Fidelity Global Concentrated Equity Fund

Transcription

1 Fidelity Global Concentrated Equity Fund Annual Management Report of Fund Performance March 31, 18

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 Annual Management Report of Fund Performance as at March 31, 18 Fidelity Global Concentrated Equity Fund This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite, 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 Investment Objective and Strategies Investment Objective: Fidelity Global Concentrated Equity Fund (Fund) aims to achieve long-term capital growth by investing primarily in equity securities of companies anywhere in the world. Strategies: When buying and selling securities for the Fund, the portfolio manager relies on fundamental analysis of each issuer and examines each company s potential for success in light of its current financial condition, earnings estimates, quality of management, industry position and economic and market conditions. The portfolio manager favours companies that show the potential for above-average earnings or growth. The Fund may invest in small, medium and large companies and may hold cash and invest in fixed-income securities. Risk The risks associated with investing in this Fund remain as discussed in the prospectus. Any changes to the Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for long-term investors who want to gain global equity exposure, can handle the volatility of returns generally associated with equity investments, and are willing to accept a medium level of risk. The suitability of the Fund has not changed from what has been disclosed in the prospectus. Results of Operations Fidelity Global Concentrated Equity Fund, Series B, returned 11.7%, after fees and expenses, for the one-year period ended March 31, 18. 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, the MSCI ACWI (All Country World Index) Index, returned 11.% (in Canadian dollar terms). Market overview: Global equities, as measured by the MSCI ACWI (All Country World Index) Index, advanced 11.% in Canadian dollar terms over the one-year period ended March 31, 18, supported by positive global growth. Global equities registered positive returns during the review period supported by strengthening economic and corporate data across the world. Emerging markets, especially Asia, outperformed developed markets driven by encouraging economic data from China and a recovery in global demand. Towards the end of the review period, markets experienced higher volatility as heightened concerns of a potential global trade war, and faster interest rate hikes by the U.S. Federal Reserve (Fed), negatively impacted investor sentiment. The Fed increased the target federal funds rate three times during the review period against the backdrop of continued strength in the U.S. economy. U.S. equities registered healthy gains due to strong corporate earnings as deregulation and tax reforms fueled business optimism. Canadian equities were weighed down by uncertainty over NAFTA renegotiation and high consumer-debt levels. European equities gained on economic recovery in the region and an accommodative monetary policy. However, the U.K. underperformed amid uncertainty around Brexit negotiations. Factors affecting performance: The Fund outperformed its benchmark, primarily due to exposure to certain stocks in the financials and utilities sector. In the financials sector, investments in U.S.-based electronic brokerage company Interactive Brokers Group, U.S.-based brokerage firm TD Ameritrade and Sweden-based online savings and investment solutions provider Avanza contributed to relative returns. In addition, exposure to certain stocks in the utilities sector contributed to relative performance, with China-based utilities firm ENN Energy Holdings making the primary contribution. Among other sectors, China-based online retailer Vipshop and Japan-based drug store operator Welcia Holdings contributed to relative returns. At the end of the review period, the Fund had no exposure to ENN Energy Holdings. In contrast, exposure to certain holdings in consumer discretionary, along with security selection and a lower-than-benchmark exposure to information technology sector, detracted from relative returns. In the consumer discretionary sector, exposure to Australian childcare centre operator G8 Education and U.S.-based automotive aftermarket parts retailing firm Advance Auto Parts detracted from relative returns. In the information technology sector, exposure to South Africa-based information and communication technology company Alviva detracted from relative performance. Among other sectors, exposure to Switzerland-based food, beverage and tobacco firm Aryzta, U.S.-based multi-platform diversified industrial company Colfax and U.S.-based pharmaceutical company Allergan detracted from relative returns. Positioning changes: During the review period, the Fund s exposure to the consumer discretionary sector was increased by initiating a position in Denmark-based jewellery manufacturer and retailer Pandora. Portfolio manager Patrice Quirion believes that Pandora has a strong cost advantage, an economic scale of production and a unique franchise model. The Fund also initiated a position in Brazil-based private education provider Kroton Educacional; the portfolio manager believes the company is well positioned to increase market share, and that it is attractively valued due to short-term headwinds. In contrast, exposures to the consumer staples and information technology sectors were decreased. In the consumer staples sector, a position in China-based alcoholic beverage company Wuliangye Yibin was exited. The stock price had appreciated significantly, and the portfolio manager believed the valuation appeared extended. In the information technology sector, a position in American video game company Electronic Arts was exited, after the portfolio manager opted to invest in other opportunities with relatively more attractive risk/reward profiles. 1

