FZEMX Performance — Fidelity Emerging Markets Fund, Class Z
Data updated: 2026-09-23
FZEMX returned +16.38% year to date and +34.62% over one year to Jul 2026. Annualised returns are +17.55% over 3 years and +6.68% over 5 years. Against its Emerging Markets Equity category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $162, against $164 for the category, and to $135 over one year, against $134. Volatility over the past three years was 16.85% a year. In the 12 months to Jul 2026 the fund lost a net $627K, and assets reached $10.85B.
FZEMX Growth of $100
What $100 invested in Fidelity Emerging Markets Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | FZEMX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $135 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $162 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $138 | $143 |
| Since data start (Jun 2021 – Jul 2026) | $132 | $139 |
FZEMX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +16.38% |
| 1 year | +34.62% |
| 3 years (annualised) | +17.55% |
| 5 years (annualised) | +6.68% |
FZEMX Annual Returns
Calendar-year total returns of Fidelity Emerging Markets Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +16.38% |
| 2025 | +31.17% |
| 2024 | +7.33% |
| 2023 | +15.28% |
| 2022 | −27.37% |
| 2021 (Jun–Dec) | −4.00% |
FZEMX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +6.7% | +3.2% | −8.3% | +14.1% | +6.8% | +1.7% | −7.0% | — | — | — | — | — |
| 2025 | +1.4% | −1.9% | −0.7% | +1.0% | +5.3% | +7.2% | +0.6% | +2.2% | +8.7% | +5.1% | −3.3% | +2.4% |
| 2024 | −3.2% | +5.6% | +2.9% | −2.1% | +3.0% | +4.6% | −0.9% | +0.1% | +4.0% | −2.7% | −2.3% | −1.5% |
| 2023 | +11.1% | −5.7% | +3.5% | −1.4% | −0.5% | +4.5% | +4.6% | −4.9% | −4.0% | −4.1% | +9.3% | +3.6% |
| 2022 | −4.3% | −6.2% | −3.8% | −7.9% | +0.7% | −6.0% | +1.3% | −0.7% | −11.9% | −4.0% | +17.9% | −3.7% |
| 2021 | — | — | — | — | — | +1.7% | −6.2% | +3.6% | −3.2% | +3.0% | −3.0% | +0.4% |
FZEMX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 16.85%
- 3-year Sharpe ratio: 0.77 (vs 4.5% risk-free rate)
- Best month: +14.11% (Apr 2026)
- Worst month: −8.33% (Mar 2026)
FZEMX Fund Flows
Monthly money in and out of Fidelity Emerging Markets Fund, from SEC Form N-PORT.
- 12-month net flow: −$627K
- 12-month gross sales (incl. reinvestments): $2.7B
- Sales ÷ redemptions: 1.00×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $239.8M | $227.6M | $12.2M |
| Jun 2026 | $270.5M | $286.2M | −$15.6M |
| May 2026 | $207.6M | $221.3M | −$13.7M |
| Apr 2026 | $243.9M | $191.4M | $52.5M |
| Mar 2026 | $254.4M | $266.3M | −$11.9M |
| Feb 2026 | $297.8M | $189.6M | $108.2M |
| Jan 2026 | $309.5M | $312.8M | −$3.3M |
| Dec 2025 | $213.3M | $199.0M | $14.3M |
| Nov 2025 | $161.1M | $144.7M | $16.5M |
| Oct 2025 | $198.9M | $375.2M | −$176.3M |
| Sep 2025 | $164.3M | $153.4M | $10.9M |
| Aug 2025 | $156.1M | $150.5M | $5.7M |
FZEMX Assets Under Management
Net assets of Fidelity Emerging Markets Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $10.85B |
| 2026-04-30 | $10.76B |
| 2026-01-31 | $9.82B |
| 2025-10-31 | $9.27B |
| 2025-07-31 | $8.08B |
| 2025-04-30 | $6.93B |
| 2025-01-31 | $7.45B |
| 2024-10-31 | $8.95B |
| 2024-07-31 | $9.73B |
| 2024-04-30 | $8.86B |
| 2024-01-31 | $7.79B |
| 2023-10-31 | $6.83B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.