fast – global fund may 2014 dmitry solomakhin portfolio manager

FAST – Global Fund

May 2014

Dmitry SolomakhinPortfolio Manager

Fidelity Active STrategyUCITS SICAV

FAST EQUITY FUNDS

FAST – Equity fund range

2

Long equity exposure*

Short equity exposure*

FAST Asia Fund

* Shaded areas highlight flexible nature of extensions.Source: FIL Limited, 31 March 2014.Holdings can vary from those in the index quoted. For this reason the comparison index is used for reference only.

FAST European

OpportunitiesFund

FAST Emerging

Markets Fund

FAST UK Fund

FAST Europe Fund

FAST Japan Fund

FAST US Fund

Comparison indices and launch dates

MSCI Europe

MSCI Japan

FTSE All Share

MSCI EM

MSCI Europe

MSCI AC Asia ex Japan

S&P500

MSCI AC World

1 Oct 2004 1 Oct 2004 14 Mar 2011 31 Oct 2011 31 Jan 2012 31 Jan 2013 25 Jun 2013 30 Sep 2013

0%100% 0%100% 0%100% 0%100% 0%100% 0%100% 0%100%

FAST Global Fund

0%100%

Se

p 0

4

De

c 0

4

Ma

r 0

5

Jun

05

Se

p 0

5

De

c 0

5

Ma

r 0

6

Jun

06

Se

p 0

6

De

c 0

6

Ma

r 0

7

Jun

07

Se

p 0

7

De

c 0

7

Ma

r 0

8

Jun

08

Se

p 0

8

De

c 0

8

Ma

r 0

9

Jun

09

Se

p 0

9

De

c 0

9

Ma

r 1

0

Jun

10

Se

p 1

0

De

c 1

0

Ma

r 1

1

Jun

11

Se

p 1

1

De

c 1

1

Ma

r 1

2

Jun

12

Se

p 1

2

De

c 1

2

Ma

r 1

3

Jun

13

Se

p 1

3

De

c 1

3

Ma

r 1

40

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

FA

ST

Aum

($m

)FAST – Evolution timeline

3

Source: FIL Limited as at 31 March 2014.

FAST Asia launched

Jan 2013

FAST European Opportunities

launched

Jan 2012

FAST UK launched

Mar 2011

Daily liquidity introduced

Apr 2009

UCITS conversion

Feb 2008

Short extension increased from

15% to 30%

Jan 2007

FAST Europe & FAST Japan

launched

Oct 2004

Daily valuation

introduced

Apr 2006

FAST Emerging Markets launched

Oct 2011

Capacity management programme

introduced for FAST Europe

Oct 2009

Enhanced reporting

Jun 2008

Opportunistic hedging

strategies introduced

Jun 2007

Capacity management programme

re-introduced for FAST Europe

Jan 2013

FAST US launched

Jun 2013

FAST Global launched

Sep 2013

Dmitry Solomakhin Portfolio Manager - FAST Global

4

Funds under management

FAST Global* Jan 2012 – Present**

Experience at Fidelity

Fidelity Global Technology Fund Nov 2008 – Oct 2013

Portfolio Manager Assistant, Global Equities Jan 2008 – Nov 2008

Research Analyst (European Aerospace & Defence; Airlines and Logistics) 2006 – 2008

Previous experience

IT Project Manager, Gillette 2002 – 2004

IT Project Manager, Nestle (Russia/Poland) 1999 – 2001

Dmitry SolomakhinPortfolio Manager

Based in: London

Years of investment experience: 8

Education:

MBA (Hons), INSEAD, France

MSc (Hons), Applied Mathematics & Computer Sciences, Moscow State University, Russia

Source: FIL Limited. *Fund was not available for purchase by clients until Sept 2013, when it was launched officially. **The representative track record for FAST Global began in January 2012 when it was run as an internal/pilot fund. Proof of concept phase from March 2011 to January 2012.

5

Global Equity Team

Source: FIL Limited, 31 December 2013. *The number of Equity Research resources responsible for Emerging Markets coverage includes analysts with dual research coverage which are also counted under the other regions listed in this graphic.

25 Portfolio Managers

52 Equity Research

Asia


17 Equity Research

United States


53 Equity Research*

Emerging Markets

5 Derivative SpecialistsAdvise and monitor use of

derivative instruments

Derivatives Team

Portfolio trading and monitoring

Traders / PSGShorting Analysts

5 Shorting AnalystsFind and analyse

shorting opportunities

Quant

3 Technical StrategistsAdvise and monitor

technical/market indicators


42 Equity Research

Europe

Global Equities

Aditya ShivramTelecoms/Income

Dirk PhilippaProperty Securities

Dan RobertsGlobal Dividend

Chris MooreIndustrials, Natural Res.

