Fidelity Global Concentrated Equity Fund

Transcription

1 Fidelity Global Concentrated Equity Fund Semi-Annual Management Report of Fund Performance September 3,

2 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

3 Semi-Annual Management Report of Fund Performance as at September 3, Fidelity Global Concentrated Equity Fund This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Results of Operations Fidelity Global Concentrated Equity Fund (Fund), Series B, returned 4.3%, after fees and expenses, for the six-month period ended September 3,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The Fund s benchmark, MSCI ACWI (All Country World Index) Index, returned 2.9% (in Canadian dollar terms). Market overview: Global equities, as measured by the MSCI ACWI (All Country World Index) Index, returned 2.9% amid signs of stabilization in Europe and positive economic data in the United States. European markets, as represented by MSCI Europe Index, returned 7.2%, outperforming other global equity markets. Supportive economic data and solid corporate earnings lifted European equities, as did the victory of a centrist candidate in the French presidential election. Asian equities gained during the review period, with the MSCI AC (All Country) Asia-Pacific Index returning 4.4%. Optimism around global economic growth and improved corporate earnings forecasts in the region boosted sentiment. U.S. markets lagged other global markets, with the S&P 5 Index returning 1.%. The impact of positive economic data was offset by concerns about geopolitical tensions in the Korean peninsula, the implications of hurricanes Harvey and Irma, and Canadian dollar appreciation relative to the U.S. dollar. Factors affecting performance: The Fund outperformed its benchmark, primarily due to exposure to certain stocks in the financials and industrials sectors. Within the financials sector, investments in U.S.-based electronic brokerage company Interactive Brokers Group and Netherlands-based pan-european exchange group Euronext contributed to relative returns. Within the industrials sector, exposure to Sweden-based industrial components and systems firm Indutrade, and France-based aero engines and propulsion systems manufacturer Safran, contributed to relative returns. Among other sectors, holdings in Brazil-based education services provider Kroton Educacional, and China-based utilities provider ENN Energy, contributed to relative returns. In contrast, exposure to certain stocks in the consumer discretionary sector detracted from relative returns. Within the sector, investments in China-based online retailer Vipshops Holdings, and U.S.-based automotive aftermarket parts retailing firm Advance Auto Parts, detracted from relative returns. Investments in certain stocks in the health care sector also detracted from relative returns. Within this sector, investments in Japan-based manufacturer of precision medical equipment Olympus, Ireland-based specialty pharmaceutical company Allergan, and Israel-based firm Teva Pharmaceutical, all detracted from relative returns. Among other sectors, an investment in U.K.-based bank Barclays, and an investment in Switzerland-based baked foods company Aryzta, detracted from relative returns. At the end of the review period, Teva Pharmaceutical was no longer held in the Fund. Portfolio changes: During the review period, the Fund s exposure to the utilities and telecommunications sectors increased. Within the utilities sector, the Fund initiated position in Cayman Islands-based gas utility ENN Energy Holdings, as the portfolio manager believes the company has stable income streams. Upcoming regulation changes proved to be more business friendly than anticipated, making the ENN Energy Holdings relatively less sensitive to macroeconomic conditions. Within the telecommunication services sector, the Fund initiated a position in Japan-based telecom service provider SoftBank Group. The portfolio manager believes that the company is a high quality business and is attractively valued. The company was also selected for its indirect exposure to high growth information technology companies at a relatively discounted price. In addition, exposure was increased to certain stocks in the consumer staples sector. In contrast, exposure to the information technology and consumer discretionary sectors decreased. Within the information technology sector, positions in U.S.-based electronic gaming software firm Electronic Arts, and South Korea-based technology hardware & equipment firm Samsung Electronics, were exited. The portfolio manager opted to take profits as stock prices appreciated rapidly during the review period and he believed the valuations became high. Within the consumer discretionary sector, the position in France-based luxury company Kering was exited. The holding was sold after the stock rallied during the review period and the portfolio manager thought its valuation became high. In addition, exposure was reduced to certain stocks in the materials sector. 1

