Fido fund to focus on international markets

Fidelity Investments of Boston today launched a new international equity fund which involves multiple emerging markets. The Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (FEMEX) is being managed by Adam Kutas, from Fidelity’s London office. Mr. Kutas previously co-managed the Fidelity Latin America Fund (FLATX). The Fund seeks capital appreciation and will invest at lest 80% of its assets in the stocks of emerging Europe, Middle East and Africa companies and other investments tied to the region. The fund’s benchmark will be the MSCI Emerging Markets Europe, Middle East and Africa Index. The region includes more than 80 countries. Fidelity Investments had more than $3.3 trillion in assets under custody, including more than $1.5 trillion in managed assets as of April 30.