Dmitry SolomakhinFAST Global

Hilary NatoffHealth Care/Demographics

Sotiris BoutsisFinancial Services

Nicky StaffordConsumer/Demographics

Jeremy PodgerGlobal Special Situations

HyunHo SohnTechnology

Sudipto BanerjiGlobal Opportunities

Global Diversified Global Sector/Thematic

Japan


25 Equity Research

Amit LodhaGlobal Focus/Real Assets

FAST – Global Strategy

6

Source: FIL Limited.

Active long and short extensions to maximise risk adjusted returns

Unconstrained and benchmark unaware global equity fund

Long term investment horizon, but with dynamic stock position management

Fundamental bottom up stock selection drives high conviction, concentrated positions:

– Typically 60 - 110 stocks in total

– Long position sizes 1.0% - 5.0%

– Short position sizes 0.5% - 2.0%

No exposure to illiquid or binary outcome stocks

Long positions – what I look for

7


Where normalised earnings are much higher than current earningsRecovery

Beat the Fade Where the long term earnings power of the franchise is not appreciated by the market

Special Situations Where the market is using an inappropriate fundamental approach to analyse the stock

Short positions – looking for absolute downside

8


Broken business models (usually in an industry undergoing structural change)

Weak balance sheet, poor management & questionable track record

Structural shorts (~ 2/3 of the positions)

Common considerations

Ownership structure

Takeout probability

Sentiment, technical indicators, short interest and borrow cost

Shorter term in nature

Specific catalyst

Tactical shorts (~ 1/3 of the positions)

Idea generation & validation

9


Fidelity Research Global Sector PMs

Meetings, conferences, trips

Idea Generation - both Long and Short

Investment Universec5,000 listed stocks worldwide

Portfolio construction

Internal research Financial statements & annual reports Sell side and technical research

Hypothesis challenges iteration Downside risk + stress test

Idea Validation - both Long and Short

Long / Short BookLong Book

Mar

201

1

May

201

1

Jul 2

011

Oct

201

1

Dec

201

1

Feb

201

2

Apr

201

2

Jun

2012

Aug

201

2

Oct

201

2

Dec

201

2

Feb

201

3

Apr

201

3

Jun

2013

Aug

201

3

Oct

201

3

Dec

201

3

Feb

201

4

40

45

50

55

60

65

70

75

80

85

90

CME Group

Pric

e (U

SD

)

Long position – Recovery

10

CME Group

Great quality franchise with very high barriers to entry.

Strong management team with very shareholder friendly approach.

Earnings currently depressed by a variety of factors.

Several important catalysts over the next two years.

Core position in the fund.

Price

Bought SoldStock/CFD:

Source: Datastream/FIL Limited, 31 March 2014.*Reduced on portfolio construction considerations

Performance shown might represent trade initially deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

*

Long position – Special Situation

11

Bank Rakyat Price

Indonesian bank with a strong microfinance-focused business model.

Micro underwriting acumen a key differentiator and harder to replicate than the market believes.

Enjoys sustainable high returns in a country with low credit penetration.

Liquid and well capitalised B/S.

Core position in the fund.

Performance shown might represent trade initially deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

Source: Datastream/FIL Limited, 31 March 2014.


Mar

201

1

May

201

1

Jul 2

011

Oct

201

1

Dec

201

1

Feb

201

2

Apr

201

2

Jun

2012

Aug

201

2

Oct

201

2

Dec

201

2

Feb

201

3

Apr

201

3

Jun

2013

Aug

201

3

Oct

201

3

Dec

201

3

Feb

201

4

3900

4900

5900

6900

7900

8900

9900

Bank Rakyat

Pric

e (I

ndo.

R

up.)

Bank Rakyat – Macro forces matter

12

Exchange Rate Price to Book Relative

Source: Datastream, 31 March 2014. Source: Bloomberg, Datastream 31 March 2014. End month data used.

Mar

-94

Mar

-96

Mar

-98

Mar

-00

Mar

-02

Mar

-04

Mar

-06

Mar

-08

Mar

-10

Mar

-12

Mar

-14

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

Indo. Rupiah to US Dollar

Exc

hang

e R

ate

Mar

04

Sep

04

Mar

05

Sep

05

Mar

06

Sep

06

Mar

07

Sep

07

Mar

08

Sep

08

Mar

09

Sep

09

Mar

10

Sep

10

Mar

11

Sep

11

Mar

12

Sep

12

Mar

13

Sep

13

Mar

14

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

Bank Rakyat rel to MSCI AC World Index

Pric

e to

Boo

k

Long Position – Special Situation

13

Serco Group Price


Leading outsourcing firm under pressure from ongoing government investigations.

