11th Mar 2024 15:34
(Alliance News) - Fidelity Emerging Markets Ltd on Monday said that it had achieved a modest net asset value return over the past half-year, though the company boasted of a share price return comfortably ahead of its benchmark.
Fidelity is an investment fund focused on high-growth emerging markets within Africa, South Asia, Latin America, and Europe.
For the six months ended December 31, Fidelity reported a NAV return of 3.2%. This lagged behind the company's benchmark, the MSCI Emerging Markets Index, which rose 4.4% over the same period.
Fidelity said that its returns were hit by the Chinese economy, which "continued to struggle amid a slower-than-expected post-Covid reopening and an ongoing debt crisis in the property market", though noted that its portfolio is less reliant on the country than the MSCI index.
Fidelity also reported a 7.5% share price return over the period. The company said that this result was "particularly pleasing", as it suggested an improving sentiment towards emerging markets.
Shares in Fidelity are down 1.4% at 646.80 pence each in London on Monday.
By Hugh Cameron, Alliance News reporter
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