4 Fidelity Global Concentrated Equity Fund Management Discussion of Fund Performance continued In terms of country allocation, exposure to China and Mexico increased during the period, while exposure to Sweden and the U.S. declined. The Fund s geographic allocations are a by-product of the portfolio manager s bottom-up fundamental stock selection process, reflecting his intention to add value through stock selection, and not macro-level calls. Recent Developments Portfolio manager Patrice Quirion continues to take a long-term approach to investing, focusing on companies he believes have sustainable quality. He favours companies that are growing steadily and predictably with as relatively little cyclicality as possible. Patrice is generally cautious about commodity-related firms where there are significant factors outside management s control. The portfolio manager is focused on seeking global leaders, multinationals and high-quality companies that he believes exhibit attractive risk/return characteristics over the long term. He is also looking for companies that have characteristics similar to those of large leading multinationals, but are global leaders in niche areas. More recently, Patrice has been focused on de-risking the portfolio and is exploring opportunities in the U.S. and Japan. At the end of the review period, the Fund had its largest absolute exposure to the industrials sector, followed by the consumer discretionary sector. The Fund diverged the most from benchmark sector weightings by having more exposure to the industrials sector and less exposure to the information technology sector. Geographically, the U.S. accounted for the largest absolute exposure, followed by Japan and the Cayman Islands. 2

5 Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity (Canada) Asset Management ULC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $1,19, for the period ended September 3,. Administration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $146, for the period ended September 3,. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $1, for the period ended September 3,. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year. 3

6 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period end of the years shown. This information is derived from the Fund s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund s annual or semi-annual financial statements. Fidelity Global Concentrated Equity Fund Series A September 3, Periods ended March 31, Net assets, beginning of period B $ $ $ $ 1.3 $ 8.14 $ 7.47 Total revenue Total expenses (excluding distributions) (.21) (.36) (.36) (.31) (.32) (.19) Realized gains (losses) Unrealized gains (losses) 1.41 (1.58) Total increase (decrease) from operations B (.1) From net investment income (excluding dividends) (.5) (.4) From dividends From capital gains (.56) (.23) Return of capital Total distributions B,C (.61) (.27) Net assets, end of period B $ 14.7 $ $ $ $ 1.3 $ 8.13 Net asset value (s) D $ 39,441 $ 2,966 $ 15,837 $ 15,243 $ 11,742 $ 1,224 Securities outstanding D 2,88,671 1,563,974 1,351,87 1,276,529 1,174,311 15,345 Management expense ratio E,F 2.56% 2.6% 2.62% 2.65% 2.67% 2.63% Management expense ratio before waivers or absorptions E,F 2.61% 2.64% 2.68% 2.68% 2.67% 2.63% Trading expense ratio G.26%.12%.14%.13%.58%.16% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% 93.% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series B September 3, Periods ended March 31, Net assets, beginning of period B $ $ $ $ 1.24 $ 8.29 $ 7.59 Total revenue Total expenses (excluding distributions) (.2) (.33) (.33) (.29) (.29) (.17) Realized gains (losses) Unrealized gains (losses) (.4) 1.47 (1.64) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) (.4) From dividends From capital gains (.6) (.26) Return of capital Total distributions B,C (.65) (.3) Net assets, end of period B $ $ $ $ $ 1.24 $ 8.28 Net asset value (s) D $ 68,47 $ 31,26 $ 21,192 $ 21,678 $ 15,272 $ 2,639 Securities outstanding D 4,758,377 2,265,93 1,767,87 1,777,79 1,492, ,395 Management expense ratio E,F 2.37% 2.4% 2.41% 2.4% 2.4% 2.39% Management expense ratio before waivers or absorptions E,F 2.42% 2.44% 2.46% 2.42% 2.4% 2.39% Trading expense ratio G.26%.12%.14%.13%.58%.16% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% 93.% Net asset value per security, end of period $ $ $ $ $ $