Solid underlying business with high earnings visibility, margin expansion via improving mix and M&A .

ROIC in excess of 15%.

Compelling valuations; stock expected to re-rate once overhang dissipates.


Performance shown might represent trade deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

Mar

201

1

May

201

1

Jul 2

011

Oct

201

1

Dec

201

1

Feb

201

2

Apr

201

2

Jun

2012

Aug

201

2

Oct

201

2

Dec

201

2

Feb

201

3

Apr

201

3

Jun

2013

Aug

201

3

Oct

201

3

Dec

201

3

Feb

201

4

350

400

450

500

550

600

650

700

Serco Group

Pric

e (G

BP

)

Short position - Structural

14

BlackBerry Price


Handset hardware and software vendor.

Initiated short position on expectations that BlackBerry10 product cycle would disappoint.

Service revenues under pressure and possibility of company becoming irrelevant within next few years.

Added to short position on weak sell through data.

Closed short position on profit taking.

Performance shown might represent trade deployed in the FAST Global Pilot. For illustration purposes only. Pilots are funded entirely by Fidelity and are not available for client investment.

Open Short CFD: Close Short

Dec

201

1

Mar

201

2

Jun

2012

Sep

201

2

Dec

201

2

Mar

201

3

Jun

2013

Sep

201

3

Dec

201

3

Mar

201

4

4

6

8

10

12

14

16

18

BlackBerry

Pric

e (U

SD

)

Risk management

15

Statistical risk analysis including factor exposures of the total fund and each ‘book’

‘Real’ risks at the portfolio level

Source: FIL Limited, 31 March 2014. Comparative index = MSCI AC World. Data includes any derivative exposures as an economically equivalent position in the underlying asset.

Stock level risk

Portfolio level risk

Statistical risk analysis

‘Real’ risks at the stock level

Additional risk control for short positions

– dynamic positioning & stop loss discipline

Portfolio level risk (Barra)

72%

9%

5%

10%

2%

2%

Stock Country Industry Risk Index

Currency World Equity

Jan-

12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep

-12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb

-13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep

-13

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb

-14

Mar

-14

-30

-10

10

30

50

70

90

110

130

150

170

Long Short Gross Net

% T

NA

Exposure – total equity level - life of FAST Global

16

Current positioning* % TNA

Long positions(44 stocks)

113.0

Short positions(25 stocks)

-18.6

Net equity exposure 94.4

Gross equity exposure 131.6

%

Active money 112.8

Ex-ante tracking error 4.0

Source: FIL Limited, 31 March 2014. *After the aggregation of all investments, including derivatives on an exposure basis, linked to a particular issuing company or basket security (e.g. index futures and options). The aggregate holding is referred to as a position. Chart data shows the net equity exposure of the FAST Global Pilot from January 2012 to September 2013 and the live fund thereafter.

Pilot Fund

De

c 1

1

Ma

r 1

2

Jun

12

Se

p 1

2

De

c 1

2

Ma

r 1

3

Jun

13

Se

p 1

3

De

c 1

3

Ma

r 1

4

90

100

110

120

130

140

150

160

170

FAST Global MSCI ACWI (N) Sector Average

Source: FIL Limited, Morningstar Direct, nav-nav, gross income reinvested, in USD, 31 December 2011 to 31 March 2014 vs Morningstar Offshore Global Large-Cap Blend Equity category. While the FAST Global pilot launched in March 2011, the representative track record commences following a proof of concept phase. The FAST Global Composite reflects composited performance data constructed from the FAST Global pilot from 31 December 2011 to 30 September 2013, and thereafter the A-ACC-USD class of the live FAST Global Fund. While no fees were applied to the FAST Global pilot, its performance has been adjusted to reflect the 206bps predicted Ongoing Charges Figure of the A-ACC-USD class of the live fund, plus has also been adjusted for an estimation of performance fee had the live fund methodology been applied to the pilot. Live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, and performance fees. Pilots are funded entirely by Fidelity and are not available for client investment. All trading for pilots is transacted via Fidelity’s centralised dealing desk, in the same way as a live fund. However, in the absence of sufficient liquidity, all client orders must be completed in full before a pilot receives any allocation. Pilots may also not trade with client accounts. Past performance is not a reliable indicator of future results. Numbers may not sum due to rounding. *Risk measures based on time periods less than 3 years are not statistically significant.