4 Fidelity Global Concentrated Equity Fund Management Discussion of Fund Performance continued 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 little cyclicality as possible. Mr. Quirion 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 he believes exhibit attractive risk/return characteristics over the long term. He is also looking for companies that have characteristics similar to those of big leading multinationals, but are global leaders in niche areas. More recently, Mr. Quirion has been taking a closer look at U.K.-listed companies with significant international exposure; he believes many of these companies are trading at attractive valuations as the U.K. begins to see some signs of pressure on the economy. At the end of the review period, the Fund had its largest absolute exposure to the consumer discretionary sector, followed by the industrials sector. The Fund diverged the most from the benchmark sector weightings by having more exposure to the consumer discretionary and industrials sectors and less exposure to the financials and information technology sectors. Geographically, the U.S. accounted for the largest absolute exposure, followed by the U.K. Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection 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 $3,192, for the period ended March 31, 18. 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, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $4, for the period ended March 31, 18. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, 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 $2, for the period ended March 31, 18. 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. 2

5 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 Periods ended March 31, Net assets, beginning of period B $ $ $ $.3 $ 8.14 Total revenue Total expenses (excluding distributions) (.43) (.36) (.36) (.31) (.32) Realized gains (losses) Unrealized gains (losses) (1.58) Total increase (decrease) from operations B (.1) From net investment income (excluding dividends) (.1) (.5) (.4) From dividends From capital gains (.23) (.56) (.23) Return of capital Total distributions B,C (.24) (.61) (.27) Net assets, end of period B $ $ $ $ $.3 Net asset value (s) D $ 87,579 $,966 $ 15,837 $ 15,243 $ 11,742 Securities outstanding D 5,9, 1,563,974 1,351,87 1,276,529 1,174,311 Management expense ratio E,F 2.54% 2.6% 2.62% 2.65% 2.67% Management expense ratio before waivers or absorptions E,F 2.61% 2.64% 2.68% 2.68% 2.67% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $.252 Fidelity Global Concentrated Equity Fund Series B Periods ended March 31, Net assets, beginning of period B $ $ $ $.24 $ 8.29 Total revenue Total expenses (excluding distributions) (.41) (.33) (.33) (.29) (.29) Realized gains (losses) Unrealized gains (losses) (.3) 1.47 (1.64) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.5) (.4) From dividends From capital gains (.27) (.6) (.26) Return of capital Total distributions B,C (.28) (.65) (.) Net assets, end of period B $ $ $ $ $.24 Net asset value (s) D $ 141,259 $ 31,6 $ 21,192 $ 21,678 $ 15,272 Securities outstanding D 9,1,668 2,265,93 1,767,87 1,777,79 1,492,565 Management expense ratio E,F 2.35% 2.4% 2.41% 2.4% 2.4% Management expense ratio before waivers or absorptions E,F 2.41% 2.44% 2.46% 2.42% 2.4% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $

6 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series F Periods ended March 31, Net assets, beginning of period B $ 16.1 $ 13.9 $ $ $ 9.38 Total revenue Total expenses (excluding distributions) (.28) (.22) (.23) (.19) (.) Realized gains (losses) Unrealized gains (losses) (1.85) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.8) (.8) From dividends (.1) From capital gains (.52) (.87) Return of capital Total distributions B,C (.53) (.96) (.8) Net assets, end of period B $ $ 16.1 $ 13.9 $ $ Net asset value (s) D $ 57,479 $ 11,865 $ 6,558 $ 5,475 $ 3,84 Securities outstanding D 3,283,3 744,55 471, ,496 26,645 Management expense ratio E,I 1.21% 1.24% 1.24% 1.19% 1.16% Management expense ratio before waivers or absorptions E,I 1.23% 1.24% 1.24% 1.19% 1.16% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series F5 Periods ended March 31, J Net assets, beginning of period B $ 23.8 $ $ $ $. Total revenue Total expenses (excluding distributions) (.41) (.34) (.36) (.33) (.11) Realized gains (losses) Unrealized gains (losses) (3.5) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2) (.11) (.12) From dividends (.1) (.1) From capital gains (.74) (1.31) (.71) Return of capital (1.) (.94) (.99) (1.) (.17) Total distributions B,C (1.86) (2.37) (1.82) (1.) (.17) Net assets, end of period B $ $ 23.8 $ $ $ Net asset value (s) D $ 1,469 $ 72 $ 76 $ 54 $ 1 Securities outstanding D 58,3 29,496 3,545 2,341 5 Management expense ratio E,I 1.21% 1.25% 1.25% 1.25% 1.25% Management expense ratio before waivers or absorptions E,I 1.23% 1.25% 1.25% 1.25% 1.25% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $

7 Fidelity Global Concentrated Equity Fund Series F8 Periods ended March 31, J Net assets, beginning of period B $ $.18 $ $ $. Total revenue Total expenses (excluding distributions) (.37) (.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 (.67) (1.) (.67) Return of capital (1.44) (1.51) (1.58) (1.6) (.27) Total distributions B,C (2.12) (2.82) (2.37) (1.6) (.27) Net assets, end of period B $ $ $.18 $ $ Net asset value (s) D $ 1,198 $ 291 $ 1 $ 78 $ 1 Securities outstanding D 53,911 13,49 6,441 3,56 51 Management expense ratio E,I 1.19% 1.24% 1.25% 1.25% 1.25% Management expense ratio before waivers or absorptions E,I 1.21% 1.24% 1.25% 1.25% 1.25% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $.1782 $ $ Fidelity Global Concentrated Equity Fund Series O Periods ended March 31, Net assets, beginning of period B $ 19.1 $ $ $ $.9 Total revenue Total expenses (excluding distributions) (.9) (.4) (.6) (.5) (.7) Realized gains (losses) Unrealized gains (losses) (.2) 2.12 (2.12) Total increase (decrease) from operations B From net investment income (excluding dividends) (.2) (.11) (.13) From dividends (.1) (.1) From capital gains (.87) (1.26) (.73) Return of capital Total distributions B,C (.89) (1.38) (.86) Net assets, end of period B $.78 $ 19.1 $ $ $ Net asset value (s) D $ 199,859 $ 44,589 $ 25,525 $ 27,719 $ 8,99 Securities outstanding D 9,6,515 2,341,81 1,539,56 1,636, ,56 Management expense ratio % % % % % Management expense ratio before waivers or absorptions % % % % % Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $.8333 $ $ $ $

8 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series T5 Periods ended March 31, J Net assets, beginning of period B $ $ $ $ $. Total revenue Total expenses (excluding distributions) (.75) (.64) (.68) (.62) (.18) Realized gains (losses) Unrealized gains (losses) (.59) 2.94 (2.86) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.8) (.7) From dividends (.1) From capital gains (.38) (.97) (.41) Return of capital (1.9) (.96) (.99) (1.) (.17) Total distributions B,C (1.48) (2.2) (1.47) (1.) (.17) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 1,239 $ 254 $ 6 $ 63 $ 25 Securities outstanding D 5,582,891 2,837 2,775 1,234 Management expense ratio E,F 2.58% 2.65% 2.67% 2.7% 2.74% Management expense ratio before waivers or absorptions E,F 2.65% 2.68% 2.73% 2.74% 2.74% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series T8 Periods ended March 31, J Net assets, beginning of period B $ $ $ $ $. Total revenue Total expenses (excluding distributions) (.65) (.58) (.64) (.6) (.18) Realized gains (losses) Unrealized gains (losses) (2.58) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.8) (.7) From dividends (.1) From capital gains (.35) (.89) (.39) Return of capital (1.49) (1.54) (1.59) (1.6) (.27) Total distributions B,C (1.85) (2.52) (2.5) (1.6) (.27) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 3,5 $ 587 $ 642 $ 921 $ 337 Securities outstanding D 152,392 27,771 32,458 42,329 17,48 Management expense ratio E,F 2.51% 2.62% 2.65% 2.69% 2.74% Management expense ratio before waivers or absorptions E,F 2.57% 2.66% 2.71% 2.72% 2.74% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $

9 Fidelity Global Concentrated Equity Fund Series S5 Periods ended March 31, J Net assets, beginning of period B $ $ 21. $ $ $. Total revenue Total expenses (excluding distributions) (.67) (.59) (.63) (.59) (.19) Realized gains (losses) Unrealized gains (losses) (2.) 2.91 (2.85) Total increase (decrease) from operations B (.35) From net investment income (excluding dividends) (.1) (.9) (.8) From dividends (.1) From capital gains (.43) (1.2) (.46) Return of capital (1.9) (.96) (.99) (1.) (.17) Total distributions B,C (1.53) (2.8) (1.53) (1.) (.17) Net assets, end of period B $ 24.5 $ $ 21. $ $ Net asset value (s) D $ 579 $ 84 $ 38 $ 38 $ 1 Securities outstanding D 23,595 3,68 1,777 1,683 5 Management expense ratio E,F 2.39% 2.45% 2.43% 2.44% 2.49% Management expense ratio before waivers or absorptions E,F 2.45% 2.49% 2.48% 2.48% 2.49% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 59.27% 69.27% 53.5% 67.18% Net asset value per security, end of period $ $ $ $ $ Fidelity Global Concentrated Equity Fund Series S8 Periods ended March 31, J Net assets, beginning of period B $ $ $ $ $. Total revenue Total expenses (excluding distributions) (.6) (.54) (.59) (.56) (.19) Realized gains (losses) Unrealized gains (losses) (.1) 2. (2.51) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.8) (.8) From dividends (.1) From capital gains (.39) (.94) (.44) Return of capital (1.48) (1.54) (1.59) (1.6) (.27) Total distributions B,C (1.88) (2.57) (2.) (1.6) (.27) Net assets, end of period B $ $ $ $ $ Net asset value (s) D $ 2,786 $ 45 $ 276 $ 182 $ 6 Securities outstanding D 128,43 21,245 13,96 8, Management expense ratio E,F 2.34% 2.42% 2.42% 2.43% 2.5% Management expense ratio before waivers or absorptions E,F 2.41% 2.46% 2.46% 2.46% 2.5% Trading expense ratio G.33%.12%.14%.13%.58% Portfolio turnover rate H 67.97% 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 E1 Periods ended March 31, K Net assets, beginning of period B $ $.27 $. Total revenue Total expenses (excluding distributions) (.35) (.28) (.4) Realized gains (losses) Unrealized gains (losses) (.11) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.5) From dividends From capital gains (.24) (.52) Return of capital Total distributions B,C (.25) (.57) Net assets, end of period B $ $ $.27 Net asset value (s) D $ 4,316 $ 6,56 $ 1,669 Securities outstanding D 3,116, , ,457 Management expense ratio E,L 2.26% 2.31% 2.% Management expense ratio before waivers or absorptions E,L 2.32% 2.34% 2.35% Trading expense ratio G.33%.12%.14% Portfolio turnover rate H 67.97% 59.27% 69.27% Net asset value per security, end of period $ $ $.2745 Fidelity Global Concentrated Equity Fund Series E1T5 Periods ended March 31, 18 M Net assets, beginning of period B $. Total revenue.18 Total expenses (excluding distributions) (.) Realized gains (losses) 1.27 Unrealized gains (losses) (.24) Total increase (decrease) from operations B.91 From net investment income (excluding dividends) (.1) From dividends From capital gains (.39) Return of capital (.58) Total distributions B,C (.98) Net assets, end of period B $.79 Net asset value (s) D $ 722 Securities outstanding D 34,634 Management expense ratio E,N 2.28% Management expense ratio before waivers or absorptions E,N 2.35% Trading expense ratio G.33% Portfolio turnover rate H 67.97% Net asset value per security, end of period $

