Welcome to Fidelity

Select a location so we can provide you with the appropriate information

Bienvenue chez Fidelity

Veuillez sélectionner un pays afin que nous vous communiquions l'information appropriée

Willkommen bei Fidelity

Wählen Sie Ihren Standort aus, damit wir Ihnen die für Sie passenden Informationen anzeigen können.

Benvenuti in Fidelity

Seleziona un paese in modo da consentirci di fornirti le informazioni appropriate

フィデリティのウェブサイトへようこそ

適切な情報を表示するため、現在お住まいの地域を選択してください。

Important information

I confirm that I am accessing this website for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investor acting for their own account).

By accessing the restricted area I confirm my agreement with‚ and understanding of‚ the following terms of use and the legal provisions. If I do not agree to the terms and legal conditions‚ I must not access this website or any pages thereof. I acknowledge that access to the information contained on this website is available to "Qualified Investors" only as defined below. A private individual or legal representative or any other party without this qualification should not enter this website.

By accessing this website or any of its pages‚ I confirm that I am a qualified investor in accordance with Art 10.3 CISA.

The following are considered to be qualified investors:

  • supervised financial intermediaries such as banks, securities dealers‚ management companies and asset managers of collective investment schemes‚ as well as central banks;
  • supervised insurance companies;
  • public-law bodies and occupational pension institutions with professional treasury;
  • companies with professional treasury.

I understand the information contained in this website is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted. I also understand that the information contained in this site is not directed to any party that may be defined as a ‘retail investor’ by the home regulator of the country in which the website is being accessed. I understand that the information or opinions contained herein should not be construed as an offer to sell or the solicitation of an offer to buy any investment product nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Fidelity has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.

I understand the information contained in this website is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted. I also understand that the information contained in this site is not directed to any party that may be defined as a ‘retail investor’ by the home regulator of the country in which the website is being accessed. I understand that the information or opinions contained herein should not be construed as an offer to sell or the solicitation of an offer to buy any investment product nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Fidelity has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.

This website has been issued by FIL Fund Management Limited, a Bermuda company licensed to conduct investment business by the Bermuda Monetary Authority. Neither FIL Fund Management Limited, its parent company FIL Limited, nor any of their group companies or affiliates makes or gives any warranty or representation that any information contained on this website is accurate, complete, or fit for any particular purpose.

I acknowledge that neither FIL Fund Management Limited, FIL Limited, nor any of their group companies or affiliates will have any liability for any losses arising directly or indirectly from any information accessed from this website. By accepting this representation I also confirm my agreement to the website Terms and Conditions, which I have read and understood.

Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited, a company existing under the laws of Bermuda.

If the above representation is correct, please click 'I agree' below to continue to the site.

Information importante

Je confirme accéder à ce site Internet afin d’obtenir des informations en qualité d’investisseur institutionnel.

Je comprends que les informations contenues sur ce site Internet sont destinées exclusivement aux investisseurs résidant en France et ne doivent pas être diffusées à quiconque pouvant être considéré comme un investisseur particulier. Je comprends que les informations ou opinions présentées sur ce site ne constituent pas des recommandations d’achat ou de vente. Fidelity a exprimé ses propres vues et opinions sur ce site Internet, et celles-ci peuvent évoluer sans que Fidelity n’assume aucune obligation de les actualiser. Aucun élément de ce site Internet ne doit être interprété comme un avis d’investissement, fiscal ou juridique ou autre. Les informations que comporte ce site peuvent changer sans notification.

Ce site Internet est présenté par FIL Gestion, SGP agréée par l'AMF sous le n°GP03-004, 29 rue de Berri, 75008 Paris. Ni FIL Gestion, ni sa société mère FIL Limited, ni aucune des sociétés ou affiliées du groupe ne garantit ni ne fait aucune déclaration sur l’exactitude, l’exhaustivité ou l’adaptation à une finalité donnée des informations présentées sur ce site Internet.

Je reconnais que ni FIL Gestion, ni FIL Limited, ni aucune des sociétés ou affiliées du groupe n’assume une quelconque responsabilité au titre de toute perte découlant directement ou indirectement de toute information obtenue à partir de ce site Internet.

Ce site présentant des informations en langues française et anglaise, j’accepte de recevoir des informations non exclusivement rédigées en français.

Je confirme également, par l’acceptation de cette déclaration, mon accord sur les conditions et modalités du site Internet que j’ai lues et comprises.