FAST Global – Performance vs. comparative index & peers

17

Risk/return vs comparative index and peer groupPerformance vs. comparative index and peer group

94% of peers beaten on IR at 1.13*97% of peers beaten on performance

Pilot Fund

5 10 15 20 25 30-20

0

20

40

60

80

100

Annualised volatility (m) (%)

Cu

mu

lativ

e r

etu

rn (

%)

MSCI ACWI

FAST Global Composite

Sector Average

+39.3%+44.2%

+60.7%

Fund Positioning

18

Source: FIL Limited

Incrementally increasing Emerging Market exposure at the expense of the US

– Not a macro call but driven by bottom-up stock selection

– Emerging market-listed companies e.g. Bank Rakyat, and developed market-listed companies e.g. Volkswagen, Diageo

– Select large capitalization banks e.g. UBS, Credit Suisse, Citi

– Telecommunications equipment companies e.g. Cisco Systems, Ericsson, Altera

– Biotechnology companies e.g. Amgen, Abbvie

Stock-specific ‘special situations’

Remain negative on US telecommunication operators, mining CAPEX and extremely overvalued technology companies

19

Appendix

Performance - as at 31 March 2014 - FAST Global

20

Net of Fees (%)

1m 3m 6m YTD 1Y Since

inception (p.a.)

Composite 1.7 2.7 6.2 2.7 19.7 23.5

MSCI ACWI 0.4 1.1 8.5 1.1 16.6 17.7

Excess returns

+1.3 +1.7 -2.3 +1.7 +3.1 +5.8

Standard period excess returns (%) Calendar year excess returns (%)

Source: FIL Limited, nav-nav, gross income reinvested, in USD, 31 December 2011 to 31 March 2014 . While the FAST Global pilot launched in March 2011, the representative track record commences following a proof of concept phase. The FAST Global Composite reflects composited performance data constructed from the FAST Global pilot from 31 December 2011 to 30 September 2013, and thereafter the A-ACC-USD class of the live FAST Global Fund. While no fees were applied to the FAST Global pilot, its performance has been adjusted to reflect the 206bps predicted Ongoing Charges Figure of the A-ACC-USD class of the live fund, plus has also been adjusted for an estimation of performance fee had the live fund methodology been applied to the pilot. Live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, and performance fees. Pilots are funded entirely by Fidelity and are not available for client investment. All trading for pilots is transacted via Fidelity’s centralised dealing desk, in the same way as a live fund. However, in the absence of sufficient liquidity, all client orders must be completed in full before a pilot receives any allocation. Pilots may also not trade with client accounts. Past performance is not a reliable indicator of future results.

Net of Fees (%)

2012 2013 2014 YTD

Composite 22.4 27.8 2.7

MSCI ACWI 16.1 22.8 1.1

Excess returns

+6.3 +5.0 +1.7

-10.0%

-5.0%

0.0%

5.0%

10.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Attribution vs. comparative index as at March 2014

21

Source: FIL Limited, 31 March 2014. Data represents FAST Global Pilot from 1 January 2012 – 30 September 2013, and the live FAST Global Fund from 02 October 2013. Comparative Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. The pilot attribution data includes an estimation of the effect of fund fees, but live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, performance fees and taxation. The fund attribution analysis is based on the overall portfolio’s holdings and may therefore differ from individual share class returns.

Delta adjusted average relative weights (%) Relative contribution (bps)

Strategy Pilot Fund Pilot Fund

Total Primary Assets (Incl Cash) 0.0 0.0 2601 -78

- Long Book -4.6 -2.8 2353 -177

- Long / Short Book -0.9 -0.2 516 124

- of which Short only -19.1 -21.6 122 145

Cash + FX (Incl Hedging) 5.5 2.9 -269 -25

Fund Fees 0.0 0.0 -760 -113

Other Expenses / Adjustments 0.0 0.0 5 -17

0.0 0.0 1845 -209

Exposure – beta adjusted total equity level as at March 2014 – life of FAST Global

22

Source: FIL Limited, 31 March 2014. Data shows the month-end beta-adjusted net equity exposure of the FAST Global Pilot from 31 January 2012 to 30 September 2013 and the live fund thereafter.

