Quarterly Holdings Report
for
Fidelity® China Region Fund
July 31, 2023
HKC-NPRT3-0923
1.804836.119
Common Stocks - 93.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 13.1% | |||
Entertainment - 2.7% | |||
NetEase, Inc. | 1,190,900 | 25,938,200 | |
Sea Ltd. ADR (a) | 38,600 | 2,567,672 | |
28,505,872 | |||
Interactive Media & Services - 10.4% | |||
Tencent Holdings Ltd. | 2,387,700 | 109,741,444 | |
TOTAL COMMUNICATION SERVICES | 138,247,316 | ||
CONSUMER DISCRETIONARY - 23.3% | |||
Automobile Components - 0.3% | |||
Fuyao Glass Industries Group Co. Ltd. (H Shares) (b) | 847,600 | 3,760,397 | |
Automobiles - 2.8% | |||
BYD Co. Ltd. (H Shares) | 290,000 | 10,329,227 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 9,646,000 | 6,035,785 | |
Li Auto, Inc. ADR (a) | 309,700 | 13,255,160 | |
29,620,172 | |||
Broadline Retail - 9.6% | |||
Alibaba Group Holding Ltd. (a) | 5,675,200 | 72,525,571 | |
JD.com, Inc. Class A | 309,300 | 6,403,620 | |
PDD Holdings, Inc. ADR (a) | 249,805 | 22,437,485 | |
101,366,676 | |||
Diversified Consumer Services - 0.4% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 69,100 | 3,878,583 | |
Hotels, Restaurants & Leisure - 6.7% | |||
Galaxy Entertainment Group Ltd. (a) | 1,317,000 | 9,558,040 | |
Meituan Class B (a)(b) | 2,163,358 | 41,298,762 | |
Trip.com Group Ltd. (a) | 144,000 | 5,881,367 | |
Trip.com Group Ltd. ADR (a) | 330,400 | 13,559,616 | |
70,297,785 | |||
Household Durables - 1.1% | |||
Haier Smart Home Co. Ltd. (A Shares) | 3,282,727 | 11,351,761 | |
Textiles, Apparel & Luxury Goods - 2.4% | |||
Li Ning Co. Ltd. | 1,458,000 | 8,786,624 | |
LVMH Moet Hennessy Louis Vuitton SE | 11,300 | 10,495,078 | |
Shenzhou International Group Holdings Ltd. | 555,300 | 5,842,153 | |
25,123,855 | |||
TOTAL CONSUMER DISCRETIONARY | 245,399,229 | ||
CONSUMER STAPLES - 4.9% | |||
Beverages - 2.9% | |||
Kweichow Moutai Co. Ltd. (A Shares) | 84,845 | 22,338,272 | |
Wuliangye Yibin Co. Ltd. (A Shares) | 337,760 | 8,558,907 | |
30,897,179 | |||
Food Products - 0.8% | |||
Uni-President Enterprises Corp. | 3,562,000 | 8,518,662 | |
Household Products - 0.5% | |||
C&S Paper Co. Ltd. (A Shares) | 2,955,102 | 4,583,991 | |
Personal Care Products - 0.7% | |||
Proya Cosmetics Co. Ltd.: | |||
(A Shares) | 374,164 | 5,911,464 | |
(A Shares) | 109,100 | 1,723,685 | |
7,635,149 | |||
TOTAL CONSUMER STAPLES | 51,634,981 | ||
ENERGY - 1.3% | |||
Energy Equipment & Services - 1.3% | |||
China Oilfield Services Ltd. (H Shares) | 12,112,000 | 14,287,964 | |
FINANCIALS - 13.6% | |||
Banks - 5.1% | |||
China Construction Bank Corp. (H Shares) | 39,046,610 | 22,758,653 | |
E.SUN Financial Holdings Co. Ltd. | 11,208,185 | 9,201,918 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 43,988,000 | 21,480,563 | |
53,441,134 | |||
Capital Markets - 1.1% | |||
Hong Kong Exchanges and Clearing Ltd. | 289,000 | 12,073,010 | |
Financial Services - 0.9% | |||
Far East Horizon Ltd. | 13,122,500 | 9,843,263 | |
Insurance - 6.5% | |||
AIA Group Ltd. | 4,747,000 | 47,492,509 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 3,278,800 | 8,786,742 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 955,500 | 6,962,482 | |
Prudential PLC | 359,500 | 4,992,136 | |
68,233,869 | |||
TOTAL FINANCIALS | 143,591,276 | ||
HEALTH CARE - 4.7% | |||
Biotechnology - 1.2% | |||
Innovent Biologics, Inc. (a)(b) | 1,021,000 | 4,529,690 | |
Zai Lab Ltd. (a) | 986,000 | 3,015,185 | |
Zai Lab Ltd. ADR (a) | 182,900 | 5,497,974 | |
13,042,849 | |||
Health Care Equipment & Supplies - 1.0% | |||
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b) | 2,176,600 | 1,437,317 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 211,015 | 8,744,532 | |
10,181,849 | |||
Life Sciences Tools & Services - 1.4% | |||
Pharmaron Beijing Co. Ltd. (H Shares) (b) | 922,350 | 2,394,900 | |
WuXi AppTec Co. Ltd. (H Shares) (b) | 346,500 | 3,267,778 | |
Wuxi Biologics (Cayman), Inc. (a)(b) | 1,622,500 | 9,174,659 | |
14,837,337 | |||
Pharmaceuticals - 1.1% | |||
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b) | 453,940 | 5,762,359 | |
Hansoh Pharmaceutical Group Co. Ltd. (b) | 3,340,000 | 5,396,146 | |
11,158,505 | |||
TOTAL HEALTH CARE | 49,220,540 | ||
INDUSTRIALS - 4.3% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp. Class A (a)(c)(d) | 10,000 | 810,000 | |
Air Freight & Logistics - 0.6% | |||
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) | 308,329 | 4,121,097 | |