11 Fidelity Global Concentrated Equity Fund Series E2 Periods ended March 31, K Net assets, beginning of period B $ $.28 $. Total revenue Total expenses (excluding distributions) (.33) (.28) (.4) Realized gains (losses) Unrealized gains (losses) (.25) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.5) From dividends From capital gains (.26) (.53) Return of capital Total distributions B,C (.27) (.58) Net assets, end of period B $ $ $.28 Net asset value (s) D $ 7,57 $ 833 $ 72 Securities outstanding D 582,823 71,431 7,44 Management expense ratio E,L 2.17% 2.21% 2.24% Management expense ratio before waivers or absorptions E,L 2.23% 2.24% 2.29% Trading expense ratio G.33%.12%.14% Portfolio turnover rate H 67.97% 59.27% 69.27% Net asset value per security, end of period $ $ $.2756 Fidelity Global Concentrated Equity Fund Series E2T5 Periods ended March 31, 18 M Net assets, beginning of period B $. Total revenue.17 Total expenses (excluding distributions) (.28) Realized gains (losses) 1.26 Unrealized gains (losses) (.31) Total increase (decrease) from operations B.84 From net investment income (excluding dividends) (.1) From dividends From capital gains (.41) Return of capital (.58) Total distributions B,C (1.) Net assets, end of period B $.78 Net asset value (s) D $ 198 Securities outstanding D 9,526 Management expense ratio E,N 2.19% Management expense ratio before waivers or absorptions E,N 2.26% Trading expense ratio G.33% Portfolio turnover rate H 67.97% Net asset value per security, end of period $

12 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series E3 Periods ended March 31, K Net assets, beginning of period B $ $.28 $. Total revenue Total expenses (excluding distributions) (.34) (.27) (.4) Realized gains (losses) Unrealized gains (losses) (.66) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.5) From dividends From capital gains (.25) (.54) Return of capital Total distributions B,C (.26) (.59) Net assets, end of period B $ $ $.28 Net asset value (s) D $ 1,623 $ 217 $ 4 Securities outstanding D 124,835 18,3 355 Management expense ratio E,L 2.15% 2.% 2.22% Management expense ratio before waivers or absorptions E,L 2.21% 2.24% 2.31% Trading expense ratio G.33%.12%.14% Portfolio turnover rate H 67.97% 59.27% 69.27% Net asset value per security, end of period $ $ $.2753 Fidelity Global Concentrated Equity Fund Series E4 Periods ended March 31, O Net assets, beginning of period B $.72 $. Total revenue.18. Total expenses (excluding distributions) (.29) (.13) Realized gains (losses) Unrealized gains (losses) (.74).69 Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.4) From dividends From capital gains (.24) (.5) Return of capital Total distributions B,C (.25) (.54) Net assets, end of period B $ $.72 Net asset value (s) D $ 488 $ 1 Securities outstanding D 41,482 5 Management expense ratio E,P 2.% 1.94% Management expense ratio before waivers or absorptions E,P 2.17% 2.28% Trading expense ratio G.33%.12% Portfolio turnover rate H 67.97% 59.27% Net asset value per security, end of period $ $.7231