Jan

12

Feb

12

Mar

12

Apr

12

May

12

Jun

12

Jul 1

2

Aug

12

Sep

12

Oct

12

Nov

12

Dec

12

Jan

13

Feb

13

Mar

13

Apr

13

May

13

Jun

13

Jul 1

3

Aug

13

Sep

13

Oct

13

Nov

13

Dec

13

Jan

14

Feb

14

Mar

14

70%

80%

90%

100%

110%

120%

130%

Bet

a-ad

just

ed n

et e

quity

exp

osur

e (%

TN

A)

Pilot Fund

Total Book Long Book Long/Short Book

Index weight

% TNA % TNA % TNA

Consumer Staples 9.7%

I.T. 12.7%

Materials 6.1%

Industrials 10.8%

Energy 9.7%

Financials 21.5%

Utilities 3.3%

Health Care 10.6%

Telecoms 3.9%

Cons. Discretionary 11.7%

Exposure – sector - FAST Global Fund as at March 2014

23

Source: FIL Limited, 31 March 2014. Comparison Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. Holdings in different securities of the same asset are also aggregated, therefore classifications are that of the main issuer.

Long Short Relative

-15% 0% 15% 30% -15% 0% 15% 30%-15% 0% 15% 30%

Total Book Long Book Long/Short Book

Index weight

% TNA % TNA % TNA

Europe ex UK 17.0%

UK 7.8%

North America 52.7%

Pacific Basin ex JP 4.5%

Japan 7.3%

Emerging Markets 10.7%

Exposure – regions - FAST Global Fund as at March 2014

24


Long Short Relative

-40% 0% 40% 80% -40% 0% 40% 80%-40% 0% 40% 80%

Source: FIL Limited, 31 March 2014. Comparison Index is MSCI AC World (N). Instrument-specific currency adjustments applied where appropriate to model equity derivative currency exposures.

Exposure – country and currency - FAST Global Fund as at March 2014

25

Relative country exposure: Top 5 / Bottom 5 Relative currency weights: Top 5 / Bottom 5


Index weight % TNA

Switzerland 3.4%

Indonesia 0.3%

Sweden 1.2%

Austria 0.1%

United Kingdom 7.9%

Netherlands 1.0%

USA 48.9%

Korea (South) 1.7%

Japan 7.3%

China 2.0%

Long Short Relative

Index weight % TNA

Swiss Franc 3.4%

Indonesian Rupiah 0.3%

Swedish Krona 1.2%

Pound Sterling 7.8%

Turkish Lira 0.2%

Taiwanese Dollar 1.3%

Korean Won 1.7%

Euro 11.7%

Japanese Yen 7.3%

Hong Kong Dollar 3.0%

-20.0% 0.0% 20.0% 40.0% 60.0% 80.0%

0.0% 500.0% 1000.0%

Exposure – stock – Top 10 overweight / underweight – FAST Global Fund as at March 2014

26

Source: FIL Limited 31 March 2014. Comparison Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. Excludes index positions. In the underweight table, any short position names have been withheld in line with FIL’s disclosure policy.

Name Sector Region (% TNA) Index Relative

Cisco Systems IT North America 5.2 0.3 4.9

Altera IT North America 4.8 0.0 4.8

Praxair Materials North America 4.7 0.1 4.6

Ericsson IT Europe ex UK 4.6 0.1 4.5

CME Group Financials North America 4.1 0.1 4.0

Monsanto Materials North America 3.9 0.2 3.7

Danone Cons. Staples Europe ex UK 3.7 0.1 3.6

JSR Materials Japan 3.6 0.0 3.6

Volkswagen Cons. Discretionary Europe ex UK 3.5 0.1 3.4

Citigroup Financials North America 3.6 0.4 3.2

Short Position - name withheld IT North America -1.0 1.3 -2.3

Short Position - name withheld Telecoms North America -1.6 0.5 -2.1


Short Position - name withheld IT UK -1.7 0.1 -1.8

Exxon Mobil Energy North America 0.0 1.2 -1.2



Microsoft IT North America 0.0 0.9 -0.9

Short Position - name withheld Energy Europe ex UK -0.9 0.0 -0.9

Short Position - name withheld Industrials Europe ex UK -0.8 0.1 -0.9

Risk – life of FAST Global as at March 2014

27

Source: FIL Limited, 31 March 2014. Comparative index = MSCI AC World. Data represents the FAST Global Pilot from January 2012 to September 2013 and the live fund thereafter. Data includes any derivative exposures as an economically equivalent position in the underlying asset.

