) (95,246) (176,536) (212,434) (216,090) (309,364) (322,516) (364,580) (471,423) (509,055) (655,561) (850,424) (1,097,885) (1,258,064) (1,928,601) (2,056,389) (4,653,922) (5,558,152) (6,240,007) (8,038,815) (11,963,855) (14,368,288) 45,811,620
Underlying exposure USD
Unrealised % Net gain/(loss) Assets USD
Ccy Kumho Tire Co Beijing Enterprises Water Group Lewis Group ASML Holding NV China Everbright International Transocean Credicorp LPP Petroleo Brasileiro Arcelik AS GS Retail (UBS) GS Retail (GS) Mahindra & Mahindra Financial Services Eurocash ITC Cipla Grupo Televisa Taiwan Semiconductor Manufacturing AIA Group (GS) MMC Norilsk Nickel Surgutneftegaz (Pref'd) Bank Rakyat Indonesia Persero China Mengniu Dairy
USD HKD ZAR EUR HKD USD USD PLN USD TRY USD USD USD PLN USD USD MXN USD HKD USD USD USD HKD
Underlying exposure USD
(0.01) (0.01) (0.01) (0.01) (0.02) (0.02) (0.02) (0.02) (0.03) (0.04) (0.04) (0.05) (0.07) (0.08) (0.10) (0.15) (0.16) (0.36) (0.43) (0.48) (0.62) (0.92) (1.11) 3.54
Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought
Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought
USD Sold ZAR at 0.07434 26/10/2015 USD Sold BRL at 0.25474 26/10/2015 BRL Sold USD at 4.07600 26/10/2015 BRL Sold USD at 4.23550 26/10/2015 USD Sold TRY at 0.32991 26/10/2015 TRY Sold USD at 3.07540 26/10/2015 PEN Sold USD at 3.24250 26/10/2015 BRL Sold USD at 3.95400 26/10/2015 USD Sold PEN at 0.30432 26/10/2015 ZAR Sold USD at 13.26230 26/10/2015
71,752,444 52,992,510 8,476,693 1,507,024 13,987,070 1,385,738 1,727,433 3,309,560 12,871,373 36,339,504
2,273,577 918,839 174,977 91,298 87,821 11,480 (4,062) (32,788) (140,454) (1,610,499) 1,770,189
0.18 0.07 0.01 0.01 0.01 0.00 (0.00) (0.00) (0.01) (0.12) 0.14
Options
Purchased Call SABMiller 19/12/2015 Purchased Call Lukoil 19/12/2015 Purchased Call Credicorp 21/11/2015 Written Call Baidu ADR 180 17/10/2015 Written Call Baidu ADR 170 17/10/2015 Written Call Baidu ADR 210 17/10/2015 Written Call Baidu ADR 160 17/10/2015 Written Call AIA Group 30/10/2015 Written Put SABMiller 21/11/2015 Written Call Netease ADR 19/12/2015 Written Call AIA Group 46 30/10/2015 Written Put Volkswagen (Pref'd) 17/10/2015 Written Call Baidu ADR 21/11/2015 Written Put Baidu ADR 130 17/10/2015 Written Put AIA Group 40 30/10/2015 Written Call Vipshop Holdings ADR 22 21/11/2015 Written Call Samsonite International 28/11/2015 Written Call Netease ADR 130 17/10/2015 Written Put Credicorp 21/11/2015 Written Call Naspers 18/12/2015 Written Put Netease ADR 16/01/2016 Written Put SABMiller 19/12/2015 Written Call Naspers 190000 18/12/2015 Written Put Vipshop Holdings ADR 15 21/11/2015 Written Put Netease ADR 19/12/2015 Written Put Lukoil 33.5 19/12/2015 Written Call Netease ADR 125 17/10/2015 Written Put Baidu ADR 150 17/10/2015 Written Put Vale 21/11/2015 Written Put Lukoil 35 19/12/2015 Written Call Naspers 195000 18/12/2015 Written Put Vipshop Holdings ADR 18 21/11/2015 Written Put Lukoil 34.5 19/12/2015
2,474,888 2,914,340 8,078,134 4,872,674 1,216,098 2,379,418 1,815,677 869,450 532,252 5,642,485 264,287 797,869 824,268 215,548 40,264,073 483,480 3,245,353 1,129,978 604,607 442,462 130,330 1,197,040 158,773 44,065 2,287,048 132,681 122,340 52,745 87,377 51,173 29,484 22,944 13,562 389,057 331,791 54,218 329,620 34,337 105,342 84,578 43,864 128,344 1,684,085 118,835 65,414 270,612 130,180 190,390 125,494 568,486 1,308,283
324,394 214,382 181,205 106,475 103,212 69,676 65,833 42,000 41,031 28,024 18,171 13,235 10,789 10,759 9,746 9,723 9,289 6,993 6,847 4,379 3,530 3,197 2,208 1,528 1,101 1,095 1,087 1,059 871 560 471 228 194 60 11 (3) (276) (332) (478) (1,166) (1,386) (1,442) (1,815) (1,817) (2,144) (2,551) (2,822) (2,942) (3,204) (3,496) (4,780)
0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
A-ACC Shares (EUR) (hedged) Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought
USD Sold BRL at 0.28069 20/11/2015 USD Sold ZAR at 0.07702 20/11/2015 USD Sold EUR at 1.14210 19/11/2015 USD Sold TWD at 0.03101 20/11/2015 USD Sold MYR at 0.24589 20/11/2015 USD Sold EUR at 1.14976 19/11/2015 USD Sold MXN at 0.06107 20/11/2015 USD Sold IDR at 0.00007 20/11/2015 USD Sold TRY at 0.35046 20/11/2015 USD Sold KRW at 0.00085 20/11/2015 RUB Sold USD at 70.98000 19/11/2015 INR Sold USD at 67.20000 19/11/2015 USD Sold EUR at 1.13167 19/11/2015 USD Sold COP at 0.00034 20/11/2015 EUR Sold USD at 0.89542 20/11/2015 USD Sold CLP at 0.00146 20/11/2015 USD Sold INR at 0.01517 20/11/2015 USD Sold PHP at 0.02147 20/11/2015 USD Sold PLN at 0.26539 20/11/2015 MXN Sold USD at 17.13570 19/11/2015 USD Sold BRL at 0.25497 19/11/2015 KRW Sold USD at 1186.40000 19/11/2015 USD Sold TWD at 0.03077 19/11/2015 COP Sold USD at 3203.00015 19/11/2015 HKD Sold USD at 7.75410 19/11/2015 PHP Sold USD at 47.26000 20/11/2015 CLP Sold USD at 706.09999 19/11/2015 USD Sold MYR at 0.23121 19/11/2015 USD Sold MXN at 0.05952 19/11/2015 USD Sold PLN at 0.26530 19/11/2015 USD Sold IDR at 0.00007 19/11/2015 USD Sold CLP at 0.00144 19/11/2015 COP Sold USD at 3139.99923 19/11/2015 HKD Sold USD at 7.75157 19/11/2015 USD Sold HKD at 0.12903 19/11/2015 USD Sold MYR at 0.22665 19/11/2015 KRW Sold USD at 1182.24999 19/11/2015 USD Sold TRY at 0.32233 19/11/2015 USD Sold ZAR at 0.07143 19/11/2015 MYR Sold USD at 4.35100 19/11/2015 USD Sold RUB at 0.01458 19/11/2015 USD Sold BRL at 0.24546 19/11/2015 EUR Sold USD at 0.89425 19/11/2015 USD Sold INR at 0.01490 19/11/2015 PLN Sold USD at 3.68575 19/11/2015 USD Sold KRW at 0.00084 19/11/2015 TRY Sold USD at 3.00584 19/11/2015 USD Sold ZAR at 0.07065 19/11/2015 PLN Sold USD at 3.71334 19/11/2015 PHP Sold USD at 46.58500 20/11/2015 USD Sold EUR at 1.11296 19/11/2015
464,025 227,760 9,561,269 1,366,198 287,132 157,400 797,919 1,287,209 792,302 583,677
(5,255) (5,566) (5,916) (8,906) (13,752) (15,650) (18,221) (19,219) (39,840) (56,398) 1,073,986
(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.08
Ccy
Contracts Market Value % Net USD Assets
GBP USD USD USD USD USD USD HKD GBP USD HKD EUR USD USD HKD USD HKD USD USD ZAR USD GBP ZAR USD USD USD USD USD USD USD ZAR USD USD
224 3,314 275 (800) (800) (800) (800) (1,154,430) (112) (550) (2,293,862) (550) (450) (800) (1,154,430) (9,600) (2,087,799) (2,100) (825) (100,000) (1,100) (338) (100,000) (6,400) (1,100) (2,876) (2,200) (800) (15,000) (4,000) (295,000) (7,250) (7,624)
Options
Forward Foreign Exchange Contracts Forward Foreign Exchange Contracts
EUR Sold USD at 0.88508 19/11/2015 IDR Sold USD at 14560.00013 19/11/2015 USD Sold HKD at 0.12895 20/11/2015 USD Sold RUB at 0.01495 20/11/2015 MYR Sold USD at 4.20050 19/11/2015 BRL Sold USD at 3.62770 19/11/2015 EUR Sold USD at 0.87478 19/11/2015 TWD Sold USD at 32.46000 19/11/2015 ZAR Sold USD at 13.23486 19/11/2015 BRL Sold USD at 3.63900 19/11/2015
Unrealised % Net gain/(loss) Assets USD
Other Assets and Liabilities Net Assets
707,647 331,400 19,250 (1) (1) (1) (13,600) (17,856) (17,930) (27,500) (35,481) (147,952) (168,750) (172,000) (198,470) (240,000) (328,114) (367,500) (412,500) (428,517) (429,000) (459,814) (526,955) (544,000) (572,000) (575,200) (594,000) (1,052,000) (1,067,778) (1,080,000) (1,264,124) (1,740,000) (1,906,000) (13,328,747)
0.05 0.03 0.00 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.02) (0.02) (0.03) (0.03) (0.03) (0.03) (0.03) (0.04) (0.04) (0.04) (0.04) (0.04) (0.05) (0.08) (0.08) (0.08) (0.10) (0.13) (0.15) (1.03)
175,222,553
13.51
1,294,387,867 100.00 1,294,387,867.0
GEOGRAPHICAL SPLIT Country South Africa India China USA Russia Taiwan Israel Hong Kong United Arab Emirates Philippines Brazil Kenya Nigeria Mexico Greece Korea Peru Indonesia Turkey UK Netherlands Vietnam Switzerland Germany Chile Cash and other net assets
18
Country Code ZA IN CN US RU TW IL HK AE PH BR KE NG MX GR KR PE ID TR GB NL VN CH DE CL
% Net Assets 16.61 16.48 10.20 7.64 5.29 3.95 3.62 3.06 2.61 2.25 2.01 1.60 1.53 0.98 0.86 0.86 0.78 0.74 0.51 0.50 0.48 0.40 0.39 0.33 0.03 16.27
Fidelity Active STrategy
Europe Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Underlying exposure
Unrealised % Net gain/(loss) Assets EUR
USD
96,774,470
(6,799,568) (0.28) 62,052,125 2.58
Ccy
Contracts Market Value % Net EUR Assets
Shares or Market Value % Net Nominal EUR Assets Ccy
Securities Admitted to or Dealt on an Official Stock Exchange
Wells Fargo & Co
Securities Admitted to or Dealt on an Official Stock Exchange
Energy
Royal Dutch Shell (A) Baker Hughes
NL US
EUR USD
1,551,272 498,736
32,863,697 22,984,214 55,847,911
1.37 0.96 2.32
29,280,161 29,280,161
1.22 1.22
Materials Boliden (B)
SE
SEK
2,097,303
Options Options
Purchased Call Euro Stoxx 50 19/12/2015 Written Put Euro Stoxx 50 19/12/2015
Consumer Discretionary Taylor Wimpey Cie Financiere Richemont B&M European Value Retail Christian Dior LVMH Moet Hennessy Louis Vuitton Volkswagen (Pref'd) WPP
GB CH LU FR FR DE GB
GBP CHF GBP EUR EUR EUR GBP
30,338,616 984,332 10,642,545 262,783 248,482 344,214 593,267
80,319,875 68,300,382 46,896,836 43,897,900 37,818,960 33,646,919 11,030,653 321,911,525
3.34 2.84 1.95 1.83 1.57 1.40 0.46 13.39
CH FR NL
CHF EUR EUR
3,265,174 812,086 1,520,485
219,229,809 125,913,934 14,371,624 359,515,367
9.12 5.24 0.60 14.95
Other Assets and Liabilities
Country Switzerland UK France Ireland Germany USA Denmark Norway Sweden Netherlands Luxembourg Cash and other net assets