13 Fidelity Global Concentrated Equity Fund Series P1 Periods ended March 31, Q Net assets, beginning of period B $.56 $ 9.17 $. Total revenue Total expenses (excluding distributions) (.18) (.14) (.4) Realized gains (losses) Unrealized gains (losses) (.46) Total increase (decrease) from operations B (.22) From net investment income (excluding dividends) (.1) (.5) (.5) From dividends From capital gains (.35) (.58) (.) Return of capital Total distributions B,C (.36) (.63) (.35) Net assets, end of period B $ $.56 $ 9.17 Net asset value (s) D $ 15,126 $ 2,797 $ 589 Securities outstanding D 1,7, ,362 64,258 Management expense ratio E,R 1.12% 1.14% 1.16% Management expense ratio before waivers or absorptions E,R 1.14% 1.14% 1.16% Trading expense ratio G.33%.12%.14% Portfolio turnover rate H 67.97% 59.27% 69.27% Net asset value per security, end of period $ $.5567 $ Fidelity Global Concentrated Equity Fund Series P1T5 Periods ended March 31, S Net assets, beginning of period B $ 21.3 $. Total revenue.38.8 Total expenses (excluding distributions) (.35) (.6) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) From dividends From capital gains (.68) Return of capital (1.3) (.25) Total distributions B,C (1.72) (.25) Net assets, end of period B $ $ 21.3 Net asset value (s) D $ 556 $ 7 Securities outstanding D 25,4 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.33%.12% Portfolio turnover rate H 67.97% 59.27% Net asset value per security, end of period $ $

14 Financial Highlights continued Fidelity Global Concentrated Equity Fund Series P2 Periods ended March 31, Q Net assets, beginning of period B $.57 $ 9.17 $. Total revenue Total expenses (excluding distributions) (.16) (.13) (.4) Realized gains (losses) Unrealized gains (losses) (.42) Total increase (decrease) from operations B (.17) From net investment income (excluding dividends) (.1) (.5) (.5) From dividends From capital gains (.36) (.59) (.) Return of capital Total distributions B,C (.37) (.64) (.35) Net assets, end of period B $ $.57 $ 9.17 Net asset value (s) D $ 5,95 $ 872 $ 88 Securities outstanding D 438,512 82,52 9,631 Management expense ratio E,R 1.3% 1.8% 1.8% Management expense ratio before waivers or absorptions E,R 1.5% 1.8% 1.8% Trading expense ratio G.33%.12%.14% Portfolio turnover rate H 67.97% 59.27% 69.27% Net asset value per security, end of period $ $.5698 $ Fidelity Global Concentrated Equity Fund Series P2T5 Periods ended March 31, 18 U Net assets, beginning of period B $. Total revenue.17 Total expenses (excluding distributions) (.19) Realized gains (losses) 1.7 Unrealized gains (losses) 1. Total increase (decrease) from operations B 2.35 From net investment income (excluding dividends) (.1) From dividends From capital gains (.65) Return of capital (.74) Total distributions B,C (1.4) Net assets, end of period B $.35 Net asset value (s) D $ 1 Securities outstanding D 5,859 Management expense ratio E,V 1.4% Management expense ratio before waivers or absorptions E,V 1.6% Trading expense ratio G.33% Portfolio turnover rate H 67.97% Net asset value per security, end of period $

15 Fidelity Global Concentrated Equity Fund Series P3 Periods ended March 31, Q Net assets, beginning of period B $.57 $ 9.18 $. Total revenue Total expenses (excluding distributions) (.17) (.13) (.3) Realized gains (losses) (.2) Unrealized gains (losses) Total increase (decrease) from operations B From net investment income (excluding dividends) (.1) (.5) (.5) From dividends From capital gains (.37) (.6) (.) Return of capital Total distributions B,C (.38) (.65) (.35) Net assets, end of period B $ $.57 $ 9.18 Net asset value (s) D $ 1,776 $ 49 $ Securities outstanding D 153,233 38,682 1,3 Management expense ratio E,R.99% 1.2%.96% Management expense ratio before waivers or absorptions E,R 1.1% 1.2%.96% Trading expense ratio G.33%.12%.14% Portfolio turnover rate H 67.97% 59.27% 69.27% Net asset value per security, end of period $ $.5736 $ Fidelity Global Concentrated Equity Fund Series P4 Periods ended March 31, 18 W Net assets, beginning of period B $. Total revenue.22 Total expenses (excluding distributions) (.15) Realized gains (losses) 1.36 Unrealized gains (losses) (5.21) Total increase (decrease) from operations B (3.78) From net investment income (excluding dividends) (.1) From dividends From capital gains (.35) Return of capital Total distributions B,C (.36) Net assets, end of period B $.72 Net asset value (s) D $ 52 Securities outstanding D 4,867 Management expense ratio E,X.91% Management expense ratio before waivers or absorptions E,X.93% Trading expense ratio G.33% Portfolio turnover rate H 67.97% Net asset value per security, end of period $