Volatility (ex ante, %)

Beta (ex ante)

Active money (%)

Tracking error (ex ante, %)

Ja

n 1

2F

eb

12

Ma

r 1

2A

pr

12

Ma

y 1

2J

un

12

Ju

l 12

Au

g 1

2S

ep

12

Oc

t 1

2N

ov 1

2D

ec 1

2J

an

13

Fe

b 1

3M

ar

13

Ap

r 1

3M

ay

13

Ju

n 1

3J

ul 1

3A

ug

13

Se

p 1

3O

ct

13

Nov

13

Dec

13

Ja

n 1

4F

eb

14

Ma

r 1

4

10%

12%

14%

16%

18%

20%

22%

Fund Vol BM Vol

Ja

n 1

2F

eb

12

Ma

r 1

2

Ap

r 1

2

Ma

y 1

2

Ju

n 1

2

Ju

l 12

Au

g 1

2

Se

p 1

2

Oc

t 1

2

No

v 1

2

De

c 1

2

Ja

n 1

3

Fe

b 1

3M

ar

13

Ap

r 1

3

Ma

y 1

3

Ju

n 1

3

Ju

l 13

Au

g 1

3S

ep

13

Oc

t 1

3

No

v 1

3

De

c 1

3

Ja

n 1

4

Fe

b 1

4

Ma

r 1

4

0.80

0.85

0.90

0.95

1.00

1.05

1.10

Ja

n 1

2F

eb

12

Ma

r 1

2A

pr

12

Ma

y 1

2J

un

12

Ju

l 12

Au

g 1

2S

ep

12

Oc

t 1

2N

ov

12

De

c 1

2J

an

13

Fe

b 1

3M

ar

13

Ap

r 1

3M

ay

13

Ju

n 1

3J

ul 1

3A

ug

13

Se

p 1

3O

ct

13

No

v 1

3D

ec

13

Ja

n 1

4F

eb

14

Ma

r 1

4

95%

100%

105%

110%

115%

120%

125%

Ja

n 1

2

Fe

b 1

2

Ma

r 1

2

Ap

r 1

2

Ma

y 1

2

Ju

n 1

2

Ju

l 12

Au

g 1

2

Se

p 1

2

Oc

t 1

2

No

v 1

2

De

c 1

2

Ja

n 1

3

Fe

b 1

3

Ma

r 1

3

Ap

r 1

3

Ma

y 1

3

Ju

n 1

3

Ju

l 13

Au

g 1

3

Se

p 1

3

Oc

t 1

3

No

v 1

3

De

c 1

3

Ja

n 1

4

Fe

b 1

4

Ma

r 1

4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Country Currency Industry Risk Indices Stockspecific Equity

Quarterly Attribution – FAST Global as at March 2014

28

Source: FIL Limited, 1 January 2012 – 31 March 2014. Comparative Index is MSCI AC World (N). Data includes any derivative exposures as an economically equivalent position in the underlying asset. While the FAST Global pilot launched in March 2011, the representative track record commences following a proof of concept phase. While no fees are applied to the FAST Global pilot, its performance has been adjusted from 31 December 2011 to reflect the 206bps predicted Ongoing Charges Figure of the A-ACC-USD class of the live fund, plus has also been adjusted for an estimation of performance fee had the live fund methodology been applied to the pilot. This attribution data includes an estimation of the effect of fund fees, but live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows, performance fees and taxation. Pilots are funded entirely by Fidelity and are not available for client investment. All trading for pilots is transacted via Fidelity’s centralised dealing desk, in the same way as a live fund. However, in the absence of sufficient liquidity, all client orders must be completed in full before a pilot receives any allocation. Pilots may also not trade with client accounts. Past performance is not a reliable indicator of future results. Numbers may not sum due to rounding.

Delta adjusted average relative weights (%) Relative contribution (bps)

Strategy 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14

Total Primary Assets (Incl Cash) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 468 133 114 169 388 594 36 -294 211

- Long Book -4.2 -5.7 -5.5 -4.2 -5.1 -4.7 -2.7 -2.5 -3.0 543 16 117 188 235 468 176 -229 54

- Long / Short Book -0.1 1.4 -0.2 -1.3 -1.9 -2.8 -1.5 0.1 -0.5 -18 103 49 19 202 134 -129 -49 166

- of which Short only -13.8 -12.5 -12.1 -19.2 -24.5 -26.9 -24.4 -23.2 -20.1 -90 68 54 22 27 23 -29 35 104

Cash + FX (Incl Hedging) 4.3 4.4 5.8 5.5 7.0 7.5 4.3 2.4 3.5 -57 14 -52 -39 -49 -8 -11 -16 -9

Effect of Fund Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -129 -65 -41 -78 -68 -143 1 -59 -51

Other Expenses / Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9 5 4 0 -3 5 -2 -10 -7

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 330 73 77 91 317 455 35 -363 154

EMEA & LatAm 1 1 1 - 2 2

Japan1 4 4 42 1 10

Asia ex Japan team1 10 8 183 17 21

US 4 3 32 3 2

Europe 7 6 72 7 10

Global Equity – research resources

29

Source: FIL Limited as at 31 December 2013. Equity analysts only. 1 Analysts in Japan and Asia cover more than 1 sector. 2 Japan & Asia ex Japan “Cyclicals” includes Energy & Trading and Steel, Paper Metal and Mining.