Fidelity, Fidelity International, le logo Fidelity International ainsi que le symbole F sont des marques déposées de FIL Limited.

Si vous accepter les termes de la déclaration ci-dessus, veuillez cliquer sur « j’accepte » ci-dessous pour poursuivre votre navigation sur ce site.

Wichtige Informationen

Hiermit bestätige ich, dass ich diese Website zur Informationsbeschaffung als institutioneller Anleger (ein auf eigene Rechnung handelndes Unternehmen oder ein anderer nicht als Privatanleger geltender Investor) bzw. für einen institutionellen Anleger besuche.

Mit dem Zugriff auf den zugangsbeschränkten Bereich bestätige ich, dass ich die folgenden Nutzungsbedingungen und rechtlichen Klauseln verstanden habe und mit ihnen einverstanden bin. Andernfalls darf ich auf diese Website oder Teile davon nicht zugreifen. Mir ist bewusst, dass der Zugang zu den Informationen auf dieser Website nur für „qualifizierte Anleger“ gemäss untenstehender Definition vorgesehen ist. Eine Privatperson, ein rechtlicher Vertreter oder irgendeine andere Partei ohne diese Qualifikation sollte nicht auf diese Webseite zugreifen.

Mit dem Zugriff auf diese Website oder Teile davon bestätige ich, dass ich ein qualifizierter Investor gemäß Art 10 Absatz 3 des schweizerischen Bundesgesetzes über die kollektiven Kapitalanlagen bin.

Als qualifizierte Anlegerinnen und Anleger im Sinne dieses Gesetzes gelten:

  • beaufsichtigte Finanzintermediäre wie Banken, Effektenhändler, Fondsleitungen und Vermögensverwalter kollektiver Kapitalanlagen sowie Zentralbanken;
  • beaufsichtigte Versicherungseinrichtungen;
  • öffentlich-rechtliche Körperschaften und Vorsorgeeinrichtungen mit professioneller Tresorerie;
  • Unternehmen mit professioneller Tresorerie.

Mir ist bewusst, dass sich die Informationen auf dieser Website nicht an Personen richten bzw. für sie bestimmt sind, in deren Land die Verbreitung solcher anlagebezogenen Informationen nicht erlaubt ist. Mir ist bewusst, dass die hier zu findenden Informationen oder Meinungen nicht als Aufforderung zum Kauf oder Verkauf eines Anlageprodukts zu verstehen sind. Es sollen auch keine solchen Anlageprodukte oder Dienstleistungen Personen angeboten oder verkauft werden, in deren Land ein entsprechendes Angebot, eine Aufforderung, ein Erwerb oder Verkauf ungesetzlich wäre. Fidelity äußert auf dieser Website seine eigenen Ansichten und Meinungen, die sich jederzeit ändern können, ohne dass eine Verpflichtung zur Aktualisierung besteht. Kein Inhalt dieser Website ist als Beratung in Bezug auf Geldanlagen, Steuern, rechtliche oder sonstige Aspekte zu verstehen. Die hierin enthaltenen Informationen können sich ohne entsprechende Mitteilung jederzeit ändern.

Mir ist bewusst, dass sich die Informationen auf dieser Website nicht an Personen richten bzw. für sie bestimmt sind, in deren Land die Verbreitung solcher anlagebezogenen Informationen nicht erlaubt ist. Mir ist ebenfalls bewusst, dass sich die Informationen auf dieser Website nicht an Adressaten richtet, die von der Aufsichtsbehörde in dem Land, von dem aus die Website besucht wird, möglicherweise als „Privatanleger“ klassifiziert werden. Des Weiteren ist mir bewusst, dass die hier zu findenden Informationen oder Meinungen nicht als Aufforderung zum Kauf oder Verkauf eines Anlageprodukts zu verstehen sind. Es sollen auch keine solchen Anlageprodukte oder Dienstleistungen Personen angeboten oder verkauft werden, in deren Land ein entsprechendes Angebot, eine Aufforderung, ein Erwerb oder Verkauf ungesetzlich wäre. Fidelity äußert auf dieser Website seine eigenen Ansichten und Meinungen, die sich jederzeit ändern können, ohne dass eine Verpflichtung zur Aktualisierung besteht. Kein Inhalt dieser Website ist als Beratung in Bezug auf Geldanlagen, Steuern, rechtliche oder sonstige Aspekte zu verstehen. Die hierin enthaltenen Informationen können sich ohne entsprechende Mitteilung jederzeit ändern.

