Fidelity Funds Emerging Market Debt Fund enters market

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Fidelity Funds Emerging Market Debt Fund enters market

Tue 14th Feb 2006

The Fidelity Funds Emerging Market Debt Fund will be introduced to the arena today.

This scheme is Fidelity's first dedicated to the emerging market debt asset class.

It is intended that the fund will meet or exceed the current benchmark yield rate – the level of return forecast for deals of this type – of 6.6 per cent.

Portfolio manager for the company's US partner Fidelity Management and Research John Carlson has been appointed to run the new fund.

Mr Carlson has been in charge of a new markets income fund worth $1.82 billion (£1.04 billion) in America for ten years.

He commented: "Since 1991, the emerging market debt market has produced impressive returns – frequently outperforming emerging market equities, while providing lower volatility."

The Fidelity Funds Emerging Market Debt Fund will hold debts from 30 to 35 issuers and primarily invest in global emerging-market debt securities.

A minimum investment of $2,500 (£1,440) is required by the fund, an initial charge of 3.5 per cent is made and annually a management fee of 1.25 per cent applies.

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