ZTO Express, Inc. sponsored ADR | 93,500 | 2,599,300 | |
6,720,397 | |||
Construction & Engineering - 0.6% | |||
China State Construction International Holdings Ltd. | 5,064,000 | 6,188,042 | |
Electrical Equipment - 0.3% | |||
Sungrow Power Supply Co. Ltd. (A Shares) | 191,634 | 2,991,431 | |
Machinery - 2.1% | |||
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 546,613 | 5,434,142 | |
Sinotruk Hong Kong Ltd. | 2,086,000 | 4,365,169 | |
Techtronic Industries Co. Ltd. | 454,500 | 5,131,329 | |
Weichai Power Co. Ltd. (H Shares) | 3,298,000 | 4,863,122 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 693,784 | 2,705,085 | |
22,498,847 | |||
Professional Services - 0.6% | |||
Centre Testing International Group Co. Ltd. (A Shares) | 2,100,000 | 5,909,447 | |
TOTAL INDUSTRIALS | 45,118,164 | ||
INFORMATION TECHNOLOGY - 23.6% | |||
Electronic Equipment, Instruments & Components - 1.2% | |||
E Ink Holdings, Inc. | 15,000 | 107,191 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,213,000 | 7,625,945 | |
Sunny Optical Technology Group Co. Ltd. | 295,500 | 2,862,586 | |
Yageo Corp. | 130,000 | 1,897,192 | |
12,492,914 | |||
IT Services - 0.2% | |||
Vnet Group, Inc. ADR (a) | 913,783 | 2,713,936 | |
Semiconductors & Semiconductor Equipment - 22.0% | |||
eMemory Technology, Inc. | 190,481 | 11,222,202 | |
MediaTek, Inc. | 197,000 | 4,317,157 | |
Micron Technology, Inc. | 102,100 | 7,288,919 | |
Silergy Corp. | 235,000 | 2,462,999 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 11,461,000 | 206,567,108 | |
231,858,385 | |||
Software - 0.2% | |||
LongShine Technology Group Co. Ltd. (A Shares) | 800,600 | 2,445,692 | |
TOTAL INFORMATION TECHNOLOGY | 249,510,927 | ||
MATERIALS - 3.0% | |||
Chemicals - 0.1% | |||
Weihai Guangwei Composites Co. Ltd. (A Shares) | 169,692 | 721,027 | |
Construction Materials - 0.2% | |||
West China Cement Ltd. | 24,942,000 | 2,558,515 | |
Containers & Packaging - 0.7% | |||
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | 1,974,671 | 7,115,981 | |
Metals & Mining - 2.0% | |||
Zijin Mining Group Co. Ltd. (H Shares) | 12,278,000 | 21,032,976 | |
TOTAL MATERIALS | 31,428,499 | ||
REAL ESTATE - 1.3% | |||
Real Estate Management & Development - 1.3% | |||
China Resources Mixc Lifestyle Services Ltd. (b) | 1,142,000 | 5,491,159 | |
Hysan Development Co. Ltd. | 925,000 | 2,182,359 | |
KE Holdings, Inc. ADR (a) | 369,331 | 6,433,746 | |
14,107,264 | |||
TOTAL COMMON STOCKS (Cost $815,670,426) | 982,546,160 | ||
Preferred Stocks - 2.4% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.1% | |||
COMMUNICATION SERVICES - 0.9% | |||
Interactive Media & Services - 0.9% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 38,752 | 9,290,792 | |
HEALTH CARE - 0.2% | |||
Health Care Providers & Services - 0.2% | |||
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | 275,211 | 2,154,902 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 11,445,694 | ||
Nonconvertible Preferred Stocks - 1.3% | |||
INFORMATION TECHNOLOGY - 1.2% | |||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Samsung Electronics Co. Ltd. | 273,930 | 12,305,968 | |
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
ZKH Group Ltd. Series F (d) | 3,131,343 | 1,283,851 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 13,589,819 | ||
TOTAL PREFERRED STOCKS (Cost $21,962,567) | 25,035,513 | ||
Money Market Funds - 4.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (e) (Cost $42,828,239) | 42,819,675 | 42,828,239 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $880,461,232) | 1,050,409,912 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 4,663,663 |
NET ASSETS - 100.0% | 1,055,073,575 |
Legend
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $82,513,167 or 7.8% of net assets. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,255,694 or 1.2% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 4,246,219 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 3,908,863 |
Space Exploration Technologies Corp. Class A | 2/16/21 | 419,990 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 31,370,924 | 195,364,682 | 183,907,367 | 623,868 | - | - | 42,828,239 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.32% | 4,494,305 | 102,957,481 | 107,451,786 | 60,330 | - | - | - | 0.0% |
Total | 35,865,229 | 298,322,163 | 291,359,153 | 684,198 | - | - | 42,828,239 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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