CH CH FR DK
CHF CHF EUR DKK
824,018 1,952,295 952,564 1,645,869
194,113,378 159,981,074 80,863,158 79,018,257 513,975,867
8.07 6.65 3.36 3.29 21.38
GB
GBP
28,294,929
160,777,246 160,777,246
6.69 6.69
DE NO CH CH GB US SE US
EUR NOK CHF CHF GBP USD SEK USD
672,781 6,387,468 4,426,375 300,294 61,569,141 756,762 3,669,306 264,577
94,357,535 74,269,197 73,071,423 65,840,554 62,665,767 57,872,428 36,500,968 12,124,273 476,702,145
3.92 3.09 3.04 2.74 2.61 2.41 1.52 0.50 19.82
209,377,367 110,591 8,240 209,496,198
8.71 0.00 0.00 8.71
2,127,506,420 2,127,506,420.0
88.48
Telecommunication Services BT Group
478,500 0.02 (19,437,250) (0.81) (18,958,750) (0.79) 9.72
2,404,551,167 100.00 2,404,551,167.0
GEOGRAPHICAL SPLIT
Healthcare Roche Holding Novartis (Reg'd) Sanofi Novo Nordisk (B)
21,750 (7,250)
233,951,372
Net Assets
Consumer Staples Nestle (Reg'd) L'Oreal Wessanen
EUR EUR
Country Code CH GB FR IE DE US DK NO SE NL LU
% Net Assets 32.46 13.09 12.00 8.71 5.32 3.87 3.29 3.09 2.74 1.96 1.95 11.52
Financials Allianz (Reg'd) DNB UBS Group Zurich Insurance Group Lloyds Banking Group McGraw Hill Financial Nordea Bank Wells Fargo & Co
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets
Open Ended Fund
Fidelity ILF - The Euro Fund - A-ACC-EUR Fidelity ILF - The Sterling Fund - A-ACC-GBP Fidelity ILF - The US Dollar Fund - A-ACC-USD
IE IE US
EUR GBP USD
14,870 4 1
Total Investments (Cost EUR 2,072,412,059) 1 Underlying exposure Ccy
Unrealised % Net gain/(loss) Assets EUR
Contracts For Difference Contracts For Difference
Kumba Iron Ore Lloyds Banking Group Inchcape Vale (Pref'd) ADR Williams-Sonoma Edenred Hong Kong Exchanges and Clearing Woolworths Deutsche Bank CNH Industrial Husqvarna WM Morrison Supermarkets Glencore Michael Page International Nordea Bank Eni B&M European Value Retail Campbell Soup Co Umicore Wal-Mart de Mexico SAB de CV Evonik Industries Express Scripts Holding KT Corp US Bancorp
ZAR GBP GBP USD USD EUR HKD AUD EUR EUR SEK GBP GBP GBP SEK EUR GBP USD EUR MXN EUR USD USD USD
(135,324,423) 75,710,141 26,548,234 (23,462,971) 81,077,352 (14,109,512) (163,632,257) (30,780,812) (8,106,776) (12,870,338) (172,352,795) (14,275,089) (7,557,222) (8,040,846) 220,856,506 (6,721,942) 2,038,999 (10,454,391) (14,700,609) (386,395,572) (21,208,299) 65,782,741 56,996,294 91,425,478
23,135,884 10,390,161 9,512,525 7,449,544 7,343,862 6,554,280 6,311,968 6,297,862 3,333,167 2,526,465 2,477,126 1,317,550 987,533 982,106 688,623 271,767 155,031 (582,726) (768,164) (1,320,654) (2,578,597) (3,440,560) (5,968,731) (6,224,329)
0.96 0.43 0.40 0.31 0.31 0.27 0.26 0.26 0.14 0.11 0.10 0.05 0.04 0.04 0.03 0.01 0.01 (0.02) (0.03) (0.05) (0.11) (0.14) (0.25) (0.26)
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
19
Fidelity Active STrategy
Global Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Underlying exposure
Shares or Market Value % Net Nominal USD Assets Ccy
Securities Admitted to or Dealt on an Official Stock Exchange
Deere & Co Alfa Laval AB Omron Hyosung Skyworks Solutions Ashtead Group Alps Electric Hexagon AB ASML Holding Robert Half International Danone International Business Machines Corp Elekta AB Rockwell Automation Ibiden Aspen Pharmacare Holdings Hotel Shilla GS Retail (GS) Citigroup Sysco Avago Technologies Dialog Semiconductor NXP Semiconductors NV CarMax Philip Morris International Obara Group Delta Air Lines Barclays Telefonaktiebolaget LM Ericsson Restoration Hardware Holdings Amazon.com Tesla Motors Union Pacific Corp Hanwha Chemical Corp Coopers General Electric Co Royal Dutch Shell (A) UK Brilliance China Automotive Holdings Polski Koncern Naftowy Orlen Rolls-Royce Holdings
Securities Admitted to or Dealt on an Official Stock Exchange
Energy
Royal Dutch Shell (A)
NL
GBP
39,646
931,264 931,264
2.08 2.08
US CA
USD CAD
11,694 57,186
991,067 703,117 1,694,184
2.21 1.57 3.78
US GB AU AT GB CN GB GB JP US PH MY
USD GBP AUD EUR GBP USD GBP GBP JPY USD PHP MYR
44,653 41,318 340,230 18,368 533,202 27,372 117,363 48,586 11,600 4,840 1,961,800 1,078,800
1,116,325 1,069,841 890,656 825,015 821,275 733,570 500,800 497,190 454,283 423,645 422,993 314,458 8,070,051
2.49 2.38 1.98 1.84 1.83 1.63 1.12 1.11 1.01 0.94 0.94 0.70 17.98
US US SE JP CN US FR CN
USD USD SEK JPY USD USD USD USD
121,406 2,116 102,839 62,100 6,948 28,120 17,773 25,243
1,954,637 1,348,484 1,007,108 1,004,892 955,558 867,221 659,023 461,947 8,258,870
4.36 3.01 2.24 2.24 2.13 1.93 1.47 1.03 18.40
CN US CN JP DE GB TW HK ID
USD USD USD JPY EUR GBP TWD HKD IDR
54,696 16,920 47,865 30,000 6,064 128,643 91,000 324,000 1,483,700
1,333,488 1,069,513 961,129 694,565 661,634 622,241 539,555 384,393 304,521 6,571,039
2.97 2.38 2.14 1.55 1.47 1.39 1.20 0.86 0.68 14.64
Materials Monsanto Goldcorp
Industrials General Electric Ultra Electronics Holdings Qantas Airways ANDRITZ Serco Group 51job ADR Morgan Advanced Materials Rolls-Royce Holdings Obara Group Union Pacific LT Group AirAsia
Information Technology Nuance Communications Google (A) Telefonaktiebolaget LM Ericsson (B) Kakaku.com Baidu ADR PayPAL Holdings Criteo ADR 21Vianet Group ADR
Consumer Discretionary China Lodging Group TripAdvisor New Oriental Education & Technology Group ADR Bandai Namco Holdings Volkswagen (Pref'd) Ocado Group Gourmet Master Brilliance China Automotive Holdings Mitra Adiperkasa
USD SEK JPY USD USD GBP JPY SEK EUR USD EUR USD SEK USD JPY ZAR USD USD USD USD USD EUR USD USD USD JPY USD GBP SEK USD USD USD USD USD USD USD GBP HKD PLN GBP
Other Assets and Liabilities Net Assets
(419,450) (3,193,877) (24,427,031) (243,190) (428,262) (238,545) (37,347,827) (4,958,947) (186,646) (214,880) 904,977 (256,594) 4,380,712 (251,326) (37,584,406) (2,912,952) (277,771) (310,427) 251,479 243,825 (392,762) (191,083) (399,936) (364,480) 225,584 54,432,160 (318,268) 134,969 7,268,699 (340,725) (346,725) (233,732) 423,645 (329,492) 611,710 888,525 357,840 2,979,115 (926,072) 242,116
Unrealised % Net gain/(loss) Assets USD 68,488 65,861 64,050 55,971 42,596 40,161 37,950 36,709 31,666 27,562 26,218 25,662 21,144 20,260 17,991 10,204 8,563 7,226 6,160 1,997 1,045 (2,665) (3,242) (5,503) (8,554) (16,278) (16,823) (25,548) (37,098) (39,135) (40,164) (40,458) (48,418) (60,892) (62,789) (69,442) (76,603) (87,881) (92,738) (113,827) (133,528)
0.15 0.15 0.14 0.12 0.09 0.09 0.08 0.08 0.07 0.06 0.06 0.06 0.05 0.05 0.04 0.02 0.02 0.02 0.01 0.00 0.00 (0.01) (0.01) (0.01) (0.02) (0.04) (0.04) (0.06) (0.08) (0.09) (0.09) (0.09) (0.11) (0.14) (0.14) (0.15) (0.17) (0.20) (0.21) (0.25) (0.30)
3,050,690
6.83
44,873,809 100.00 44,873,809.00
GEOGRAPHICAL SPLIT
Consumer Staples Philip Morris International Sysco China Mengniu Dairy Danone Gudang Garam Tesco Yashili International Holdings
US US CN FR ID GB CN
USD USD HKD EUR IDR GBP HKD
14,062 24,510 211,000 10,995 218,400 217,434 1,300,000
1,113,429 953,439 743,063 692,421 626,994 602,109 325,017 5,056,472
2.48 2.12 1.66 1.54 1.40 1.34 0.72 11.27
US SE
USD SEK
5,785 77,595
842,759 514,453 1,357,212
1.88 1.15 3.02
NZ
NZD
267,970
457,149 457,149
1.02 1.02
US US IN GB TH KR CN
USD USD USD GBP THB KRW HKD
50,558 21,890 25,055 398,915 194,000 22,131 1,582,000
2,492,509 2,001,841 1,538,377 1,472,176 848,368 657,949 549,187 9,560,407
5.55 4.46 3.43 3.28 1.89 1.47 1.22 21.31
Country USA China UK Japan India Sweden France Indonesia Netherlands Australia Thailand Austria Canada Germany Korea Taiwan New Zealand Philippines Hong Kong Malaysia Cash and other net assets
Healthcare Coopers Elekta (B)
Telecommunication Services Chorus
Financials Citigroup CME Group HDFC Bank Barclays Bangkok Bank (Reg'd) KB Financial Group China Cinda Asset Management (H)
Fractions
Country Code US CN GB JP IN SE FR ID NL AU TH AT CA DE KR TW NZ PH HK MY
% Net Assets 33.82 13.51 12.45 4.80 3.43 3.39 3.01 2.08 2.08 1.98 1.89 1.84 1.57 1.47 1.47 1.20 1.02 0.94 0.86 0.70 6.50
(1) (0.00)
Total Investments (Cost USD 48,381,320)
41,956,647 41,956,647.00
1 Underlying exposure Ccy
93.50
Unrealised % Net gain/(loss) Assets USD
Contracts For Difference Contracts For Difference Google (A)
USD
747,529
97,046
0.22
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
20
Fidelity Active STrategy
UK Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Underlying exposure
Shares or Market Value % Net Nominal GBP Assets Ccy
Securities Admitted to or Dealt on an Official Stock Exchange
KAZ Minerals Alfa Laval AB Michael Page International Securitas AB Zoopla Property Group National Australia Bank Duerr GAME Digital Talktalk Telecom Group Telecom Plus KUKA AG RPC Group ASML Holding NV Intu Properties Laird easyJet Dairy Crest Group Anadarko Petroleum Royal Dutch Shell (A) UK
Securities Admitted to or Dealt on an Official Stock Exchange
Energy
Diamondback Energy
US
USD
34,917
1,476,098 1,476,098
1.38 1.38
AU
GBP
97,375
978,619 978,619
0.91 0.91
CH GB GB GB GB IE
GBP GBP GBP GBP GBP GBP
140,054 283,804 215,570 548,147 51,130 27,310
5,403,283 5,023,331 4,238,106 1,467,390 1,432,151 1,362,496 18,926,757
5.05 4.69 3.96 1.37 1.34 1.27 17.68
GB GB GB
GBP GBP GBP
821,861 529,830 9,903
2,786,931 2,174,422 201,625 5,162,978
2.60 2.03 0.19 4.82
Materials BHP Billiton
Industrials Wolseley Bunzl Travis Perkins BBA Aviation Spirax-Sarco Engineering DCC
GBP SEK GBP SEK GBP AUD EUR GBP GBP GBP EUR GBP EUR GBP GBP GBP GBP USD GBP