16 Financial Highlights continued Financial Highlights Footnotes A This information is derived from the Fund s audited annual and/or unaudited interim financial statements. 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, 17 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, 17 may not foot due to this rounding change. B 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. C 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. D This information is provided as at period end of the year shown. E 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. F Effective November 1, 14, 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. G 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. H The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of % 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. I Effective October 1, 15, 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, 14 (commencement of sale of securities) to March 31, 14. K For the period February 5, 16 (commencement of sale of securities) to March 31, 16. L Effective February 9, 16, 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, 17 (commencement of sale of securities) to March 31, 18. N Effective September 26, 17, 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, 16 (commencement of sale of securities) to March 31, 17. P Effective September, 16, 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, 15 (commencement of sale of securities) to March 31, 16. R Effective December 8, 15, 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, 17 (commencement of sale of securities) to March 31, 17. T Effective January, 17, 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, 17 (commencement of sale of securities) to March 31, 18. V Effective July 18, 17, 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, 17 (commencement of sale of securities) to March 31, 18. X Effective April 25, 17, 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. 14

17 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 % 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.% 137.% -37.% Series B 1.85% 54.5% 45.95% Series F.85%.% Series F5.85%.% Series F8.85%.% Series T5 2.% 162.5% -62.5% Series T8 2.% 83.84% 16.16% 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%.% Series P1T5.825%.% Series P2.8%.% Series P2T5.8%.% Series P3.775%.% Series P4.725%.% 15

18 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. The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher. 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. Series A Series F Series B Commencement of Operations is January 15, Series F Series F Commencement of Operations is January 15, 14 Series O

19 Series T5 Series E Commencement of Operations is January 15, 14 Commencement of Operations is February 5, 16 Series T8 Series E1T Commencement of Operations is January 15, 14 Commencement of Operations is September 22, 17 Series S5 Series E Commencement of Operations is January 15, 14 Commencement of Operations is February 5, 16 Series S8 Series E2T Commencement of Operations is January 15, 14 Commencement of Operations is September 22, 17 17

20 Fidelity Global Concentrated Equity Fund Past Performance continued Series E3 Series P Commencement of Operations is February 5, 16 Series E4 Commencement of Operations is December 4, 15 Series P2T Commencement of Operations is September 16, 16 Series P1 Commencement of Operations is July 14, 17 Series P Commencement of Operations is December 4, 15 Series P1T5 Commencement of Operations is December 4, 15 Series P Commencement of Operations is January 6, 17 Commencement of Operations is April 21, 17 18

21 Annual Compound Returns This table shows the Fund s historical annual compound total returns for the periods indicated, compared with the Fund s benchmark, the MSCI ACWI (All Country World Index) Index. Total fund returns are calculated through the last business day of the period on which Canadian markets were open, which was March 29, 18. Average Annual Total Returns Fidelity Global Concentrated Equity Fund Series A 11.5%.5% 14.6% 6.9% n/a Fidelity Global Concentrated Equity Fund Series B 11.7%.7% 14.9% 7.1% n/a Fidelity Global Concentrated Equity Fund Series F 13.% 12.% 16.3% 8.4% n/a Fidelity Global Concentrated Equity Fund Series F5 12.9% 12.% n/a n/a 13.5% Fidelity Global Concentrated Equity Fund Series F8 13.% 12.% n/a n/a 13.6% Fidelity Global Concentrated Equity Fund Series O 14.3% 13.4% 17.7% 9.7% n/a Fidelity Global Concentrated Equity Fund Series T5 11.4%.5% n/a n/a 12.% Fidelity Global Concentrated Equity Fund Series T8 11.5%.5% n/a n/a 12.% Fidelity Global Concentrated Equity Fund Series S5 11.7%.7% n/a n/a 12.2% Fidelity Global Concentrated Equity Fund Series S8 11.7%.7% n/a n/a 12.2% Fidelity Global Concentrated Equity Fund Series E1 11.8%.8% 15.% 7.1% n/a Fidelity Global Concentrated Equity Fund Series E1T5 11.7%.7% n/a n/a 12.2% Fidelity Global Concentrated Equity Fund Series E2 11.9%.9% 15.% 7.2% n/a Fidelity Global Concentrated Equity Fund Series E2T5 11.8%.7% n/a n/a 12.2% Fidelity Global Concentrated Equity Fund Series E3 11.9%.9% 15.% 7.2% n/a Fidelity Global Concentrated Equity Fund Series E4 12.%.9% 15.% 7.2% n/a Fidelity Global Concentrated Equity Fund Series P1 13.1% 12.1% 16.3% 8.4% n/a Fidelity Global Concentrated Equity Fund Series P1T5 13.1% 12.1% n/a n/a 13.6% Fidelity Global Concentrated Equity Fund Series P2 13.1% 12.2% 16.4% 8.4% n/a Fidelity Global Concentrated Equity Fund Series P2T5 13.1% 12.1% n/a n/a 13.6% Fidelity Global Concentrated Equity Fund Series P3 13.2% 12.2% 16.4% 8.4% n/a Fidelity Global Concentrated Equity Fund Series P4 13.3% 12.1% 16.3% 8.4% n/a MSCI ACWI (All Country World Index) Index 11.% 8.8% 14.5% 8.% 11.7% A discussion of the performance of the Fund can be found in the Results of Operations section of this report. The MSCI ACWI (All Country World Index) Index is an unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. Each Series will have different returns due to differences in management fees and expenses. Past 1 year Past 3 years Past 5 years Past years Since Inception 19

22 Fidelity Global Concentrated Equity Fund Summary of Investment Portfolio as at March 31, 18 Sector Mix % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 Consumer Discretionary Industrials Health Care Information Technology Financials 9.3. Telecommunication Services 2.. Consumer Staples Others (Individually Less Than 1%). 1.6 Cash and Cash Equivalents Net Other Assets (Liabilities).9.5 Geographic Mix % of Fund s Net Assets as at 3/31/18 % of Fund s Net Assets as at 3/31/17 United States of America United Kingdom Japan Germany France Cayman Islands Switzerland Bermuda Canada Sweden Denmark 2.1. Luxembourg Brazil 2.. Taiwan 1.9. Korea (South) Isle of Man 1.7. Australia Bailiwick of Jersey Netherlands Mexico 1.3. Ireland British Virgin Islands 1.. Others (Individually Less Than 1%). 4.5 Cash and Cash Equivalents Net Other Assets (Liabilities).9.5 Top Issuers % of Fund s Net Assets 1. Cash and Cash Equivalents Vipshop Holdings Ltd Avanza Bank Holding AB Gildan Activewear, Inc Julius Baer Group Ltd Jacobs Engineering Group, Inc Brenntag AG ServiceMaster Global Hldgs, Inc Pandora A/S 2.1. Samsonite International SA Compass Group PLC Bunzl PLC Bridgestone Corp BT Group PLC Alphabet, Inc Kroton Educacional SA Safran SA Advance Auto Parts, Inc The Weir Group PLC 2.. Advantech Co. Ltd Hyundai Mobis Publicis Groupe SA Hologic, Inc Continental AG Meggitt PLC 1.8 Total Fund Net Assets $569,561, 56.5 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, Toronto ON M5G 2N7 or by visiting our web site at or SEDAR at

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24 Fidelity Investments Canada ULC 483 Bay Street, Suite Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 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, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust 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-MRFPA-618