Fidelity Launches Emerging Europe, Middle East, Africa Fund

May 20, 2008 ( - Fidelity Investments has launched a new international equity fund - Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund - with retail and adviser share classes.

According to the announcement, Fidelity EMEA Fund seeks capital appreciation and normally invests at least 80% of its assets in securities of emerging Europe, Middle East, and Africa issuers and other investments that are tied economically to the EMEA region. The fund compares its performance to the MSCI Emerging Markets Europe, Middle East and Africa (MSCI EMEA) Index.

Adam Kutas, a 12-year Fidelity veteran who previously co-managed Fidelity Latin America Fund, manages the EMEA fund from Fidelity Management and Research Company’s London office.

“A few factors have combined to give us confidence that, indeed, EMEA represents a bonafide investment opportunity for certain clients. First, there are an ever-growing number of EMEA companies with solid earnings growth that, importantly, now represent significant market capitalization. Second, we’ve found that many of these EMEA companies are under-researched and under-followed by investors. And third, we’ve assembled a dedicated team of analysts here in London that provides us with extensive resources to closely cover the region across its many different market sectors, including energy, financials, telecommunications, materials, and health care, among others,” Kutas said in the release. EMEA forms a contiguous region that combines more than 80 countries beginning with Russia in the East, continuing through Eastern Europe and the Middle East, and encompassing the entire African continent, Fidelity explained.

Kutas added that the long term macro trends in the EMEA region – global demand for oil and natural resources, rapid urbanization, infrastructure investment, and consumer growth – offer substantial growth opportunities over the long term.

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