(278,869) (27,684,329) (1,020,299) (13,579,913) (535,093) (2,383,940) (738,348) (650,078) (1,537,990) (1,135,900) (1,596,707) (1,133,217) (491,939) (2,317,985) (1,226,577) (1,302,932) (1,721,331) 1,424,668 1,643,697
Information Technology Auto Trader Group Just Eat AVEVA Group
Ccy
GB GB GB GB GB GB
GBP GBP GBP GBP GBP GBP
139,076 149,237 379,827 405,396 199,233 80,541
5,073,492 2,041,562 1,908,631 1,589,152 1,105,743 543,652 12,262,232
4.74 1.91 1.78 1.48 1.03 0.51 11.45
GB GB GB
GBP GBP GBP
2,915,411 255,526 54,904
5,390,595 4,524,088 2,051,762 11,966,445
5.03 4.22 1.92 11.18
Options
Purchased Put KUKA 19/12/2015 Purchased Put Int'l Consolidated Airlines 16/01/2016 Purchased Put J Sainsburry 19/12/2015 Written Call Rio Tinto 17/10/2015 Written Put Diageo 21/11/2015 Written Put Daimler 58 21/11/2015 Written Put Daimler 62 21/11/2015 Written Put Lloyds Banking Group 21/11/2015 Written Put Sanofi 21/11/2015 Written Put GlaxoSmithKline 21/11/2015 Written Put Royal Dutch Shell (A) UK 21/11/2015
Consumer Staples Booker Group Diageo SABMiller
IE GB
GBP GBP
69,141 167,865
3,114,111 2,125,171 5,239,282
2.91 1.98 4.89
GB
GBP
620,628
2,604,155 2,604,155
2.43 2.43
Net Assets
Country
Financials Lloyds Banking Group London Stock Exchange Group Provident Financial Close Brothers Group Rathbone Brothers St James's Place Foxtons Group
0.26 0.17 0.12 0.10 0.09 0.08 0.06 0.04 0.03 0.03 0.02 0.01 (0.00) (0.01) (0.09) (0.15) (0.40) (0.50) (0.56) 8.89
Contracts Market Value % Net GBP Assets
250 225 500 (40) (10) (25) (15) (400) (40) (75) (145)
32,307 22,727 19,035 (62) (500) (3,434) (3,545) (4,000) (6,882) (37,607) (172,089) (154,050)
0.03 0.02 0.02 (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.04) (0.16) (0.14)
4,409,938
4.11
107,079,270 100.00 107,079,270.00
GEOGRAPHICAL SPLIT
Telecommunication Services BT Group
EUR GBP GBP GBP GBP EUR EUR GBP EUR GBP GBP
Other Assets and Liabilities
Healthcare Shire GlaxoSmithKline
277,648 179,638 127,318 107,863 93,780 83,864 61,952 46,185 37,283 37,142 21,351 6,088 (3,864) (11,779) (95,708) (160,991) (427,878) (539,214) (596,761) 9,520,470
Options
Consumer Discretionary Rightmove Burberry Group Headlam Group Card Factory Cineworld Group Restaurant Group
Unrealised % Net gain/(loss) Assets GBP
GB GB GB GB GB GB GB
GBP GBP GBP GBP GBP GBP GBP
6,444,101 174,240 124,278 239,246 161,002 367,420 1,038,433
4,843,386 4,214,866 3,902,329 3,571,943 3,321,471 3,123,070 2,463,163 25,440,228
4.52 3.94 3.64 3.34 3.10 2.92 2.30 23.76
9,246,117 9,246,117
8.63 8.63
1
0.00
93,302,912 93,302,912.00
87.13
UK Ireland Switzerland USA Australia Cash and other net assets
Country Code GB IE CH US AU
% Net Assets 66.98 12.82 5.05 1.38 0.91 12.87
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets
Open Ended Fund
Fidelity ILF - The Sterling Fund - A-ACC-GBP
IE
GBP
449
Fractions Total Investments (Cost GBP 80,999,823) 1 Underlying exposure Ccy
Unrealised % Net gain/(loss) Assets GBP
Contracts For Difference Contracts For Difference Electronic Arts Derwent London Next Novo Nordisk (B) Whitbread Sanofi Compass Group Unilever Amec Foster Wheeler IMI Standard Chartered DCC Daimler AG
USD GBP GBP DKK GBP EUR GBP GBP GBP GBP GBP GBP EUR
7,024,386 4,481,283 3,697,090 47,117,986 4,388,293 6,802,490 4,310,592 6,068,641 (968,378) (1,978,590) (827,619) 2,950,644 (2,087,651)
3,017,928 1,208,420 1,061,263 879,410 716,499 547,097 540,760 508,849 400,933 379,197 373,165 327,490 315,542
2.82 1.13 0.99 0.82 0.67 0.51 0.51 0.48 0.37 0.35 0.35 0.31 0.29
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
21
Fidelity Active STrategy
US Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Country Code Ccy
Shares or Market Value % Net Nominal USD Assets Signature Bank New York
Securities Admitted to or Dealt on an Official Stock Exchange
Shares or Market Value % Net Nominal USD Assets
US
USD
12,029
1,641,718 5,555,190
1.02 3.46
US
USD
52,760
1,055,200 1,055,200
0.66 0.66
SE
USD
624
1,296,472 1,296,472
0.81 0.81
151,954,391 151,954,391.00
94.64
Securities Admitted to or Dealt on an Official Stock Exchange
Energy
Diamondback Energy Cimarex Energy US Silica Holdings Concho Resources
US US US US
USD USD USD USD
33,512 16,461 97,109 12,836
2,141,417 1,683,137 1,374,092 1,256,003 6,454,649
1.33 1.05 0.86 0.78 4.02
US US US CA
USD USD USD USD
32,183 32,992 57,553 49,401
2,809,576 2,123,695 1,691,483 1,616,401 8,241,155
1.75 1.32 1.05 1.01 5.13
Unlisted Unlisted
Information Technology Nutanix*
Materials Vulcan Materials Eastman Chemical PolyOne Methanex
Consumer Discretionary Spotify Technology*
Total Investments (Cost USD 162,755,422) 1
Industrials FTI Consulting AMETEK Teledyne Technologies Danaher Roper Technologies IHS (A) Advisory Board Kirby NOW
US US US US US US US US US
USD USD USD USD USD USD USD USD USD
77,802 50,275 28,398 28,263 12,018 15,578 35,755 24,219 66,899
3,192,994 2,609,775 2,554,968 2,385,962 1,863,992 1,752,837 1,593,600 1,491,406 1,012,851 18,458,385
1.99 1.63 1.59 1.49 1.16 1.09 0.99 0.93 0.63 11.50
US US US CH US US US US US US US US FR US CA US US
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
7,857 38,153 105,977 53,965 98,755 34,039 30,142 37,006 53,577 33,759 24,468 55,462 54,867 43,856 88,863 47,656 12,877
5,007,109 3,407,063 3,254,554 3,182,856 3,045,604 2,965,137 2,512,637 2,472,741 2,422,752 2,394,526 2,184,258 2,078,161 2,034,468 1,707,753 1,571,986 1,152,799 823,613 42,218,017
3.12 2.12 2.03 1.98 1.90 1.85 1.56 1.54 1.51 1.49 1.36 1.29 1.27 1.06 0.98 0.72 0.51 26.29
US US US US US US US GB US GB US US US US US US
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
59,881 2,464 6,771 39,277 13,256 104,249 4,017 79,754 25,401 146,113 20,201 76,875 34,079 21,247 20,402 1,635
3,377,288 3,012,240 2,843,820 2,809,484 2,557,348 2,340,390 2,309,775 2,288,142 2,039,446 1,883,397 1,594,667 1,456,781 1,451,425 1,412,288 1,289,610 830,008 33,496,109
2.10 1.88 1.77 1.75 1.59 1.46 1.44 1.43 1.27 1.17 0.99 0.91 0.90 0.88 0.80 0.52 20.86
US BE US CA US
USD USD USD CAD USD
45,206 30,144 33,238 18,120 7,306
3,740,797 3,198,881 2,649,733 821,767 699,184 11,110,362
2.33 1.99 1.65 0.51 0.44 6.92
US US US US US US US US US US US US
USD USD USD USD USD USD USD USD USD USD USD USD
11,321 28,266 48,914 53,646 8,661 46,749 58,059 13,660 51,143 63,286 5,743 1,312
3,046,708 3,024,179 2,561,137 2,502,586 2,483,282 2,479,567 2,107,542 2,082,467 2,045,209 1,129,655 443,360 163,160 24,068,852
1.90 1.88 1.60 1.56 1.55 1.54 1.31 1.30 1.27 0.70 0.28 0.10 14.99
BM US
USD USD
80,279 128,534
1,982,891 1,930,581
1.24 1.20
Underlying exposure Ccy
Contracts For Difference Contracts For Difference
Joy Global Pier 1 Imports Cheniere Energy Moog (A) Gap NASDAQ Golar LNG Cummins CBS Corp (B) Discovery Communications (A) Knight Transportation Fossil Group Polaris Industries Skyworks Solutions Deckers Outdoor Applied Materials AutoZone Mobileye Marriott International (A) Discover Financial Services Bitauto Holdings ADR Tiffany & Co adidas Churchill Downs Deere & Co WW Grainger Whole Foods Market Google (A) RigNet CME Group Seagate Technology Lululemon Athletica Pilgrim's Pride Corp Ashtead Group Iconix Brand Group Canadian Western Bank CVS Health Sandisk Hanesbrands Magna International Jones Lang LaSalle Kroger Alcoa Micron Technology Nielsen Holdings Martin Marietta Materials Delta Air Lines Western Digital Cirrus Logic Visa (A) Essent Group Charter Communications (A) PDC Energy Home Capital Group Sirius XM Holdings Philip Morris International JB Hunt Transport Services Parsley Energy (A) IMAX Check Point Software Technologies Helmerich & Payne Hi-Crush Partners
Information Technology Google (A) MasterCard (A) Activision Blizzard TE Connectivity PayPAL Holdings ANSYS Gartner Electronic Arts Syntel Red Hat Inc Facebook (A) Aspen Technology Criteo ADR SolarWinds Descartes Systems Group GrubHub Lam Research
Consumer Discretionary Comcast (A) Priceline Group Cable One Dollar General Corp Panera Bread (A) TEGNA Graham Holdings (B) Markit Morningstar Travelport Worldwide Yum! Brands Interpublic Group of Companies BJ's Restaurants Dollar Tree TripAdvisor Amazon.com
Consumer Staples Molson Coors Brewing (B) Anheuser-Busch ADR Estee Lauder (A) Alimentation Couche Tard (B) Brown-Forman (B)
Healthcare Allergan plc Celgene VCA Alere Biogen Team Health Holdings Envision Healthcare Holdings Alexion Pharmaceuticals Mylan Exact Sciences HCA Holdings Universal Health Services (B)
Unrealised % Net gain/(loss) Assets USD
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR USD USD USD USD USD USD USD USD USD USD GBP USD CAD USD USD USD CAD USD USD USD USD USD USD USD USD USD USD USD USD USD CAD USD USD USD USD USD USD USD USD
(1,004,866) (1,006,180) (1,506,072) (1,366,237) (910,771) 3,679,315 (916,355) (1,624,547) (1,292,330) (1,368,587) (1,435,761) (1,123,186) (1,629,441) (1,551,631) (1,206,295) (834,740) 3,469,809 (1,448,465) (1,409,659) (1,666,756) (603,836) (903,559) 3,177,081 1,316,221 (1,560,274) (992,184) (1,687,770) 835,474 (654,336) 3,346,247 (1,362,159) (935,805) (1,461,036) (836,935) (518,297) (1,948,092) 601,385 (860,048) (1,396,829) (862,289) (651,847) (175,056) (324,298) (1,361,781) 3,378,224 2,727,380 (231,484) (911,714) (1,298,727) 3,252,738 397,472 3,173,639 934,138 (1,023,305) 3,083,023 3,582,262 976,823 815,521 1,291,894 3,582,397 1,987,402 1,016,392