7 Fidelity Global Concentrated Equity Fund Series F September 3, Periods ended March 31, Net assets, beginning of period B $ 16.1 $ 13.9 $ $ $ 9.38 $ 8.48 Total revenue Total expenses (excluding distributions) (.14) (.22) (.23) (.19) (.2) (.1) Realized gains (losses) Unrealized gains (losses) (.14) 1.47 (1.85) Total increase (decrease) from operations B From net investment income (excluding dividends) (.8) (.8) From dividends (.1) From capital gains (.87) Return of capital Total distributions B,C (.96) (.8) Net assets, end of period B $ 16.8 $ 16.1 $ 13.9 $ $ $ 9.38 Net asset value (s) D $ 29,914 $ 11,865 $ 6,558 $ 5,475 $ 3,84 $ 97 Securities outstanding D 1,87, ,55 471, ,496 26,645 1,377 Management expense ratio E,I 1.22% 1.24% 1.24% 1.19% 1.16% 1.17% Management expense ratio before waivers or absorptions E,I 1.23% 1.24% 1.24% 1.19% 1.16% 1.17% Trading expense ratio G.26%.12%.14%.13%.58%.16% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% 93.% Net asset value per security, end of period $ $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series F5 September 3, Periods ended March 31, J Net assets, beginning of period B $ 23.8 $ $ $ $ 2. Total revenue Total expenses (excluding distributions) (.2) (.34) (.36) (.33) (.11) Realized gains (losses) Unrealized gains (losses) (.1) 3.5 (3.5) Total increase (decrease) from operations B From net investment income (excluding dividends) (.11) (.12) From dividends (.1) (.1) From capital gains (1.31) (.71) Return of capital (.5) (.94) (.99) (1.) (.17) Total distributions B,C (.5) (2.37) (1.82) (1.) (.17) Net assets, end of period B $ $ 23.8 $ $ $ Net asset value (s) D $ 1,299 $ 72 $ 76 $ 54 $ 1 Securities outstanding D 53,121 29,496 3,545 2,341 5 Management expense ratio E,I 1.23% 1.25% 1.25% 1.25% 1.25% Management expense ratio before waivers or absorptions E,I 1.24% 1.25% 1.25% 1.25% 1.25% Trading expense ratio G.26%.12%.14%.13%.58% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $

8 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series F8 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ 2.18 $ $ $ 2. Total revenue Total expenses (excluding distributions) (.18) (.31) (.34) (.32) (.11) Realized gains (losses) Unrealized gains (losses) (2.51) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.12) From dividends (.1) (.1) From capital gains (1.2) (.67) Return of capital (.73) (1.51) (1.58) (1.6) (.27) Total distributions B,C (.73) (2.82) (2.37) (1.6) (.27) Net assets, end of period B $ $ $ 2.18 $ $ Net asset value (s) D $ 78 $ 291 $ 13 $ 78 $ 1 Securities outstanding D 32,218 13,49 6,441 3,56 51 Management expense ratio E,I 1.2% 1.24% 1.25% 1.25% 1.25% Management expense ratio before waivers or absorptions E,I 1.22% 1.24% 1.25% 1.25% 1.25% Trading expense ratio G.26%.12%.14%.13%.58% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series O September 3, Periods ended March 31, Net assets, beginning of period B $ 19.1 $ $ $ $ 1.9 $ 9.74 Total revenue Total expenses (excluding distributions) (.4) (.4) (.6) (.5) (.7) Realized gains (losses) Unrealized gains (losses) (.4) 2.12 (2.12) Total increase (decrease) from operations B From net investment income (excluding dividends) (.11) (.13) From dividends (.1) (.1) From capital gains (1.26) (.73) Return of capital Total distributions B,C (1.38) (.86) Net assets, end of period B $ 2.6 $ 19.1 $ $ $ $ 1.9 Net asset value (s) D $ 97,553 $ 44,589 $ 25,525 $ 27,719 $ 8,99 $ 2 Securities outstanding D 4,893,821 2,341,81 1,539,56 1,636, , Management expense ratio % % % % % % Management expense ratio before waivers or absorptions % % % % % % Trading expense ratio G.26%.12%.14%.13%.58%.16% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% 93.% Net asset value per security, end of period $ $ $ $ $ $

9 Fidelity Global Concentrated Equity Fund Series T5 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ $ $ $ 2. Total revenue Total expenses (excluding distributions) (.38) (.64) (.68) (.62) (.18) Realized gains (losses) Unrealized gains (losses) (.1) 2.94 (2.86) Total increase (decrease) from operations B From net investment income (excluding dividends) (.8) (.7) From dividends (.1) From capital gains (.97) (.41) Return of capital (.51) (.96) (.99) (1.) (.17) Total distributions B,C (.51) (2.2) (1.47) (1.) (.17) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 246 $ 254 $ 6 $ 63 $ 25 Securities outstanding D 1,335 1,891 2,837 2,775 1,234 Management expense ratio E,F 2.62% 2.65% 2.67% 2.7% 2.74% Management expense ratio before waivers or absorptions E,F 2.66% 2.68% 2.73% 2.74% 2.74% Trading expense ratio G.26%.12%.14%.13%.58% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series T8 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ $ $ $ 2. Total revenue Total expenses (excluding distributions) (.32) (.58) (.64) (.6) (.18) Realized gains (losses) Unrealized gains (losses) (2.58) Total increase (decrease) from operations B From net investment income (excluding dividends) (.8) (.7) From dividends (.1) From capital gains (.89) (.39) Return of capital (.75) (1.54) (1.59) (1.6) (.27) Total distributions B,C (.75) (2.52) (2.5) (1.6) (.27) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 1,479 $ 587 $ 642 $ 921 $ 337 Securities outstanding D 69,521 27,771 32,458 42,329 17,48 Management expense ratio E,F 2.57% 2.62% 2.65% 2.69% 2.74% Management expense ratio before waivers or absorptions E,F 2.62% 2.66% 2.71% 2.72% 2.74% Trading expense ratio G.26%.12%.14%.13%.58% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $

10 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series S5 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ 21.2 $ $ $ 2. Total revenue Total expenses (excluding distributions) (.33) (.59) (.63) (.59) (.19) Realized gains (losses) Unrealized gains (losses) (1.35) 2.91 (2.85) Total increase (decrease) from operations B (.74) From net investment income (excluding dividends) (.9) (.8) From dividends (.1) From capital gains (1.2) (.46) Return of capital (.51) (.96) (.99) (1.) (.17) Total distributions B,C (.51) (2.8) (1.53) (1.) (.17) Net assets, end of period B $ 23.9 $ $ 21.2 $ $ Net asset value (s) D $ 137 $ 84 $ 38 $ 38 $ 1 Securities outstanding D 5,722 3,68 1,777 1,683 5 Management expense ratio E,F 2.41% 2.45% 2.43% 2.44% 2.49% Management expense ratio before waivers or absorptions E,F 2.46% 2.49% 2.48% 2.48% 2.49% Trading expense ratio G.26%.12%.14%.13%.58% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series S8 September 3, Periods ended March 31, J Net assets, beginning of period B $ $ $ $ $ 2. Total revenue Total expenses (excluding distributions) (.3) (.54) (.59) (.56) (.19) Realized gains (losses) Unrealized gains (losses) (.27) 2.3 (2.51) Total increase (decrease) from operations B From net investment income (excluding dividends) (.8) (.8) From dividends (.1) From capital gains (.94) (.44) Return of capital (.74) (1.54) (1.59) (1.6) (.27) Total distributions B,C (.74) (2.57) (2.1) (1.6) (.27) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 1,795 $ 45 $ 276 $ 182 $ 6 Securities outstanding D 84,77 21,245 13,96 8, Management expense ratio E,F 2.37% 2.42% 2.42% 2.43% 2.5% Management expense ratio before waivers or absorptions E,F 2.42% 2.46% 2.46% 2.46% 2.5% Trading expense ratio G.26%.12%.14%.13%.58% Portfolio turnover rate H 22.32% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $

11 Fidelity Global Concentrated Equity Fund Series E1 September 3, Periods ended March 31, 216 K Net assets, beginning of period B $ $ 1.27 $ 1. Total revenue Total expenses (excluding distributions) (.17) (.28) (.4) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) From dividends From capital gains (.52) Return of capital Total distributions B,C (.57) Net assets, end of period B $ $ $ 1.27 Net asset value (s) D $ 15,858 $ 6,56 $ 1,669 Securities outstanding D 1,284,31 549, ,457 Management expense ratio E,L 2.28% 2.31% 2.3% Management expense ratio before waivers or absorptions E,L 2.32% 2.34% 2.35% Trading expense ratio G.26%.12%.14% Portfolio turnover rate H 22.32% 59.27% 69.27% Net asset value per security, end of period $ $ $ Fidelity Global Concentrated Equity Fund Series E1T5 September 3, M Net assets, beginning of period B $ 2. Total revenue.2 Total expenses (excluding distributions) (.1) Realized gains (losses).6 Unrealized gains (losses).31 Total increase (decrease) from operations B.38 From net investment income (excluding dividends) From dividends From capital gains Return of capital (.8) Total distributions B,C (.8) Net assets, end of period B $ 2.29 Net asset value (s) D $ 285 Securities outstanding D 14,3 Management expense ratio E,N 2.27% Management expense ratio before waivers or absorptions E,N 2.34% Trading expense ratio G.26% Portfolio turnover rate H 22.32% Net asset value per security, end of period $