26 22 339 30 45

Global Sector PMsSotiris BoutsisDirk Philippa

Hyun Ho SohnAditya Shivram Nicky StaffordHilary Natoff Chris Moore Chris Moore

Financials / Real Estate

TMT ConsumerHealthcare

NaturalResources& Utilities

Industrials / Cyclicals2

Global research coverage across all industry verticals and geographies

Equity Support 12 Specialists

160+ research analysts and 7 global sector portfolio managers

A proprietary source of high value global ideas

30

Relative value added by Fidelity’s research recommendations, rolling 1-year performance

Source: FIL as at 31 December 2013, all stocks equal weighted. Raw data from Analyst Rating Metrics (ARM) system. Europe includes EMEA & Lat-Am.

Jul-0

7

-10%

-5%

0%

5%

10%

15%

20%

Asia ex Japan Europe Japan US

Proprietary fundamental research

31

Important notes

ATTENTION: If this fund is not registered in your jurisdiction, the distribution of this document and the offering of Shares may be restricted. Accordingly, it is only directed at and issued to specially selected persons such as qualifying investment professionals to whom it may be lawfully promoted. This document does not constitute an offer or solicitation to any person in any jurisdiction in which to make such an offer or solicitation may be unlawful and should not be relied upon by persons who do not have professional experience of participating in such offers. This document is for Professional Investors only and should not be relied upon by private investors. This document is intended only for the person or entity to which it is provided. It must not be reproduced or circulated without prior permission. Distribution or reproduction of this document, in whole or in part, or the divulgence of any of its content, is strictly prohibited. This document is protected by copyright and may not be photocopied, amended or reproduced in any manner without Fidelity Worldwide Investment's written permission. Fidelity Active STrategy (‘FAST’ or the ‘Fund’) is an open-ended investment company (SICAV) established in Luxembourg with different classes of shares. The Fund is registered under Part I of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, as amended (the “Law of 2010”). The Fund therefore qualifies as an undertaking for collective investment in transferable securities (‘UCITS’) and has obtained recognition under the Directive 2009/65/EC. Investments should be made on the basis of the current Key Investor Information Document (KIID) and prospectus, which are available along with any current annual and semi-annual reports free of charge from our European Service Centre in Luxembourg or from the offices of FIL as outlined below. Any investment activity described or referred to in this document is available only to qualifying investment professionals and will be engaged in only with qualifying investment professionals. Fidelity Worldwide Investment only gives information about its own products and services and does not provide investment advice based on individual circumstances. Any reference to specific securities is included for the purposes of illustration only and should not be construed as a recommendation to buy or sell the same. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity Worldwide Investment. Unless otherwise stated, all views are those of Fidelity Worldwide Investment. Past performance is not a reliable indicator of future returns. The value of investments can go down as well as up and investors may not get back the amount invested. Investments denominated in a currency other than the investor’s own currency will be subject to movements in foreign exchange rates. Foreign exchange transactions may be effected on an arm’s length basis by or through Fidelity Worldwide Investment companies from which a benefit may be derived by such companies. Investments in small and emerging markets can be more volatile than other more developed markets. Due to the lack of liquidity in many smaller stock markets, certain funds may be volatile and redemption rights may be restricted in extreme circumstances. In certain countries, and for certain types of investments, transaction costs are higher and liquidity is lower than elsewhere. For funds specializing in such countries and investment types, transactions, particularly those large in size, are likely to have a greater impact on the costs of running a fund than similar transactions in larger funds. Performance of bonds is affected by changes in interest rates and the issue of new bonds. If interest rates rise, bond prices fall and vice versa. Bonds are also subject to credit risk and default, and an investment in corporate bonds is generally less secure than an investment in Government bonds. Prospective investors should bear this in mind in selecting funds. In addition, investment in the fund may involve greater risk as a result of the fund’s use of derivatives, such as futures, forwards, swaps and options. Examples of the investment techniques for which the fund may use derivatives (though not exhaustive) include establishment of synthetic long and short positions, the creation of leverage that increases the fund’s economic exposure beyond the value of its net assets, or for hedging purposes. Whilst Fidelity Worldwide Investment employs a sophisticated risk management process to oversee and manage derivative exposures within the fund, investors should be aware that the use of derivative instruments may involve risks different from, and, in certain cases, greater than, the risks presented by the securities from which they are derived. Further details of the risks involved in investing in the fund are given in the prospectus and the Key Investor Document (KID), which all investors should read before investing. In the event of systemic shocks to financial markets, liquidity can become severely restricted causing some firms to withdraw from the market or, in extreme cases, become insolvent. Such events may have an adverse impact on the fund, particularly where the fund has counterparty exposure to the companies involved. Equally, the fund’s ability to utilise synthetic short exposures might from time to time be restricted in certain sectors, securities and/or certain jurisdictions due to local regulations. FIL means FIL Limited and its respective subsidiary companies. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. No statements or representations made in this document are legally binding on Fidelity Worldwide Investment or the recipient. Any proposal is subject to contract terms being agreed. Barra. Inc.’s analytics and data (www.barra.com) were used in the preparation of this document. Copyright 2013 BARRA, INC. All rights reserved. This material is issued by FIL Investments International, FIL (Luxembourg) S.A. and FIL Investment Services GmbH, Postfach 200237, 60606 Frankfurt/Main. FIL Investments International is authorised and regulated by the Financial Conduct Authority in the UK (FCA registered number 122170) and FIL (Luxembourg) S.A. is authorised and regulated by the Commission de Surveilllance du Secteur Financier (CSSF) in Luxembourg. FIL Investments International is a member of the Fidelity Worldwide Investment group of companies and is incorporated in England and Wales under company number 1448245 with registered address at Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.

FCRU0582

32

Country specific notifications

For residents of Austria: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus/Key Investor Information Document (KIID), which is available along with the current annual and semi-annual reports free of charge from: FIL (Luxembourg), S.A., 2a rue Borchette, 1021 Luxembourg, Luxembourg; at the service point: FIL Investment Services GmbH, Kastanienhöhe 1, D-61476 Kronberg im Taunus, Germany; FIL (Luxembourg) S.A., Zweigniederlassung Wien, Mariahilfer Strasse 36, 1070 Wien or www.fidelity.at as well as with the Austrian paying agent UniCredit Bank Austria AG, Vordere Zollamtstrasse 13, A-1030 Wien.

For residents of Belgium: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current Key Investor Information Document (KIID) and prospectus, including the Addendum for Belgian investors, which are available along with the current annual and semi-annual reports free of charge from our distributors, from FIL (Luxembourg) S.A. and CACEIS België NV, with head office at Havenlaan 86C, B320, 1000 - Brussels, the financial service provider in Belgium.

For residents of Germany: Eine Anlageentscheidung sollte in jedem Fall auf Grundlage der wesentlichen Anlegerinformationen, des Verkaufsprospektes, des letzten Geschäftsberichtes und - sofern nachfolgend veröffentlicht - des jüngsten Halbjahresberichtes getroffen werden. Diese Unterlagen sind die allein verbindliche Grundlage des Kaufes und können kostenlos bei der FIL Investment Services GmbH, Postfach 200237, 60606 Frankfurt/Main oder . Die FIL Investment Services GmbH veröffentlicht ausschließlich produktbezogene Informationen und erteilt keine Anlageempfehlung.

For residents of Spain: For the purposes of distribution in Spain, FAST is registered with the CNMV Register of Foreign Collective Investment Schemes under registration number 649, where complete information is available from the authorised distributors. The purchase of or subscription for shares in FAST shall be made on the basis of the Key Investor Information Document that investors shall receive in advance. The Key Investor Information Document is available free of charge from, and for inspection at, the offices of locally authorised distributors as well as at the CNMV.

For residents of the UK: Fidelity Active STrategy (SICAV) (FAST or the ‘Fund’) is recognised under section 264 of the Financial Services and Markets Act 2000. Investors should note that loss caused by such recognised funds will not be covered by the provisions of the Financial Services Compensation Scheme (or by any similar scheme in Luxembourg) if the Fund is unable to meet its obligations; however, claims for loss in regards to such recognised funds against an FCA authorised firm such as FIL Investments International will be.

For residents of the Netherlands: Investments should be made on the basis of the current Key Investor Information Document (KIID) and prospectus, which are available along with the current annual and semi-annual reports free of charge from our distributors, from FIL (Luxembourg) S.A. in Luxembourg and from FIL (Luxembourg) S.A., Netherlands Branch , World Trade Center, Tower H, 6th Floor, Zuidplein 52, 1077 XV Amsterdam (tel. 0031 20 79 77 100). FAST is authorised to offer participation rights in The Netherlands pursuant to article 2:66 (3) in conjunction with article 2:71 and 2:72 Financial Supervision Act.

fast – global fund may 2014 dmitry solomakhin portfolio manager

Documents

fast global fund

fast europe fast japan

fast asia fund

management fast global

fast uk launched

fast us launched

fast european opportunities

fast evolution timeline