880,760 688,864 533,181 388,323 304,629 301,978 298,572 297,309 284,965 273,181 269,145 257,795 252,994 249,574 237,866 223,157 218,891 218,529 213,471 189,104 179,992 164,346 146,593 129,095 128,570 126,946 118,828 109,737 87,818 79,558 70,112 69,230 65,411 59,053 58,328 55,392 26,044 19,853 19,340 9,188 7,592 (2,387) (7,743) (13,057) (19,008) (20,582) (20,762) (35,401) (36,028) (36,940) (38,348) (73,450) (84,378) (93,884) (154,949) (179,556) (181,551) (187,084) (232,740) (242,059) (987,822) (2,827,436) 2,838,149
0.55 0.43 0.33 0.24 0.19 0.19 0.19 0.19 0.18 0.17 0.17 0.16 0.16 0.16 0.15 0.14 0.14 0.14 0.13 0.12 0.11 0.10 0.09 0.08 0.08 0.08 0.07 0.07 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.03 0.02 0.01 0.01 0.01 0.00 (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) (0.02) (0.02) (0.05) (0.05) (0.06) (0.10) (0.11) (0.11) (0.12) (0.14) (0.15) (0.62) (1.76) 1.77
Financials Essent Group TCF Financial
* Security with price determined by the Directors. The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
22
Fidelity Active STrategy
US Fund
- continued
Schedule of Investments as at 30 September 2015 Underlying exposure USD
Unrealised % Net gain/(loss) Assets USD
Forward Foreign Exchange Contracts Forward Foreign Exchange Contracts
A-ACC Shares (EUR) (hedged)
Bought EUR Sold USD at 0.89615 13/10/2015
1,334,598
Other Assets and Liabilities Net Assets
603 603
0.00 0.00
5,762,668
3.56
160,555,811 100.00 160,555,811.00
GEOGRAPHICAL SPLIT Country USA UK Canada Belgium Switzerland France Bermuda Sweden Cash and other net assets
Country Code US GB CA BE CH FR BM SE
% Net Assets 82.26 2.60 2.50 1.99 1.98 1.27 1.24 0.81 5.36
23
Fidelity Active STrategy
Fixed Income Diversified Alpha Fund
Schedule of Investments as at 30 September 2015 Country Code Ccy
Country Code Ccy
Shares or Market Value % Net Nominal EUR Assets
Shares or Market Value % Net Nominal EUR Assets
Telecommunication Services
Securities Admitted to or Dealt on an Official Stock Exchange Securities Admitted to or Dealt on an Official Stock Exchange
Verizon Communications 1.104% FRN 17/06/2019
US
USD
500,000
447,571 447,571
1.03 1.03
US FR US US CH US US US US NL US CH FR US US FR NL US US US
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
550,000 500,000 500,000 500,000 500,000 450,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 350,000 300,000 300,000 300,000 200,000 100,000
493,736 450,148 449,521 447,621 447,469 403,043 361,957 361,098 360,455 358,708 357,871 357,350 357,121 357,085 313,098 270,000 269,696 268,676 180,695 89,501 6,954,849
1.14 1.04 1.03 1.03 1.03 0.93 0.83 0.83 0.83 0.83 0.82 0.82 0.82 0.82 0.72 0.62 0.62 0.62 0.42 0.21 16.01
FR CA ES
EUR CAD EUR
4,000,000 3,100,000 1,200,000
4,021,146 2,100,438 1,228,695 7,350,279
9.26 4.84 2.83 16.92
1
0.00
39,651,682 39,651,682.00
91.28
Energy
BP Capital Markets 0.731% FRN 07/11/2016 Shell Int'l Finance 0.762% FRN 11/05/2020 Total Capital Int'l 0.263% FRN 19/03/2020 EMTN
GB NL FR
USD USD EUR
500,000 500,000 300,000
447,350 443,915 300,007 1,191,272
1.03 1.02 0.69 2.74
IT GB
EUR GBP
400,000 150,000
402,126 202,113 604,239
0.93 0.47 1.39
LU FR
EUR EUR
500,000 300,000
501,801 302,274 804,075
1.16 0.70 1.85
DE FR
EUR EUR
500,000 200,000
500,964 201,895 702,859
1.15 0.46 1.62
Aquarius (Relx Fin.) 0.472% FRN 20/05/2017 EMTN IE Hyundai Cap. Services 1.140% FRN 18/03/2017 Reg S KR
EUR USD
300,000 200,000
300,823 179,138 479,961
0.69 0.41 1.10
Financials MUFG Union Bank 1.076% FRN 26/09/2016 BFCM 1.144% FRN 28/10/2016 144A Capital One 1.474% FRN 17/08/2018 Ford Motor Credit 1.101% FRN 17/01/2017 UBS Stamford 1.026% FRN 26/03/2018 MTN Metropolitan Life Global 0.701% FRN 10/04/2017 144A JPMorgan Chase 1.249% FRN 23/01/2020 Morgan Stanley 1.435% FRN 27/01/2020 Goldman Sachs 1.454% FRN 23/04/2020 ING Bank 1.101% FRN 17/08/2018 144A Wells Fargo & Co 0.755% FRN 22/04/2019 Credit Suisse New York 0.822% FRN 26/05/2017 GMTN Credit Agricole London 1.121% FRN 15/04/2019 144A American Express 0.919% FRN 22/05/2018 Citigroup 1.029% FRN 24/11/2017 BPCE 1.545% FRN 25/04/2016 MTN ABN AMRO Bank 1.094% FRN 28/10/2016 144A Fifth Third Bank Cincinnati 0.834% FRN 18/11/2016 Bank of America 1.389% FRN 22/03/2018 MTN US Bancorp 0.811% FRN 15/11/2018 MTN
Utilities Snam 0.831% FRN 17/10/2016 EMTN Southern Gas Networks 0.873% FRN 21/10/2015
Industrials DH Europe Finance 0.409% FRN 30/06/2017 APRR 0.709% FRN 31/03/2019 EMTN
Information Technology SAP 0.259% FRN 01/04/2020 EMTN Cap Gemini 0.810% FRN 02/07/2018
Consumer Discretionary
Government France 0.25% 25/11/2016 Canada 1.50% 01/02/2017 Spain 2.15% 31/10/2025
Consumer Staples BAT International 0.467% FRN 06/03/2018 EMTN
GB
EUR
300,000
301,302 301,302
0.69 0.69
DE
EUR
200,000
240,441 240,441
0.55 0.55
Fractions
Healthcare Fresenius Medical Care 1.125% 31/01/2020
Total Investments (Cost EUR 38,886,957) 1
Telecommunication Services Wind Acquisition Finance 7.00% 23/04/2021 Reg S
LU
EUR
1,000,000
999,231 999,231
2.30 2.30
Underlying exposure
Financials FADE 2.25% 17/12/2016 EMTN ES RCI Banque 0.531% FRN 16/07/2018 EMTN FR Lloyds Bank 0.856% FRN 16/03/2018 GB Sumitomo Mitsui Banking 0.897% FRN 16/01/2018 JP Bank of America 0.763% FRN 19/06/2019 EMTN US GE Capital Euro Funding 0.063% FRN 22/03/2017 EMTN IE RBS 1.961% FRN 25/07/2017 EMTN GB Santander Consumer 1.56% FRN 28/09/2016 EMTN ES Scentre Group Trust 0.601% FRN 16/07/2018 EMTN AU Intesa Sanpaolo 1.031% FRN 17/04/2019 EMTN IT ALD International 0.615% FRN 10/12/2015 EMTN FR Abbey NTS 0.595% FRN 22/05/2019 EMTN GB FCA Capital Ireland 0.881% FRN 17/10/2017 EMTN IE Deutsche Bank 0.501% FRN 15/04/2019 EMTN DE
EUR EUR USD USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
500,000 500,000 500,000 500,000 350,000 350,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
512,273 496,000 446,620 446,524 351,925 349,071 307,743 303,244 301,643 300,487 300,108 299,954 299,560 299,011 5,014,163
1.18 1.14 1.03 1.03 0.81 0.80 0.71 0.70 0.69 0.69 0.69 0.69 0.69 0.69 11.54
EUR USD GBP EUR EUR CNY USD
4,000,000 2,500,000 1,600,000 2,000,000 1,400,000 4,500,000 125,000
4,045,676 2,241,186 2,203,067 2,128,673 1,404,243 629,254 95,749 12,747,848
9.31 5.16 5.07 4.90 3.23 1.45 0.22 29.35
367,098 367,098
0.85 0.85
193,096 193,096
0.44 0.44
Ccy
Credit Default Swaps Credit Default Swaps
Sold Protection on Nokia 6.75% 20/09/2020 Bought Protection on CenturyLink 6.00% 20/09/2020 Sold Protection on CDX.NA.HY S24 5 Year 20/06/2020 Sold Protection on Fiat Finance 5.625% 20/09/2020 Bought Protection on Metro 3.375% 20/06/2020 Bought protection on NRG Energy 6.25% 20/03/2020 Bought Protection on Cie. de Saint Gobain 4.00% 20/09/2020 Bought Protection on Ericsson 5.375% 20/09/2020 Bought protection on Kellogg 4.00% 20/06/2019 Bought protection on Clorox Company 3.55% 20/06/2020 Bought protection on Danone 5.50% 20/12/2019 Bought protection on Campbell Soup 3.05% 20/09/2019 Bought protection on Hershey Foods 4.85% 20/06/2019 Bought protection on BASF 4.50% 20/12/2019 Bought protection on Coca-Cola 3.15% 20/12/2019 Bought protection on General Mills 5.70% 20/06/2020 Sold Protection on Renault 5.625% 20/09/2020 Sold Protection on Tesco 6.00% 20/06/2020 Sold Protection on Citizens Communication 9.00% 20/09/2020 Bought protection on Itraxx Xover S20 20/12/2018 Bought Protection on Peugeot 7.375% 20/09/2020 Sold protection on RRI Energy 7.875% 20/03/2020 Sold Protection on Volkswagen Int'l 5.375% 20/12/2020 Bought Protection on Itraxx Xover S24 20/12/2020 Bought Protection on Tesoro 4.25% 20/09/2020
Government Netherlands 0.50% 15/04/2017 US Treasury Note 0.50% 31/01/2017 UK Treasury 1.75% 22/01/2017 Belgium 3.50% 28/06/2017 Germany 0.00% 16/12/2016 China 3.39% 21/05/2025 Venezuela 5.75% 26/02/2016 Reg S
NL US GB BE DE CN VE
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets
EUR USD USD EUR EUR USD EUR EUR USD USD EUR USD USD EUR USD USD EUR EUR USD EUR EUR USD EUR EUR USD
1,000,000 1,000,000 3,000,000 2,000,000 2,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 2,000,000 1,000,000 2,000,000 3,300,000 2,000,000
Materials
Glencore Funding 1.377% FRN 16/04/2018 144A
US
USD
500,000
Underlying exposure EUR
Information Technology NXP Semiconductors 1.00% 01/12/2019 144A
NL
USD
200,000
Forward Foreign Exchange Contracts USD
400,000
359,739 359,739
0.83 0.83
USD USD USD
500,000 300,000 200,000
448,378 268,340 176,940 893,658
1.03 0.62 0.41 2.06
Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought
Healthcare UnitedHealth Group 0.771% FRN 17/01/2017 Actavis Funding 1.416% FRN 12/03/2018 ConvaTec Finance Int'l 8.25% 15/01/2019 144A
US LU LU
164,551 152,488 80,214 67,897 16,004 (1,281) (12,937) (16,272) (17,706) (19,789) (24,153) (24,233) (25,761) (28,887) (29,908) (30,776) (42,704) (64,241) (67,581) (87,955) (92,030) (100,355) (157,610) (188,720) (224,627) (776,372)
0.38 0.35 0.18 0.16 0.04 (0.00) (0.03) (0.04) (0.04) (0.05) (0.06) (0.06) (0.06) (0.07) (0.07) (0.07) (0.10) (0.15) (0.16) (0.20) (0.21) (0.23) (0.36) (0.43) (0.52) (1.79)
Unrealised % Net gain/(loss) Assets EUR
Forward Foreign Exchange Contracts
Consumer Discretionary NBCUniversal Enterprise 1.006% FRN 15/04/2018 144A US
Unrealised % Net gain/(loss) Assets EUR