Diese Website wurde von FIL Fund Management Limited eingerichtet, einem Unternehmen mit Sitz auf bzw. nach dem Recht der Bermuda-Inseln, das über eine Genehmigung der Bermuda Monetary Authority zur Ausübung von Investmenttätigkeiten verfügt. Weder FIL Fund Management Limited noch sein Mutterunternehmen FIL Limited oder irgendein anderes Konzernunternehmen oder verbundenes Unternehmen übernimmt die Gewähr dafür oder erklärt, dass die Informationen auf dieser Website zutreffend, vollständig oder für jedwede Zwecke geeignet sind.

Ich erkenne an, dass weder FIL Fund Management Limited noch FIL Limited oder ein anderes Konzernunternehmen bzw. verbundenes Unternehmen für etwaige Verluste haftet, die direkt oder indirekt aus einer auf dieser Website beschafften Information resultieren. Durch Annahme dieser Erklärung bestätige ich auch mein Einverständnis mit den Nutzungs- und Geschäftsbedingungen dieser Website, die ich gelesen und verstanden habe.

Fidelity International, das Fidelity International Logo und das F-Symbol sind Markenzeichen von FIL Limited, einem nach dem Recht der Bermuda-Inseln eingetragenen Unternehmen.

Diese Website präsentiert Informationen in englischer und deutscher Sprache. Als professioneller Anleger akzeptiere ich hiermit, Informationen in mehr als einer Sprache zu erhalten.

Wenn die obige Erklärung zutrifft, klicken Sie bitte auf „Ich stimme zu“, um auf die Website zu gelangen.

Informazioni importanti

Confermo di voler accedere a questo sito web per acquisire informazioni in veste o per conto di un Investitore istituzionale (una società o altro investitore non retail che agisce per proprio conto).

Riconosco che le informazioni contenute in questo sito web non sono dirette né sono destinate alla distribuzione o alluso da parte di soggetti in qualsiasi giurisdizione in cui la diffusione di tali informazioni relative allinvestimento non è consentita. Riconosco inoltre che le informazioni contenute in questo sito web non sono dirette a soggetti che potrebbero essere definiti "investitori retail" dall'autorità di vigilanza nazionale del paese dal quale si accede al sito stesso. Riconosco che le informazioni o le opinioni contenute in questo sito web non devono essere interpretate come un'offerta di vendita o come la sollecitazione di un'offerta di acquisto di un prodotto o un servizio di investimento, né tali prodotti o servizi di investimento possono essere offerti o venduti a soggetti di giurisdizioni nelle quali tale offerta, sollecitazione, acquisto o vendita sarebbero illegali. Questo sito web contiene giudizi e opinioni espressi da Fidelity, che sono soggetti a modifica e rispetto ai quali non sussiste alcun obbligo di aggiornamento. Nulla di quanto contenuto in questo sito web va considerato come una consulenza di investimento, fiscale, legale o di altra natura. Le informazioni qui riportate sono soggette a modifica senza preavviso.

Questo sito web è pubblicato da FIL Fund Management Limited (una società delle Bermuda autorizzata a svolgere attività d'investimento dalla Bermuda Monetary Authority). Né FIL Fund Management Limited, né la sua società madre FIL Limited, né alcuna delle loro società del gruppo o affiliate fornisce o rilascia alcuna garanzia o dichiarazione che le informazioni contenute in questo sito web siano accurate, complete o adatte a uno scopo particolare.

Riconosco che né FIL Fund Management Limited, né FIL Limited né alcuna delle loro società del gruppo o affiliate si assumono alcuna responsabilità per eventuali perdite derivanti direttamente o indirettamente da informazioni ottenute da questo sito web. Accettando questa dichiarazione confermo anche di aver letto, compreso e accettato i Termini e le condizioni d'uso del sito web.

Fidelity International, il logo Fidelity International e il simbolo F sono marchi di proprietà di FIL Limited, una società costituita nelle Bermuda.

Se la dichiarazione di cui sopra è corretta, cliccare "Accetto" qui sotto per continuare a visitare il sito.

重要な情報

私は、機関投資家(自己勘定取引を行う個人投資家以外の法人その他の投資家)として、あるいはかかる機関投資家のために、当ウェブサイトにアクセスし、情報を取得するものです。

私は、当ウェブサイトに掲載される情報は、かかる投資関連情報の流布が違反となる法域の人物に提供するものではなく、そういった人物によって拡散されたり利用されたりすることを意図したものでもないことを理解しています。また、当サイトに掲載される情報が、ウェブサイトにアクセスする場所の国の規制当局によって「個人投資家」と定義され得る人物に向けたものではなく、当サイトにある情報または意見は、何らかの投資商品の勧誘や募集と解釈すべきではなく、かかる投資商品またはサービスの募集、勧誘、売買が違法となる法域にいる人物に対して募集ないし販売されるものでもないことも理解しています。フィデリティは、当ウェブサイト上に自社の見解や意見を掲載していますが、これらは変わる可能性があり、そういった変更があった場合に当ウェブサイトを更新しなければならないという義務は負っていません。当ウェブサイトの内容はいずれも投資、税務、法務、その他の助言と解釈すべきではなく、ウェブサイト上の情報は通知なく変更される可能性があります。

当ウェブサイトはバミューダ籍の法人でバミューダ金融庁から投資事業免許を取得しているFILファンド・マネジメント・リミテッドが作成しています。FILファンド・マネジメント・リミテッド、その親会社であるFILリミテッド、またはそれらのグループ会社か関連会社のいずれも、当ウェブサイトに掲載される情報が正確であるとか、完全であるとか、特定の目的に適合したものである等の保証や表明は行っておらず、そういった保証や表明を提供することもありません。

FILファンド・マネジメント・リミテッド、FILリミテッド、またはそれらのグループ会社か関連会社のいずれもが、当ウェブサイトから入手した情報によって直接または間接的に発生した損失の責を負うものではないことに了承します。

フィデリティ・インターナショナル、フィデリティ・インターナショナルのロゴおよびFのシンボルはバミューダ法の下で設立された法人であるFILリミテッドの商標です。

以上をご確認いただける場合には、以下の「同意します」ボタンをクリックしてください。

The best writing on active and passive investing from around the world

These are the pieces which have informed our team as we prepared this edition on active and passive investment. Items which are asterisked come particularly highly recommended by Fidelity’s Editorial team.

by Adnan Siddique Investment Writer

04 June 2018, 12:20 GMT

What is the difference between active and passive investing?

The FT has published a whole series on ETFs, which serves as a good introduction to modern passive investing. Our pick of the series is John Auther’s note on the danger that ETFs can potentially give the appearance of high liquidity and encourage excessive trading. Our view to trading ETFs is much the same as our view on active strategies - take a long-term approach.

Irish broker Davy offers a neat primer on active and passive investing while EY highlights current and expected ETF industry developments (mentioning our very own head of ETFs, Nick King) and is especially interesting on the increasing blurring between active funds and factor, thematic and active ETFs.

Michael Mauboussin of Credit Suisse, who is always worth reading, writes* about how passive investing and active management interact. He contends that investors shifting from active to passive are less informed than those who stay, making the game harder for remaining active investors - rather like the weak players leaving the poker table. We retort that there’s an opposing effect as well: as more investors give up exploiting inefficiencies, there’s more left for the active players who remain - rather like the prize pots rising at the poker table.

Which is better, active or passive?

As you probably have guessed, there’s no definitive answer to this question. But there are lots of weighty opinions on either side.

Warren Buffett, a man who’s made his fortune through active investing, in his 2016 letter to investors, discussed his ten year bet that the stock market would outperform the hedge fund industry. Buffett won of course, but it’s all a matter of simple statistics. In aggregate, the active industry must underperform the index given that investing is a zero-sum game and subject to fees. By the same token, passive funds must also underperform because of fees. But that doesn’t mean an individual active investor can’t consistently outperform - just look at Buffett’s record - whereas an index fund, by definition, can never beat the benchmark.

Blackrock, a mighty force in index investing, spiritedly argues its case. They say that index investing is relatively small and uninfluential at less than 20 per cent of global equities, and that investment flows are driven by overall asset allocation decisions, not the appeal of certain products or investments styles. We agree to a point. The share of the market of index investing depends on which market you look at. For example, the ETF and passive share of assets under management in US equities is around 40 per cent.1 On the second point, most investors do indeed base decisions on overall asset allocation views, but there can be pockets of herd behaviour - for example, the crowded short VIX trade which blew up two ETFs that track the volatility index in February 2018.

Alliance Bernstein analysts have been a bulwark for the active industry. Their paper, The Silent Road to Serfdom*, created a minor storm when it suggested that passive investing is worse than Marxism because it takes away the capital allocation function of markets. That’s a tad excessive in our view - it’s feasible to have both approaches operating side by side in a healthy market, as we currently do. A market comprising only passive funds would have negative implications for the economy, just as a market comprising only short-term traders would, but there’s no foreseeable danger of either happening. It’s the balance that’s important.

Charles Ellis wrote ‘The Loser’s Game’* in 1995 but it still sounds fresh today. He likens investing to a game of tennis. In professional tennis, matches are ‘won’ by superior shots. But in amateur tennis matches are ‘lost’ by mistakes - whoever makes fewer mistakes wins. Ellis argues that investing was like professional tennis in the 60s when skilled investors could outperform, but because of the influx of ‘smart’ money (a greater proportion of money managed by professional investors), it gradually turned into an amateur game where investors have to avoid the falling knives to outperform. With the rise of passive investing, we wonder whether investing could be slowly swinging back to a winner’s game?

How can stakeholders respond to the active and passive debate?

Investment consultancy Novus suggests that active portfolio managers can adopt seven habits to help them succeed in the changing investment landscape - if only it were so easy. NIRI (National Investor Relations Institute) provides some very good advice for companies seeking to attract attention from buy-side investors. NIRI recommends better communication and access to senior executives - we wholeheartedly agree.

Goldman Sachs has produced an interesting paper* on how company directors can respond to a growing passive shareholder base. It argues that the recent decline in active single-stock investing loosens the link between a company’s fundamental performance and its stock price. This means that boards need to properly align management incentive schemes to ensure corporate performance.

Academic work on the subject

The roots of passive investment start with Harry Markowitz’s Portfolio Selection, which was the door through which indexing and passive investing could develop. Markowitz introduced the idea of maximising return for a given level of risk through diversification. In 1964, Bill Sharpe defined alpha and beta as we know them today when he created the capital asset pricing model. Eugene Fama published Efficient Capital Markets in 1970, declaring that it’s impossible to beat the market because it is fully efficient, thereby completing the foundations of the passive argument.

It’s this conclusion that markets are efficient that is the point of contention between academic active and passive advocates. Lynn Stout attacks the efficient capital markets hypothesis from its building blocks, criticising its premises (efficient markets are anything but), while Robert Shiller surveys psychological biases which indicate that markets are not rational, and Richard Thaler demonstrates the effect of frictions and biases on markets. Finally, Warren Buffett points* to a number of investors who have consistently outperformed the market using a similar strategy, and who were pre-identified as superior investors.

Eugene Fama and Richard Thaler, both Nobel Prize winners who sit across the corridor from each other at the University of Chicago School of Business, hold a candid and entertaining video debate on whether markets are efficient here*.

Our view is that markets are largely efficient (in most public markets, most of the time), so passive and smart-beta approaches deliver market returns in a cost effective way. However there are instances of market inefficiency such as over the longer term, in less liquid markets, around corporate events and technical drivers, and based on behavioural biases. It is these instances that can be consistently exploited by active managers. What’s important for investors is that their passive funds replicate the index faithfully and cheaply, and their active managers generate commensurate value over the long term using truly active strategies. This is a good article explaining how the active share ratio can help investors measure the magnitude of active exposure.

Books on the subject

Security Analysis* - first published in the 1930s - is the ultimate book for active management enthusiasts. It lays out a framework for fundamental security-specific strategies to outperform in equity and bond markets. Misbehaving is a sort of career biography by Richard Thaler, setting out how he applied lessons from the world of psychology to the world of investing, thereby kicking off the discipline of behavioural finance.

A Random Walk Down Wall St is an accessible defence of the efficient markets theory, updated for smart-beta funds and derivatives. John Bogle, founder of the Vanguard Group, in Common Sense on Mutual Funds, describes how to think about investing in mutual funds from a passive perspective.

Something lighter - film and fiction

American Beauty* is a biting satire on middle class America. We (tenuously) relate it back to the active and passive debate through its central character, who has largely been leading a passive life until the moment he switches to making more proactive lifestyle choices. Both approaches have their pitfalls.

Aesop’s Fables is a collection of ancient stories with the Hare and the Tortoise perhaps the most famous. Of course, the tortoise wins in the end, but it’s the moral of the story which is interesting - in some versions it’s the perseverance of the tortoise, in others it’s the foolish over-confidence of the hare. