Morgan Stanley Emerging Markets Equity

  • Trading Symbol: FPRNC
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Morningstar® Snapshot*

AS OF 8/31/2014; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS
Returns 4 out of 5, Above Average Returns
LOW AVG HIGH
Risk of this Category Category Risk Rating:8, where 1 is Lower and 10 is Higher
LOWER HIGHER

*All data provided by Morningstar. Please click on each indicator above to learn more about comparison groups and methodology.

Performance

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AS OF 8/31/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr Life
FPRNC -- +16.30% +4.37% +7.73% +4.33%
*AS OF 9/19/2014; Value is cumulative
SUBACCOUNT INCEPTION 5/1/2006

Hypothetical Growth of $10,000

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AS OF 08/31/2014; MORNINGSTAR CATEGORY: DIVERSIFIED EMERGING MKTS
Shows growth of hypothetical $10,000 investment in Morgan Stanley Emerging Markets Equity fund over the selected time period

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, and reflect the effects of the annual annuity charge and the underlying fund's expenses. Figures do not reflect the effects of any applicable redemption fees, maintenance charges, or surrender fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

Fund Manager(s)

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Gaite Ali since 4/30/2013 Samuel Rhee since 5/17/2012 Munib Madni since 5/17/2012 Ruchir Sharma since 4/30/2002 Ana Cristina Piedrahita since 1/31/2002 Eric Carlson since 9/30/1997 Paul C. Psaila since 10/1/1996

Fund Overview

Objective

The investment seeks long-term capital appreciation.

Strategy

The fund normally invests in growth-oriented equity securities in emerging markets. It invests at least 80% of the fund's assets in equity securities located in emerging market or developing countries. The fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. It may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities.

Risk

Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Details

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Morningstar Category
Diversified Emerging Mkts
Subaccount Inception
5/1/2006
Unit Value
$13.95
9/18/2014
6/30/2014
6/30/2014
Turnover Rate
48%
12/31/2013
Net Assets ($M)
$26.91
8/31/2014
12 Month Low-High
$12.11 - $14.30
8/31/2014

Top 10 Holdings

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AS OF 6/30/2014
Top 10 Holdings
Samsung Electronics Co Ltd 2.80%
Tencent Holdings Ltd. 2.58%
Taiwan Semiconductor Manufacturing Co Ltd 2.43%
Bank Of China Ltd. H Shares 1.99%
BRF SA 1.88%
Naspers Ltd Class N 1.48%
Cemex SAB de CV ADR 1.40%
SK Hynix Inc 1.27%
China Construction Bank Corp H Shares 1.24%
Bank Bradesco Pfd Shs 1.22%
% of Total Portfolio 18.28%
Total # of holdings: 172 as of 6/30/2014

Quarter-End Average Annual Total Returns

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AS OF 6/30/2014; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.71% AS OF 6/30/2014
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Emerging Markets Equity 10.49% 0.91% 9.43% -- 4.08%

© 2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.