EUR Sold CAD at 0.68875 17/11/2015 EUR Sold GBP at 1.39640 17/11/2015 USD Sold EUR at 1.16526 17/11/2015 USD Sold IDR at 0.00007 17/11/2015 EUR Sold NZD at 0.58782 17/11/2015 NZD Sold EUR at 1.79411 17/11/2015 EUR Sold ILS at 0.23547 17/11/2015 USD Sold EUR at 1.15079 17/11/2015 USD Sold EUR at 1.12824 17/11/2015 USD Sold EUR at 1.12704 17/11/2015 CNY Sold EUR at 7.48850 17/11/2015 USD Sold EUR at 1.11991 17/11/2015 EUR Sold USD at 0.89949 17/11/2015 EUR Sold GBP at 1.35664 17/11/2015 EUR Sold USD at 0.89598 17/11/2015
2,867,123 2,632,771 947,431 662,232 615,665 601,969 434,017 434,486 412,145 337,165 49,943 845,602 458,367 211,055 610,559
88,294 84,631 40,923 27,199 19,178 13,696 13,379 13,138 4,146 3,030 2,340 2,198 2,171 581 497
0.20 0.19 0.09 0.06 0.04 0.03 0.03 0.03 0.01 0.01 0.01 0.01 0.00 0.00 0.00
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
24
Fidelity Active STrategy
Fixed Income Diversified Alpha Fund
- continued
Schedule of Investments as at 30 September 2015 Underlying exposure EUR
Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought Bought
GBP Sold EUR at 0.73935 17/11/2015 EUR Sold USD at 0.89402 17/11/2015 USD Sold EUR at 1.10521 17/11/2015 USD Sold EUR at 1.10856 17/11/2015 IDR Sold USD at 14700.00001 17/11/2015 GBP Sold EUR at 0.71232 17/11/2015 EUR Sold JPY at 0.00724 17/11/2015 EUR Sold CNY at 0.13594 17/11/2015 EUR Sold USD at 0.86921 17/11/2015 CAD Sold EUR at 1.44750 17/11/2015 EUR Sold USD at 0.89291 17/11/2015
208,290 861,229 253,345 446,525 671,984 277,967 455,497 629,080 682,179 829,709 12,605,099
Unrealised % Net gain/(loss) Assets EUR 59 (1,179) (2,675) (3,377) (9,752) (10,090) (14,102) (17,334) (19,844) (27,235) (32,941) 176,931
GEOGRAPHICAL SPLIT Country
0.00 (0.00) (0.01) (0.01) (0.02) (0.02) (0.03) (0.04) (0.05) (0.06) (0.08) 0.41
USA France Netherlands UK Germany Belgium Canada Spain Luxembourg Ireland Switzerland Italy China Japan Australia Korea Venezuela Cash and other net assets
I-ACC Shares (GBP) (hedged) Bought EUR Sold GBP at 1.35428 06/10/2015 Bought GBP Sold EUR at 0.73882 04/11/2015 Bought GBP Sold EUR at 0.72780 06/10/2015
28,566,873 28,417,398 28,987,244
4,169 0.01 (4,591) (0.01) (420,371) (0.97) (420,793) (0.97)
64,871 65,053 65,947
1,076 0.00 514 0.00 (520) (0.00) 1,070 0.00
88,151 87,708 88,899
13 0.00 (14) (0.00) (748) (0.00) (749) (0.00)
Underlying exposure
Unrealised % Net gain/(loss) Assets EUR
I-ACC Shares (JPY) (hedged) Bought JPY Sold EUR at 135.96210 06/10/2015 Bought JPY Sold EUR at 134.81251 04/11/2015 Bought EUR Sold JPY at 0.00742 06/10/2015
Y-ACC Shares (GBP) (hedged) Bought EUR Sold GBP at 1.35428 06/10/2015 Bought GBP Sold EUR at 0.73881 04/11/2015 Bought GBP Sold EUR at 0.73229 06/10/2015
Ccy
Futures Futures
Euro-Bund Future 08/12/2015 Australia 10 Year Bond Future 15/12/2015 Australia 3 Year Bond Future 15/12/2015 Euro-Btp Future 08/12/2015 Short Gilt Future 29/12/2015 US Treasury Note (CBT) Future 21/12/2015
EUR AUD AUD EUR GBP USD
2,499,040 4,401,765 (12,343,367) (1,362,900) (7,296,100) (3,861,094)
Underlying exposure Ccy
46,058 20,028 (230) (2,314) (23,488) (32,174) 7,880
0.11 0.05 (0.00) (0.01) (0.05) (0.07) 0.02
Unrealised % Net gain/(loss) Assets EUR
Interest Rate Swaps Interest Rate Swaps
Receive Fixed 1.375% Pay Float. (3m STIBOR) 15/05/2025 Pay fixed 1.402% receive float. (3m USDLIBOR) 05/02/2020 Receive fixed 4.83% pay float. (1m MXIBTIEE) 29/01/2020 Pay Fixed 0.59% Receive Float. (3M STIBOR) 15/05/2020
SEK USD MXN SEK
22,500,000 1,850,000 28,500,000 44,000,000
13,929 (9,447) (23,992) (40,222) (59,732)
0.03 (0.02) (0.06) (0.09) (0.14)
Ccy
Contracts Market Value % Net EUR Assets
USD USD
20,000,000 (5,000,000)
Options Options
Purchased call 3m USDLIBOR 27/10/2015 Written call 3m USDLIBOR 27/10/2015
Other Assets and Liabilities Net Assets
3,132 0.01 (1,447) (0.00) 1,685 0.00 4,857,470
11.20
43,439,072 100.00 43,439,072.00
25
Country Code US FR NL GB DE BE CA ES LU IE CH IT CN JP AU KR VE
% Net Assets 19.94 15.42 12.23 9.69 5.63 4.90 4.84 4.71 4.48 2.19 1.85 1.62 1.45 1.03 0.69 0.41 0.22 8.72
Fidelity Active STrategy
Statement of Net Assets as at 30 September 2015 Equity Funds:
NAME
Combined
Asia Fund
Emerging Markets Fund
Europe Fund
Global Fund
USD
USD
USD
EUR
USD
3,910,375,554
72,612,353
1,083,838,266
2,127,506,420
41,956,647
497,642,938
16,705,818
195,274,714
235,328,980
2,870,101
Receivables on investments sold
53,036,809
671,241
10,186,125
34,410,849
1,235,273
Receivables on fund Shares issued
27,038,141
1,282,271
19,046,266
5,576,666
378,152
Dividends and interest receivable
15,062,931
206,712
3,517,498
9,218,362
162,057
237,247,846
3,397,514
107,493,607
89,735,454
714,530
5,210,517
-
4,851,355
-
-
Unrealised gain on futures
73,765
-
-
-
-
Unrealised gain on swaps
552,612
-
-
-
-
2,394,799
686,945
1,058,297
478,500
-
2,173
-
-
-
2,173
4,748,638,085
95,562,854
1,425,266,128
2,502,255,231
47,318,933
Payables on investments purchased
76,943,179
1,064,349
19,806,438
47,135,307
1,518,532
Payables on fund Shares redeemed
585,734
414
175,238
262,506
13,329
35,327,698
918,114
31,244,907
-
-
5,858,307
162,855
1,487,886
3,185,672
65,205
104,959,025
3,278,183
61,681,987
27,683,329
848,058
2,637,580
-
2,007,180
-
-
Unrealised loss on futures
64,970
-
-
-
-
Unrealised loss on swaps
1,485,871
-
-
-
-
36,728,171
298,840
14,387,044
19,437,250
-
88,470
889
87,581
-
-
264,679,005
5,723,644
130,878,261
97,704,064
2,445,124
NET ASSETS as at 30.09.15
4,483,959,080*
89,839,210
1,294,387,867
2,404,551,167
44,873,809
NET ASSETS as at 30.09.14
5,348,413,327**
59,977,652
1,413,339,404
2,414,123,460
51,662,762
NET ASSETS as at 30.09.13
5,943,270,250**
26,859,158
1,245,722,412
2,883,224,718
-
COST OF INVESTMENTS
3,867,798,039
82,272,721
1,095,321,325
2,072,412,059
48,381,320
CURRENCY ASSETS Investments in securities at market value Cash at banks and Brokers
Unrealised gain on contracts for difference Unrealised gain on forward foreign exchange contracts
Purchased options at market value Other receivables Total Assets LIABILITIES
Performance fees payable Expenses payable Unrealised loss on contracts for difference Unrealised loss on forward foreign exchange contracts
Written options at market value Capital gains tax payable Total Liabilities
*For comparison purposes, the combined net assets total as at 30 September 2015, translated in EUR at the foreign exchange rate as of 30 September 2015, is EUR 4,017,164,546. **The combined net assets total includes the net assets of the sub-funds that were closed subsequently. The accompanying notes to the financial statements form an integral part of these financial statements.
26
Bond Funds: UK Fund
US Fund
Fixed Income Diversified Alpha Fund
GBP
USD
EUR
93,302,912
151,954,391
39,651,682
6,028,085
5,399,755
5,022,926
466,723
938,688
797,901
18,378
78,998
-
235,423
392,368
124,446
11,356,665
8,313,314
-
-
603
321,232
-
-
66,086
-
-
495,083
74,069
-
3,132
-
-
-
111,482,255
167,078,117
46,482,488
230,669
399,348
1,069,176
64,453
6,320
-
1,873,664
332,540
-
169,885
308,933
18,627
1,836,195
5,475,165
-
-
-
564,773
-
-
58,206
-
-
1,331,187
228,119
-
1,447
-
-
-
4,402,985
6,522,306
3,043,416
107,079,270
160,555,811
43,439,072
116,975,385
168,904,811
29,130,231
95,597,501
31,817,356
21,501,445
80,999,823
162,755,422
38,886,957
27
Fidelity Active STrategy
Statement of Net Asset Value per Share as at 30 September 2015
Name - Currency
Shares outstanding as at 30.09.15:
Net Asset Value per share as at 30.09.15:
Net Asset Value per share as at 30.09.14:
Net Asset Value per share as at 30.09.13:
394,594 3,614 1,000 436,400 634
106.42 122.90 108.66 108.00 113.31
113.85 116.42 115.32 114.85 112.28
101.30 101.82 101.67 99.64
1,331,152 334,832 198,006 638,747 540,787 6,511,172 616,930
120.32 80.19 137.17 109.57 124.75 123.80 131.13
133.95 135.31 107.60 136.85 135.82 133.75
128.11 129.14 97.08 130.10 129.59 127.88
3,562,725 454,975 179,689 472,571 5,417,347 201,552
325.85 169.92 165.56 186.66 183.48 99.00
306.81 168.75 157.06 174.09 171.63 97.65
271.21 160.60 139.89 152.42 150.73 -
199,687 1,204 13,053 1,000 16,184 9,430 132,512
96.29 111.22 115.02 98.22 97.55 118.13 104.34
104.31 106.41 110.88 105.35 104.99 112.44 104.68
100.00 100.00 100.00 100.00 100.00 100.00
672,888 38,062
150.44 153.72
138.89 141.70
126.56 128.78
143,575 552,580 9,025 763 1,000 354,630 651
129.77 151.69 129.20 149.60 132.05 131.60 133.91
127.93 132.41 127.59 131.33 129.48 128.89 122.59
108.06 104.43 107.88 104.27 108.29 108.21 103.13
148,254 207,856 882 651
100.05 101.09 9,955 99.65
102.19 102.70 10,187 -
100.51 100.78 10,047 -
Equity Funds Asia Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (GBP)
Emerging Markets Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - A-ACC Shares (EUR) (hedged) - E-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (GBP)
Europe Fund - EUR - A-ACC Shares (EUR) - A-DIST Shares (GBP) - E-ACC Shares (EUR) - I-ACC Shares (EUR) - Y-ACC Shares (EUR) - W-ACC Shares (GBP)
Global Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - E-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (EUR) - Y-ACC Shares (GBP)
UK Fund - GBP - A-ACC Shares (GBP) - Y-ACC Shares (GBP)
US Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - A-ACC Shares (EUR) (hedged) - E-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (GBP)
Bond Funds Fixed Income Diversified Alpha Fund - EUR - I-ACC Shares (EUR) - I-ACC Shares (GBP) (hedged) - I-ACC Shares (JPY) (hedged) - Y-ACC Shares (GBP) (hedged)
The accompanying notes to the financial statements form an integral part of these financial statements.
28
This page has been left blank intentionally
29
Fidelity Active STrategy
Statement of Operations and Changes in Net Assets for the year ended 30 September 2015
Equity Funds: NAME
Combined
Asia Fund
Emerging Markets Fund
Europe Fund
USD
USD
USD
EUR
INVESTMENT INCOME Net dividend and interest income Interest received on swaps Derivative income Miscellaneous income Net income
91,402,597 812,944 40,542,068 822 132,758,431
1,798,521 424,324 2,222,845
20,761,620 22,555,082 43,316,702
54,892,639 12,767,218 67,659,857
EXPENSES Investment management fee Administration expenses Government taxes Custody fees Distribution fees Performance fees Other expenses Total expenses Interest paid on swaps Derivative expenses Finance costs on contracts for difference Broker expense reimbursements Fees waived Net expenses
59,753,104 11,635,793 2,215,192 1,711,513 921,025 35,327,698 1,552,371 113,116,696 969,542 31,302,202 20,574,770 (2,446,546) (792) 163,515,872
1,059,538 234,432 39,473 215,740 918,114 34,165 2,501,462 729,120 303,576 (21,164) 3,512,994
15,797,600 2,972,925 632,544 1,067,514 586,201 31,244,907 444,073 52,745,764 12,846,980 17,037,953 (1,286,237) (338) 81,344,122
31,590,565 6,066,412 1,159,721 278,841 256,662 780,878 40,133,079 13,495,051 1,898,221 (828,890) 54,697,461
NET INVESTMENT INCOME / (LOSS)
(30,757,441)
(1,290,149)
(38,027,420)
12,962,396
424,068,947 (1,645,678) 64,206,695 17,250,255 68,074,377 914,455 680,795 (430,600,083) 138,604 17,238,021 2,515,596 (53,033,270) 111,171 (1,072,233) 78,090,211
362,931 29,020 3,518,765 (5,757) 1,182,576 (10,050,079) 14,374 (1,571,401) 145,558 (7,664,162)
(105,805,230) (3,773,414) 61,892,839 17,386,082 14,666,213 (100,301,925) 210,278 12,542,169 2,611,625 (1,291,358) (139,890,141)
408,067,009 1,680,793 (8,670,258) 134,616 46,707,895 (241,587,647) (39,306) 6,825,305 (45,199,858) 180,880,945
(136,193)
-
-
(33,591)
1,628,518,181 (2,166,819,030) 590,640 (537,710,209) (459,756,191)
75,962,846 (38,132,601) (304,525) 37,525,720 29,861,558
617,979,301 (597,266,715) 226,018 20,938,604 (118,951,537)
632,605,124 (822,348,839) (675,932) (190,419,647) (9,572,293)
59,977,652 89,839,210
1,413,339,404 1,294,387,867
2,414,123,460 2,404,551,167
CURRENCY
Net realised gain / (loss) on securities Net realised gain / (loss) on foreign currencies Net realised gain / (loss) on contracts for difference Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on options Net realised gain / (loss) on futures Net realised gain / (loss) on swaps Net change in unrealised appreciation / (depreciation) on securities Net change in unrealised appreciation / (depreciation) on foreign currencies Net change in unrealised appreciation / (depreciation) on contracts for difference Net change in unrealised appreciation / (depreciation) on forward foreign exchange contracts Net change in unrealised appreciation / (depreciation) on options Net change in unrealised appreciation / (depreciation) on futures Net change in unrealised appreciation / (depreciation) on swaps RESULTS OF OPERATIONS DIVIDENDS TO SHAREHOLDERS CAPITAL SHARE TRANSACTIONS Proceeds from fund Shares issued Payment for fund Shares redeemed Equalisation Increase / (decrease) derived from capital share transactions NET INCREASE / (DECREASE) NET ASSETS Beginning of year End of year
4,943,715,271* 4,483,959,080**
*The combined net assets total at the beginning of the period has been translated at the foreign exchange rates as of 30 September 2015, recalculated from an original amount of USD 5,348,413,327 using the foreign exchange rates as of 30 September 2014. **For comparison purposes, the combined net assets total as at 30 September 2015, translated in EUR at the foreign exchange rate as of 30 September 2015, is EUR 4,017,164,546. The accompanying notes to the financial statements form an integral part of these financial statements.
30
Bond Funds: European Opportunities Fund
Global Fund
Japan Fund
UK Fund
US Fund
Fixed Income Diversified Alpha Fund
EUR
USD
JPY
GBP
USD
EUR
732,519 189,512 922,031
633,270 154,015 787,285
45,926,064 2,825,289 48,751,353
2,771,796 1,278,198 544 4,050,538
1,063,704 990,705 2,054,409
433,327 728,314 1,161,641
401,607 85,982 14,465 10,655 10,614 523,323 100,521 55,460 (13,459) 665,845
597,440 130,576 23,191 26,254 46,697 21,413 845,571 198,874 72,802 (13,031) 1,104,216
117,561,394 17,896,525 3,207,587 2,944,522 74,977 3,008,220 144,693,225 281,879 8,316,882 (2,576,465) 150,715,521
1,715,869 393,943 55,470 12,427 1,873,664 35,919 4,087,292 1,090,107 342,057 (38,755) 5,480,701
2,839,195 642,007 94,601 20,249 1,015 332,540 68,183 3,997,790 699,959 393,293 (105,801) (45) 4,985,196
156,689 39,173 3,710 13,673 19,418 232,663 868,610 1,602 (366) 1,102,509
256,186
(316,931)
(101,964,168)
(1,430,163)
(2,930,787)
59,132
8,784,762 4,039 (129,710) 252,893 204,223 (3,451,804) (3,777) (275,304) (62,881) 5,578,627
560,900 3,580 806,029 (16,703) (4,047,067) (1,684) (592,407) (3,604,283)
5,597,625,433 (29,417,217) (106,230,186) 26,557,202 (26,046,067) 118,584,439 (4,379,972,203) (3,616,722) 52,306,464 (2,263,979) (133,319,643) 14,167,000 1,026,410,353
4,141,502 19,971 389,942 (28,265) (9,677) 6,206,924 (329) 226,544 (168,314) 9,348,135
10,252,092 244,704 8,108,751 (592,911) (15,620,445) 1,024 (1,230,426) 41,738 (1,726,260)
386,368 165,876 96,437 60,972 (258,520) 609,922 94,063 (5,928) (106,497) 1,685 (6,329) (960,610) 136,571
-
-
(11,826,027)
-
-
-
6,747,804 (51,173,621) (259,049) (44,684,866) (39,106,239)
19,104,814 (22,318,181) 28,697 (3,184,670) (6,788,953)
288,103,169 (37,615,566,446) 102,515,684 (37,224,947,593) (36,210,363,267)
11,696,387 (31,003,910) 63,273 (19,244,250) (9,896,115)
160,885,323 (168,218,185) 710,122 (6,622,740) (8,349,000)
18,684,838 (4,532,934) 20,366 14,172,270 14,308,841
39,106,239 -
51,662,762 44,873,809
36,210,363,267 -
116,975,385 107,079,270
168,904,811 160,555,811
29,130,231 43,439,072
31
Fidelity Active STrategy
Statement of Share Statistics as at 30 September 2015
Name - Currency
Shares outstanding beginning of year
Shares Issued
Shares Redeemed
Net increase / (decrease) in Shares
Shares outstanding end of year
277,591 86 1,000 244,931 634
240,091 4,809 381,477 -
(123,088) (1,281) (190,008) -
117,003 3,528 191,469 -
394,594 3,614 1,000 436,400 634
3,209,259 233,058 489,180 530,879 5,694,946 143,144
407,397 337,259 97,266 233,313 9,908 2,618,457 529,027
(2,285,504) (2,427) (132,318) (83,746) (1,802,231) (55,241)
(1,878,107) 334,832 (35,052) 149,567 9,908 816,226 473,786
1,331,152 334,832 198,006 638,747 540,787 6,511,172 616,930
3,505,640 461,375 255,144 828,725 6,045,751 132,058
519,560 130,351 32,210 2,125,785 69,494
(462,475) (136,751) (107,665) (356,154) (2,754,189) -
57,085 (6,400) (75,455) (356,154) (628,404) 69,494
3,562,725 454,975 179,689 472,571 5,417,347 201,552
127,811 29,296 108,503
25,109 6,612
(152,920) (29,296) (115,115)
(127,811) (29,296) (108,503)
-
144,817 751 66,689 1,000 27,010 7,434 136,182
121,267 453 3,905 16,174 3,187 19,744
(66,397) (57,541) (27,000) (1,191) (23,414)
54,870 453 (53,636) (10,826) 1,996 (3,670)
199,687 1,204 13,053 1,000 16,184 9,430 132,512
130,481 284,127 8,290 1,681 1,090,737 712,725 369,539
4,038 2,295 3,860 9 217 532 10,210
(134,519) (286,422) (12,150) (1,690) (1,090,954) (713,257) (379,749)
(130,481) (284,127) (8,290) (1,681) (1,090,737) (712,725) (369,539)
-
815,066 26,600
49,120 25,210
(191,298) (13,748)
(142,178) 11,462
672,888 38,062
437,699 551,487 9,810 763 1,000 145,352
122,998 565,495 1,469 271,363
(417,122) (564,402) (2,254) (62,085)
(294,124) 1,093 (785) 209,278
143,575 552,580 9,025 763 1,000 354,630
Equity Funds Asia Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (GBP)
Emerging Markets Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - A-ACC Shares (EUR) (hedged) - E-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (GBP)
Europe Fund - EUR - A-ACC Shares (EUR) - A-DIST Shares (GBP) - E-ACC Shares (EUR) - I-ACC Shares (EUR) - Y-ACC Shares (EUR) - W-ACC Shares (GBP)
European Opportunities Fund - EUR - A-ACC Shares (EUR) - I-ACC Shares (EUR) - Y-ACC Shares (EUR)
Global Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - E-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD) - Y-ACC Shares (EUR) - Y-ACC Shares (GBP)
Japan Fund - JPY - A-ACC Shares (JPY) - A-ACC Shares (EUR) - A-ACC Shares (EUR) (hedged) - E-ACC Shares (EUR) - I-ACC Shares (EUR) - J-DIST Shares (JPY) - Y-ACC Shares (JPY)
UK Fund - GBP - A-ACC Shares (GBP) - Y-ACC Shares (GBP)
US Fund - USD - A-ACC Shares (USD) - A-ACC Shares (EUR) - A-ACC Shares (EUR) (hedged) - E-ACC Shares (EUR) - I-ACC Shares (USD) - Y-ACC Shares (USD)
The accompanying notes to the financial statements form an integral part of these financial statements.
32
Fidelity Active STrategy
Statement of Share Statistics as at 30 September 2015
Name - Currency
- continued
Shares outstanding beginning of year
Shares Issued
Shares Redeemed
Net increase / (decrease) in Shares
Shares outstanding end of year
651
-
-
-
651
191,005 72,368 882 -
136,111 1,983 651
(42,751) (623) (1,983) -
(42,751) 135,488 651
148,254 207,856 882 651
US Fund - USD (continued) - Y-ACC Shares (GBP)
Bond Funds Fixed Income Diversified Alpha Fund - EUR - I-ACC Shares (EUR) - I-ACC Shares (GBP) (hedged) - I-ACC Shares (JPY) (hedged) - Y-ACC Shares (GBP) (hedged)
33
Fidelity Active STrategy
Notes to the Financial Statements
1. General The Company was incorporated in Luxembourg as a SICAV on 14 September 2004. The Company is governed under part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment, which implements Directive 2009/65/EC ("UCITS IV Directive"). The Company applied for entry into the new UK 'reporting fund' regime in respect of all sub-funds and Share classes which are registered in the United Kingdom. All those sub-funds and Share classes have been certified as "UK reporting funds" by HM Revenue & Customs for the accounting period commencing on 1 October 2010 or, if later, the date on which the sub-fund or Share class was first registered for distribution to UK Shareholders. Reporting fund status will apply to all future accounting periods subject to compliance with the annual reporting requirements set out in tax UK legislation. Reportable income figures are generally available six months after the year end date. As at 30 September 2015, the Company consisted of 7 sub-funds. The Directors may from time to time close sub-funds and classes of Shares as well as add further sub-funds and classes of Shares with different investment objectives, subject to the approval of the CSSF. The following classes of Shares were launched during the Year: Sub-fund name
Class of Shares
Emerging Markets Fund Fixed Income Diversified Alpha Fund
A-ACC Shares (EUR) Y-ACC Shares (GBP) (hedged)
The following sub-funds were closed during the Year: Sub-fund name
Date of launch 01/04/2015 23/09/2015
Date of closure
European Opportunities Fund Japan Fund
19/08/2015 27/02/2015
The following classes of Shares were closed during the Year: Sub-fund name
Class of Shares
European Opportunities Fund
A-ACC Shares (EUR) I-ACC Shares (EUR) Y-ACC Shares (EUR) A-ACC Shares (EUR) A-ACC Shares (EUR) (hedged) A-ACC Shares (JPY) E-ACC Shares (EUR) I-ACC Shares (EUR) J-DIST Shares (JPY) Y-ACC Shares (JPY)
Japan Fund
Date of closure 19/08/2015 19/08/2015 19/08/2015 27/02/2015 27/02/2015 27/02/2015 27/02/2015 20/01/2015 09/02/2015 27/02/2015
2. Significant Accounting Policies The Financial Statements are prepared in accordance with the Luxembourg legal and regulatory requirements relating to undertakings for collective investments. Security Valuation. Investments in securities traded on any stock exchange are valued at the last available price at the time when the valuation is carried out on the principal stock exchange on which such security is traded. Securities dealt on any over the counter market are valued in the same manner. The valuation of short-dated debt transferable securities and money market instruments not traded on a regulated exchange is determined by means of the amortised cost method. Under this method, amortised cost is determined by valuing the security at original cost and thereafter accreting (amortising) the discount (premium) to its nominal value at a constant rate until maturity. All other assets are valued in such manner as the Directors of the Company consider appropriate. All holdings owned by the Company are quoted on a regulated market, except where otherwise distinguished in a sub-fund's Schedule of Investments. Fair Value Adjustments Policy. Fair value adjustments may be implemented to protect the interests of Shareholders against market timing practices. Accordingly if a sub-fund invests in markets that are closed for business at the time the sub-fund is valued, the Directors may, by derogation from the provisions above under security valuation, allow for the securities included in a particular portfolio to be adjusted to reflect more accurately the fair value of the sub-fund's investments at the point of valuation. Cash at Banks and Brokers. Cash at banks and brokers is carried at face value. Investment Security Security Transactions. Investment security transactions are accounted for on the date securities are purchased or sold. The computation of the cost of sales of securities is made on the basis of average cost. Futures. Futures are accounted for on the date of opening or closing of the contract. Subsequent payments are made or received by the portfolio each day, dependent on the daily fluctuations in the value of the underlying index or security which are recorded for financial reporting purposes as unrealised gains or losses by the portfolio. The unrealised gains or losses resulting from futures are included in the Statement of Net Assets and in the Schedule of Investments. The realised gain and loss is based on the First In ---- First Out method. Forward Foreign Exchange Contracts. Forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing at the closing date and applicable to the remaining period until the expiration date. The unrealised gains or losses resulting from forward foreign exchange contracts are included in the Statement of Net Assets and in the Schedule of Investments. Interest Rate Swaps. Interest receivable and payable on interest rate swap contracts is accrued on a daily basis, and future commitments under the swap are valued at market rates. Interest rate swap contracts are disclosed in the Statement of Net Assets and in the Schedule of Investments. All 34
Fidelity Active STrategy
Notes to the Financial Statements - continued
gains and losses in the value of interest rate swaps are disclosed in the Statement of Operations and Changes in Net Assets. Income receivable/payable on interest rate swaps is included in income or expenses on an accruals basis and is reflected in the Statement of Operations and Changes in Net Assets as Interest received/paid on swaps. Credit Default Swaps. Premiums paid and received on credit default swap contracts to buy or sell protection against a credit event are accrued on a daily basis and reflected as net income. Future commitments under the swap are valued at market rates. Credit default swap contracts are disclosed in the Statement of Net Assets and the Schedule of Investments. All gains and losses in the value of credit default swaps are disclosed in the Statement of Operations and Changes in Net Assets. Option Option Contracts. Options purchased are recorded as investments at their realisable market value; options written or sold are recorded as liabilities based on the cost to close the position. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When an option is closed, the difference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium is accounted for as a realised gain for options written or as realised loss for options purchased. Contracts for Difference. Contracts for difference are contracts entered into between a broker and the Company under which the parties agree to make payments to each other so as to replicate the economic consequences of holding a long or short position in the underlying security. Contracts for difference also mirror any corporate actions that take place. Dividends received or paid on contracts for difference are disclosed net in the Statement of Operations and Changes in Net Assets under the caption Derivative Income or Derivative Expenses. When a contract is closed, the Company records a realised gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The valuation of contracts for difference is based on the underlying security and they are disclosed in the Statement of Net Assets and the Schedule of Investments. The finance costs paid to the broker for holding the underlying security are included under the caption Finance costs on contracts for difference in the Statement of Operations and Changes in Net Assets. Foreign Exchange. The Directors determine the designated currency of each sub-fund. All transactions denominated in foreign currencies during the year are translated into the sub-fund's designated currency at the exchange rate prevailing on the day of transaction. Assets and liabilities as at 30 September 2015 have been translated at the prevailing exchange rates on that date. Securities in Escrow. Securities included in the Schedule of Investments can be used as collateral against open derivative exposures. Where this is the case, securities will be escrowed to prevent them from being traded. Fund Share Transactions. The issue and redemption price per Share of each sub-fund is the Net Asset Value per Share on the date of trade, subject to the price adjustment policy. Price Adjustment Policy. The Board of Directors of the Company implemented a price adjustment policy in order to protect the interests of the Company's Shareholders. The purpose of the price adjustment is to allocate the costs associated with large inflows and outflows to investors transacting that day, thereby protecting the long-term Shareholder from the worst effects of dilution. It achieves this purpose by adjusting the price at which deals in a sub-fund are transacted. In other words, sub-fund prices may be adjusted up or down depending on the level and type of investor transactions on a particular day. In this way the existing and remaining Shareholders do not suffer an inappropriate level of dilution. The Company will only trigger an adjustment in the price when there are significant flows likely to have a material impact on existing and remaining Shareholders. The adjustment will be based on the normal dealing costs for the particular assets in which a sub-fund is invested and is not expected to exceed 2% of the price. However the Board of Directors of the Company may decide to have the adjustment exceed 2% of the price in exceptional circumstances to protect Shareholders' interests. Once an adjustment is made to a Share class' price that price is the official price for that Share class for all deals that day. Formation Costs. Costs incurred in launching new sub-funds will be charged to current operating expenses. Income. Dividends on equities are recognised when the security is quoted ex-dividend. Interest is accounted for on an accrual basis. Combined Accounts. The combined Financial Statements have been presented in USD and represent the total Financial Statements of the different sub-funds. Sub-funds stated in currencies other than USD have been converted at exchange rates ruling at the year end.
3. Investment Management Fees and Other Transactions with the Investment Manager or its Affiliates HEADER BACKGROUND FFML earnsWITH a monthly investment management fee, calculated separately in respect of each sub-fund and accrued on each valuation date in the reference currency of the sub-fund, at an annual rate of up to 1.50% of the value of the net assets for A, E, Shares, up to 1.00% for W, Y Shares and up to 0.80% for I Shares for Equity funds. On the other hand the annual rate reaches up to 0.40% for I Shares for Fixed Income funds. In addition, FFML is entitled to receive an annual performance fee equivalent to the given performance fee rate multiplied by the increase in the Net Asset Value per Share of each class of Shares outstanding in respect of the Company's financial year subject to a hurdle rate over the relevant equity comparative index. The basis for calculation of performance fees is fully explained in the Prospectus that all investors should read before investing. The relevant performance fee rates, hurdle rates and comparative indices for each sub-fund are as follows:
Sub-fund name Asia Fund Emerging Markets Fund Europe Fund Global Fund UK Fund US Fund Fixed Income Diversified Alpha Fund
Performance Hurdle rate fee 20% 20% 20% 20% 20% 20% N/A
2% 2% 2% 2% 2% 2% N/A
Comparative Index MSCI All Country Asia ex Japan (Net Total Return) MSCI Emerging Markets (Net Total Return) MSCI Europe (Net Total Return) MSCI All Country World (Net Total Return) FTSE All Share (Total Return) S&P 500 (Net Total Return) N/A
HEADER BACKGROUND The aboveWITH mentioned comparative indices are solely used for performance fee calculation purposes and they should therefore under no circumstances be considered as indicative of a specific investment style. Performance fees are disclosed in the Statement of Operations and Changes in Net Assets. For the year ended 30 September 2015, no performance fees were incurred by Europe Fund, European Opportunities Fund, Global Fund, Japan Fund and Fixed Income Diversified Alpha Fund. FFML may waive any or all of its fees in respect of any sub-fund at its discretion from time to time. FFML bears all expenses incurred by it and its 35
Fidelity Active STrategy
Notes to the Financial Statements - continued
affiliates and advisers related to services performed by it for the Company. Brokerage commissions, transaction charges and other operating costs of the Company are payable by the Company. There were no transactions of the Company traded through connected brokers during the year. There were no brokerage commissions paid to connected brokers during the year ended 30 September 2015. FFML from time to time executes certain portfolio transactions to selected brokers who agree to repay a portion of commissions from such transactions to offset Company expenses, but no such transactions were executed during the year. During the reporting year, the sub fund European Opportunities Fund closed as at 19 August 2015. In order to clear the positions as at closure date our operational team transferred an unexercised Call Option to another internal account from Fidelity (outside the FAST SICAV).
4. Directors’ Fees HEADER WITH BACKGROUND All Directors are affiliated with FIL and have waived their fees for the year ended 30 September 2015, so no Directors' fees were charged for the year.
5. Securities Lending Income from securities lending across all sub-funds amounted to USD 38,213 and is included in the caption Net dividend and interest income in the Statement of Operations and Changes in Net Assets. During the year ended 30 September 2015, the Company paid USD 5,459 to the Custodian in relation to the securities lent. As at 30 September 2015, there was no loaned security outstanding.
6. Taxation The Company is not liable to any Luxembourg taxes on income or on realised or unrealised capital gains, nor to any Luxembourg withholding tax. The sub-funds are subject to an annual subscription tax of 0.05%, calculated and payable quarterly on the net assets of the sub-funds on the last day of each calendar quarter. The reduced tax rate of 0.01% per annum of the net assets will be applicable to classes of Shares which are only sold or held by institutional investors within the meaning of Article 174 of the amended Law of 17 December 2010. Capital gains, dividends and interest on securities may be subject to capital gains and withholding taxes or other taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Company or its Shareholders.
7. Transaction Fees Transaction fees are fees paid to brokers when buying and selling equities, CFD's, futures, options and exchange traded funds. Transaction fees are included in the costs of investments that are part of the realised and unrealised gain/(loss) in the Statement of Operations and Changes in Net Assets. For the year ended 30 September 2015, these transaction fees amounted to: Sub-fund name Asia Fund Emerging Markets Fund Europe Fund European Opportunities Fund Fixed Income Diversified Alpha Fund Global Fund Japan Fund UK Fund US Fund
Currency
Transaction Fees
USD USD EUR EUR EUR USD JPY GBP USD
593,228 18,660,149 6,736,151 106,015 6,123 147,801 22,369,882 233,939 788,409
8. Equalisation Income equalisation arrangements are applied to all Share classes across all sub-funds. These arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution period is not affected by changes in the number of Shares in issue during that period. The calculation of equalisation is based on net investment income.
9. Dividend Payments The following dividend payments were made during the year ended 30 September 2015: Sub-fund name Europe Fund A-DIST Shares (GBP) Japan Fund J-DIST Shares (JPY)
Div per Share
Ex-div date
0.0615
01-Dec-2014
17.6145
01-Dec-2014
10. Cash Balances held at Brokers As at 30 September 2015, there were outstanding margin deposits and cash collateral amounts in the form of cash balances held at brokers which have been included in the Cash at banks and brokers shown in the Statement of Net Assets. The following table discloses the breakdown of such cash amounts held at brokers, by sub-fund, as at 30 September 2015: Sub-fund name Europe Fund Emerging Markets Fund Asia Fund UK Fund Fixed Income Diversified Alpha Fund US Fund 36
Currency
Cash at brokers
EUR USD USD GBP EUR USD
39,830,947 29,165,615 704,810 502,450 257,110 10
Fidelity Active STrategy
Notes to the Financial Statements - continued
11. Commitments on Derivatives The resulting amounts of commitments by category of financial derivative instruments as at 30 September 2015 amounts to:
Sub-fund name
Currency
Contracts for Difference
Forward Foreign Exchange Contracts
Futures
USD USD EUR EUR USD GBP USD
51,093,508 866,112,550 750,536,830 15,904,812 67,440,192 92,313,945
309,234,072 116,473,579 1,334,598
27,731,999 -
Asia Fund Emerging Markets Fund Europe Fund Fixed Income Diversified Alpha Fund Global Fund UK Fund US Fund
Options
Credit Default Swaps
Interest Rate Swaps
298,840 14,387,043 19,437,250 1,447 228,118 -
32,738,452 -
10,266,036 -
Commitments are calculated in accordance with ESMA guidelines 10/788.
12. Counterparty Exposure of Futures The total exposure by counterparty of Futures as at 30 September 2015 is as follows:
Sub-fund name
Currency
UBS
EUR
7,881
Fixed Income Diversified Alpha Fund
13. Counterparty Exposure of Swaps The total exposure by counterparty of Swaps as at 30 September 2015 is as follows:
Sub-fund name Fixed Income Diversified Alpha Fund
Currency
BNP Deutsche Bank Goldman Sachs
EUR
(17,706)
(33,680)
(252,201)
JP.Morgan
Merrill Lynch Morgan Stanley
(288,388)
124,287
(368,414)
14. Counterparty Exposure of Options The total exposure by counterparty of Options as at 30 September 2015 is as follows: Sub-fund name Asia Fund Emerging Markets Fund Europe Fund Fixed Income Diversified Alpha Fund UK Fund
Currency
BNP
Deutsche Bank
Goldman Sachs
Merrill Lynch
Morgan Stanley
UBS
USD USD EUR EUR GBP
(24,985) -
458,704 (251,808) -
1,685 -
(114,906) -
(1,824,408) -
69,292 (11,252,530) (18,958,750) (154,049)
15. Counterparty Exposure of Forward Foreign Exchange Contracts As at 30 September 2015, the sub-funds were holding Forward Foreign Exchange Contracts with the following counterparties: Bank of America, Barclays Bank, BNP Paribas, Brown Brothers Harriman, Citibank, Deutsche Bank, HSBC, JPMorgan Chase, Morgan Stanley, National Australia Bank, Northern Trust, Royal Bank of Canada, Royal Bank of Scotland, Société Générale and State Street.
16. Counterparty Exposure of Contracts For Difference The total exposure by counterparty of Contracts For Difference as at 30 September 2015 is as follows:
Sub-fund name
Currency
Deutsche Bank
Goldman Sachs
UBS
USD USD EUR USD GBP USD
115,533 2,953,479 1,990,063
4,532 27,214,197 997,672 (522,521) 880,760
153,067 3,506,872 84,105,071 9,171,775 (22,471)
Asia Fund Emerging Markets Fund Europe Fund Global Fund UK Fund US Fund
17. Statement of Changes in Investments A list for each sub-fund, specifying for each investment the total purchases and sales which occurred during the year under review, may be obtained free of charge upon request from the Registered Office of the Company or from any of the companies registered as Distributors of the Company. It is possible to receive information about the full holdings of the sub-funds in which you invest, at any point in time during the year. This is available upon request by contacting your usual Fidelity Representative.
18. Rates of Exchange The USD exchange rates at 30 September 2015 are noted below. Currency Australian Dollar (AUD) Brazilian real (BRL) Canadian dollar (CAD) Chilean peso (CLP) Chinese renminbi (CNY) Colombian peso (COP) Danish krone (DKK) Euro (EUR) Hong Kong dollar (HKD) Hungarian forint (HUF) Indian rupee (INR)
Exchange rate
Currency
1.42460289 3.959 1.33954 696.58 6.3652 3,078.8 6.68423 0.89589679 7.75018 280.58 65.6
Indonesian rupiah (IDR) Japanese yen (JPY) Kenian shilling (KES) Korean won (KRW) Malaysian ringgit (MYR) Mexican peso (MXN) New Zealand dollar (NZD) Nigerian naira (NGN) Norwegian krone (NOK) Peruvian nuevo sol (PEN) Philippine peso (PHP) 37
Exchange rate 14,635 119.82 104.78 1,183.97 4.3975 16.9005 1.56509218 199.25 8.52954 3.223 46.75
Fidelity Active STrategy
Notes to the Financial Statements - continued
Currency Polish zloty (PLN) Pound Sterling (GBP) Russian ruble (RUB) Singapore dollar (SGD) South African rand (ZAR) Swedish krona (SEK) Swiss franc (CHF)
Exchange rate
Currency
3.8048 0.66157256 65.3975 1.42347 13.8183 8.3937 0.9774
Exchange rate
Taiwan new dollar (TWD) Thailand baht (THB) Turkish lira (TRY) UAE Dirham (AED) Vietnamese dong (VND)
32.957 36.385 3.0259 3.6728 22,480
19. Subsequent Events The following class of share was launched after the year ended 30 September 2015:
Sub-fund name
Class of Shares
Emerging Markets Fund
Y-DIST Shares (USD)
38
Date of launch 05/10/2015
Audit Report To the Shareholders of Fidelity Active STrategy We have audited the accompanying financial statements of Fidelity Active STrategy and of each of its sub-funds, which comprise the Statement of Net Assets and the Schedule of Investments as at 30 September 2015, and the Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the "Réviseur d'entreprises agréé" Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the "Réviseur d'entreprises agréé", including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the "Réviseur d'entreprises agréé" considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements give a true and fair view of the financial position of Fidelity Active STrategy and of each of its sub-funds as of 30 September 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
PricewaterhouseCoopers, Société coopérative Represented by
Luxembourg, 15 December 2015
Steven Libby
PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518
39
Fidelity Active STrategy
Unaudited Supplementary Information
Global Market Risk Exposure The global market risk exposure information for the year ending 30 September 2015 is as follows: Lowest Global Risk utilisation calculation VaR of VaR Sub-Fund Method VaR model Reference Portfolio limit limit
Highest utilisation of VaR limit
Average utilisation of VaR limit
Average level of leverage reached during the year
Asia Fund Emerging Markets Fund Europe Fund Global Fund UK Fund US Fund Fixed Income Diversified Alpha Fund
Relative VaR
Historical Simulation Relative VaR Historical Simulation Relative VaR Historical Simulation Relative VaR Historical Simulation Relative VaR Historical Simulation Relative VaR Historical Simulation Absolute VaR Historical Simulation
MSCI All Country Asia ex 200% Japan MSCI Emerging Markets 200%
42.59%
59.50%
49.65%
75.90%
50.82%
70.16%
58.26%
144.90%
MSCI Europe
200%
39.59%
52.05%
46.58%
64.70%
MSCI All Country World
200%
45.76%
60.38%
53.49%
36.50%
FTSE All Share
200%
40.06%
54.73%
45.91%
63.80%
S&P 500
200%
46.49%
66.68%
56.69%
57.19%
-
20%
1.52%
6.60%
3.69%
489.50%
For the above mentioned sub-funds, the global exposure is calculated and monitored daily by using the Value at Risk (VaR) calculation methodology. The observation period is at least 250 days. The VaR methodology provides an estimate of the maximum potential loss over a specific holding period and at a given interval of confidence, i.e. probability level. The holding period is one month (20 business days) and the interval of confidence is 99%. For example, taking into account the assumptions and limitations of the selected model, a VaR estimate of 3% on 20-days holding period with a 99% interval of confidence means that, with 99% certainty, the percentage of the sub-fund can expect to lose over the next 20-days period should be maximum 3%. Leverage is determined using the sum of the notionals of all financial derivatives instruments used.
Collateral received from Counterparties Sub-fund name Emerging Markets Fund Europe Fund UK Fund US Fund
Currency
Deutsche Bank
Goldman Sachs
UBS
USD EUR GBP USD
1,175,829 3,532,888
21,492,140 1,058,442
8,876,036 56,369,704 9,175,317 -
The European Directive on Savings Income 2003/48/EC The EU Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments (hereinafter the "Directive") provides that from 1 July 2005, paying agents established in a member state of the EU or certain dependent or associated territories of member states who make certain savings income payments to individuals resident in another member state or to residual entities within the sense of the Directive (and, depending on the home state of the paying agent, possibly also to individuals and residual entities within the sense of the Directive resident in certain dependent or associated territories of member states) will be obliged, depending on the jurisdiction of establishment of the paying agent, either to report details of the payment and payee to fiscal authorities or to withhold tax from it. The law of 21 June 2005 (the "Law") has implemented into Luxembourg law the Directive. Pursuant to the Law and in accordance with the letter of the Directive, the withholding tax applicable in Luxembourg was set at 15% from 1 July 2005 until 30 June 2008, then 20% from 1 July 2008 until 30 June 2011, rising to 35% from 1 July 2011. Article 9 of the Law provides however that no withholding tax will be withheld if the Beneficiary explicitly authorises the paying agent in writing to proceed to an Exchange of Information or if the Beneficiary provides the paying agent with an exemption certificate drawn up in the name of the Beneficiary by the competent authority in his country of residence. Dividends distributed by the Company will fall into the scope of the Directive if more than 15% of the relevant sub-fund's assets are invested in debt claims (as defined in the Law). Redemption proceeds realised by Shareholders on the disposal of Shares will fall into the scope of the Directive if more than 25% of the relevant sub-fund's assets are invested in debt claims. The Company falls within the application of the Directive as follows: Sub-fund name Status period Asia Fund Emerging Markets Fund Europe Fund Global Fund UK Fund US Fund Fixed Income Diversified Alpha Fund
01/02/15 01/02/15 01/02/15 01/02/15 01/02/15 01/02/15 01/02/15
- 31/01/16 - 31/01/16 - 31/01/16 - 31/01/16 - 31/01/16 - 31/01/16 - 31/01/16
IN = In scope of the Law. OUT = Out of scope of the Law.
40
Distributions
Redemptions
Establishing status
OUT OUT OUT OUT OUT OUT IN
OUT OUT OUT OUT OUT OUT IN
Asset test Asset test Asset test Asset test Asset test Asset test Asset test
Fidelity Active STrategy
Directory
Registered Office Fidelity Active STrategy 2a, rue Albert Borschette B.P. 2174 L-1021 Luxembourg
Management Company FIL Investment Management (Luxembourg) S.A. 2a, rue Albert Borschette B.P. 2174 L-1021 Luxembourg
Investment Manager FIL Fund Management Limited Pembroke Hall 42 Crow Lane Pembroke HM19 Bermuda
Custodian Brown Brothers Harriman (Luxembourg) S.C.A. 80, route D'Esch L-1470 Luxembourg
General Distributor FIL Distributors Pembroke Hall 42 Crow Lane Pembroke HM19 Bermuda
Share Distributors FIL Distributors International Limited PO Box HM670 Hamilton HMCX Bermuda Telephone: (1) 441 297 7267 Fax: (1) 441 295 9373 FIL Investments International Oakhill House 130 Tonbridge Road Hildenborough Tonbridge, Kent TN11 9DZ United Kingdom (Authorised and regulated in the UK by the Financial Conduct Authority) Telephone: (44) 1732 777 377 Fax: (44) 1732 777 262 FIL Pensions Management Oakhill House 130 Tonbridge Road Hildenborough Tonbridge, Kent TN11 9DZ United Kingdom Telephone: (44) 1732 777 377 Fax: (44) 1732 777 262 FIL (Luxembourg) S.A. 2a, rue Albert Borschette B.P. 2174 L-1021 Luxembourg Telephone: (352) 250 404 1 Fax: (352) 26 38 39 38 FIL Investment Services GmbH Kastanienhöhe 1 D-61476 Kronberg im Taunus Telephone: (49) 6173 509 0 Fax: (49) 6173 509 4199
FIL Investment Management (Singapore) Limited 8 Marina View No. 35-06 Asia Square Tower 1 Singapore 018960 Telephone: (65) 6511 2200 Fax: (65) 6536 1960
Registrar, Transfer Agent, Administrative Service Agent and Domiciliary Agent FIL Investment Management (Luxembourg) S.A. 2a, rue Albert Borschette B.P. 2174 L-1021 Luxembourg
Representative for Austria UniCredit Bank Austria AG Lassallestrasse 1 A-1020 Vienna
Representative for France BNP Paribas Securities Services S.A. 3 rue d'Antin F-75002 Paris
Representative for Ireland FIL Fund Management (Ireland) Limited First Floor Marconi House Digges Lane Dublin 2
Representative for Norway FIL (Luxembourg) S.A. 2a, rue Albert Borschette B.P. 2174 L-1021 Luxembourg Telephone: (352) 250 404 1 Fax: (352) 26 38 39 38
Representative for Singapore FIL Investment Management (Singapore) Limited 8 Marina View No. 35-06 Asia Square Tower 1 Singapore 018960
Representative for Sweden Svenska Handelsbanken AB Blasieholmstorg 12, SE-10670 Stockholm, Sweden
Representative & Paying Agent for Switzerland BNP Paribas Securities Services Paris, Succursale de Zürich Selnaustrasse 16 CH-8002 Zürich
Representative for the United Kingdom FIL Investments International Oakhill House 130 Tonbridge Road Hildenborough Tonbridge, Kent TN11 9DZ United Kingdom (Regulated in the UK by the Financial Conduct Authority)
FIL Gestion Washington Plaza 29 rue de Berri F-75008 Paris Telephone: (33) 1 7304 3000 41
Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443 L-1014 Luxembourg
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