12 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series E2 September 3, Periods ended March 31, 216 K Net assets, beginning of period B $ $ 1.28 $ 1. Total revenue Total expenses (excluding distributions) (.16) (.28) (.4) Realized gains (losses) Unrealized gains (losses) (.7) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) From dividends From capital gains (.53) Return of capital Total distributions B,C (.58) Net assets, end of period B $ $ $ 1.28 Net asset value (s) D $ 2,646 $ 833 $ 72 Securities outstanding D 215,975 71,431 7,44 Management expense ratio E,L 2.17% 2.21% 2.24% Management expense ratio before waivers or absorptions E,L 2.22% 2.24% 2.29% Trading expense ratio G.26%.12%.14% Portfolio turnover rate H 22.32% 59.27% 69.27% Net asset value per security, end of period $ $ $ Fidelity Global Concentrated Equity Fund Series E2T5 September 3, M Net assets, beginning of period B $ 2. Total revenue.2 Total expenses (excluding distributions) (.1) Realized gains (losses).6 Unrealized gains (losses).31 Total increase (decrease) from operations B.38 From net investment income (excluding dividends) From dividends From capital gains Return of capital (.8) Total distributions B,C (.8) Net assets, end of period B $ 2.29 Net asset value (s) D $ 74 Securities outstanding D 3,67 Management expense ratio E,N 2.18% Management expense ratio before waivers or absorptions E,N 2.25% Trading expense ratio G.26% Portfolio turnover rate H 22.32% Net asset value per security, end of period $

13 Fidelity Global Concentrated Equity Fund Series E3 September 3, Periods ended March 31, 216 K Net assets, beginning of period B $ $ 1.28 $ 1. Total revenue Total expenses (excluding distributions) (.17) (.27) (.4) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) From dividends From capital gains (.54) Return of capital Total distributions B,C (.59) Net assets, end of period B $ $ $ 1.28 Net asset value (s) D $ 26 $ 217 $ 4 Securities outstanding D 16,675 18, Management expense ratio E,L 2.19% 2.2% 2.22% Management expense ratio before waivers or absorptions E,L 2.23% 2.24% 2.31% Trading expense ratio G.26%.12%.14% Portfolio turnover rate H 22.32% 59.27% 69.27% Net asset value per security, end of period $ $ $ Fidelity Global Concentrated Equity Fund Series E4 September 3, Periods ended March 31, O Net assets, beginning of period B $ 1.72 $ 1. Total revenue.6.1 Total expenses (excluding distributions) (.12) (.13) Realized gains (losses).8.61 Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.4) From dividends From capital gains (.5) Return of capital Total distributions B,C (.54) Net assets, end of period B $ 11.2 $ 1.72 Net asset value (s) D $ 133 $ 1 Securities outstanding D 11, Management expense ratio E,P 2.9% 1.94% Management expense ratio before waivers or absorptions E,P 2.16% 2.28% Trading expense ratio G.26%.12% Portfolio turnover rate H 22.32% 59.27% Net asset value per security, end of period $ $

14 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series P1 September 3, Periods ended March 31, 216 Q Net assets, beginning of period B $ 1.56 $ 9.17 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.14) (.4) Realized gains (losses) Unrealized gains (losses) (.2) 1.24 (.46) Total increase (decrease) from operations B (.22) From net investment income (excluding dividends) (.5) (.5) From dividends From capital gains (.58) (.3) Return of capital Total distributions B,C (.63) (.35) Net assets, end of period B $ 11.8 $ 1.56 $ 9.17 Net asset value (s) D $ 9,586 $ 2,797 $ 589 Securities outstanding D 878,7 267,362 64,258 Management expense ratio E,R 1.13% 1.14% 1.16% Management expense ratio before waivers or absorptions E,R 1.15% 1.14% 1.16% Trading expense ratio G.26%.12%.14% Portfolio turnover rate H 22.32% 59.27% 69.27% Net asset value per security, end of period $ $ $ Fidelity Global Concentrated Equity Fund Series P1T5 September 3, Periods ended March 31, S Net assets, beginning of period B $ 21.3 $ 2. Total revenue.22.8 Total expenses (excluding distributions) (.17) (.6) Realized gains (losses) Unrealized gains (losses) (.9).96 Total increase (decrease) from operations B From net investment income (excluding dividends) From dividends From capital gains Return of capital (.51) (.25) Total distributions B,C (.51) (.25) Net assets, end of period B $ $ 21.3 Net asset value (s) D $ 231 $ 27 Securities outstanding D 1,738 9,834 Management expense ratio E,T 1.11% 1.13% Management expense ratio before waivers or absorptions E,T 1.12% 1.13% Trading expense ratio G.26%.12% Portfolio turnover rate H 22.32% 59.27% Net asset value per security, end of period $ $

15 Fidelity Global Concentrated Equity Fund Series P2 September 3, Periods ended March 31, 216 Q Net assets, beginning of period B $ 1.57 $ 9.17 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.13) (.4) Realized gains (losses) Unrealized gains (losses) (.42) Total increase (decrease) from operations B (.17) From net investment income (excluding dividends) (.5) (.5) From dividends From capital gains (.59) (.3) Return of capital Total distributions B,C (.64) (.35) Net assets, end of period B $ 11.1 $ 1.57 $ 9.17 Net asset value (s) D $ 3,749 $ 872 $ 88 Securities outstanding D 337,838 82,52 9,631 Management expense ratio E,R 1.5% 1.8% 1.8% Management expense ratio before waivers or absorptions E,R 1.7% 1.8% 1.8% Trading expense ratio G.26%.12%.14% Portfolio turnover rate H 22.32% 59.27% 69.27% Net asset value per security, end of period $ $ $ Fidelity Global Concentrated Equity Fund Series P2T5 September 3, U Net assets, beginning of period B $ 2. Total revenue.5 Total expenses (excluding distributions) (.5) Realized gains (losses).8 Unrealized gains (losses).32 Total increase (decrease) from operations B.4 From net investment income (excluding dividends) From dividends From capital gains Return of capital (.25) Total distributions B,C (.25) Net assets, end of period B $ 2. Net asset value (s) D $ 215 Securities outstanding D 1,769 Management expense ratio E,V 1.4% Management expense ratio before waivers or absorptions E,V 1.6% Trading expense ratio G.26% Portfolio turnover rate H 22.32% Net asset value per security, end of period $

16 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series P3 September 3, Periods ended March 31, 216 Q Net assets, beginning of period B $ 1.57 $ 9.18 $ 1. Total revenue Total expenses (excluding distributions) (.8) (.13) (.3) Realized gains (losses) (.2) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.5) (.5) From dividends From capital gains (.6) (.3) Return of capital Total distributions B,C (.65) (.35) Net assets, end of period B $ 11.1 $ 1.57 $ 9.18 Net asset value (s) D $ 738 $ 49 $ 1 Securities outstanding D 66,488 38,682 1,13 Management expense ratio E,R 1.% 1.2%.96% Management expense ratio before waivers or absorptions E,R 1.1% 1.2%.96% Trading expense ratio G.26%.12%.14% Portfolio turnover rate H 22.32% 59.27% 69.27% Net asset value per security, end of period $ $ $ Fidelity Global Concentrated Equity Fund Series P4 September 3, W Net assets, beginning of period B $ 1. Total revenue.13 Total expenses (excluding distributions) (.8) Realized gains (losses).58 Unrealized gains (losses) (.44) Total increase (decrease) from operations B.19 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions B,C Net assets, end of period B $ 1.29 Net asset value (s) D $ 1 Securities outstanding D 1 Management expense ratio E,X.93% Management expense ratio before waivers or absorptions E,X.95% Trading expense ratio G.26% Portfolio turnover rate H 22.32% Net asset value per security, end of period $

17 Financial Highlights Footnotes A B C D E F G H I This information is derived from the Fund s audited annual and/or unaudited interim financial statements. Periods beginning on or after January 1, 213 follow International Financial Reporting Standards (IFRS) and periods prior to January 1, 213 follow Canadian Generally Accepted Accounting Principles (Canadian GAAP). The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, may not foot due to this rounding change. Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security. Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management s best estimate of the tax character. This information is provided as at period end of the year shown. Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. Effective November 1, 214, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 1% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. Effective October 1, 215, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. J For the period January 15, 214 (commencement of sale of securities) to March 31, 214. K For the period February 5, 216 (commencement of sale of securities) to March 31, 216. L Effective February 9, 216, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. M For the period September 22, (commencement of sale of securities) to September 3,. N Effective September 26,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. O For the period September 16, 216 (commencement of sale of securities) to March 31,. P Effective September 2, 216, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. Q For the period December 4, 215 (commencement of sale of securities) to March 31, 216. R Effective December 8, 215, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. S For the period January 6, (commencement of sale of securities) to March 31,. T Effective January 1,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. U For the period July 14, (commencement of sale of securities) to September 3,. V Effective July 18,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. W For the period April 21, (commencement of sale of securities) to September 3,. X Effective April 25,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. 15

18 Management and Advisory Fees Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 1% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods. Management Fees Dealer Compensation Investment management, administration and other Series A 2.% % % Series B 1.85% 54.5% 45.95% Series F.85% 1.% Series F5.85% 1.% Series F8.85% 1.% Series T5 2.% 13.6% -3.6% Series T8 2.% 12.9% -2.9% Series S5 1.85% 54.5% 45.95% Series S8 1.85% 54.5% 45.95% Series E % 54.79% 45.21% Series E1T % 54.79% 45.21% Series E2 1.8% 55.56% 44.44% Series E2T5 1.8% 55.56% 44.44% Series E % 56.34% 43.66% Series E % 57.97% 42.3% Series P1.825% 1.% Series P1T5.825% 1.% Series P2.8% 1.% Series P2T5.8% 1.% Series P3.775% 1.% Series P4.725% 1.% 16

19 Fidelity Global Concentrated Equity Fund Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns The following bar chart shows the Fund s annual performance for each of the years shown, and illustrates how the Fund s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period. Series A Series F Series B Commencement of Operations is January 15, Series F Series F -1 Commencement of Operations is January 15, Series O

20 Fidelity Global Concentrated Equity Fund Past Performance continued Series T5 Series E Commencement of Operations is January 15, 214 Commencement of Operations is February 5, 216 Series T8 Series E1T Commencement of Operations is January 15, 214 Commencement of Operations is September 22, Series S5 Series E Commencement of Operations is January 15, 214 Commencement of Operations is February 5, 216 Series S8 Series E2T Commencement of Operations is January 15, 214 Commencement of Operations is September 22, 18

21 Series E3 Series P Commencement of Operations is February 5, 216 Commencement of Operations is December 4, 215 Series E4 Series P2T Commencement of Operations is September 16, 216 Commencement of Operations is July 14, Series P1 Series P Commencement of Operations is December 4, 215 Commencement of Operations is December 4, 215 Series P1T5 Series P Commencement of Operations is January 6, Commencement of Operations is April 21, 19

22 Fidelity Global Concentrated Equity Fund Summary of Investment Portfolio as at September 3, Sector Mix % of Fund s Net Assets as at 9/3/17 % of Fund s Net Assets as at 3/31/17 Industrials Consumer Discretionary Financials Health Care Information Technology Consumer Staples Utilities 2.3. Telecommunication Services 2.. Others (Individually Less Than 1%). 1.6 Cash and Cash Equivalents Net Other Assets (Liabilities) (2.7).5 Geographic Mix % of Fund s Net Assets as at 9/3/17 % of Fund s Net Assets as at 3/31/17 United States of America Japan Cayman Islands United Kingdom France Switzerland Germany Netherlands Bermuda Ireland Luxembourg Australia Bailiwick of Jersey Mexico 1.9. Brazil 1.9. Korea (South) Canada Sweden Others (Individually Less Than 1%) Cash and Cash Equivalents Net Other Assets (Liabilities) (2.7).5 Top Issuers % of Fund s Net Assets 1. Cash and Cash Equivalents Alphabet, Inc Vipshop Holdings Ltd Samsonite International SA ENN Energy Holdings Ltd AECOM G8 Education Ltd Bridgestone Corp Wolseley PLC SAP SE The Weir Group PLC AmerisourceBergen Corp Meggitt PLC Brenntag AG Allison Transmission Holdings, Inc SoftBank Corp Cerner Corp Jacobs Engineering Group, Inc TD Ameritrade Holding Corp Promotora y Operadora de Infraestructura S.A.B. de CV Interactive Brokers Group, Inc Olympus Corp United Technologies Corp Welcia Holdings Co. Ltd Koninklijke Philips Electronics NV 1.9 Total Fund Net Assets $276,269, 58.5 The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling , by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 3, Toronto ON M5G 2N7 or by visiting our web site at or SEDAR at 2

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24 Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 3 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario Visit us online at or call Fidelity Client Services at Fidelity s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund or Fidelity U.S. Money Market Fund will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund s current or future investments. A Fund s investments may change at any time. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC E FICL-GO-MRFPS-1117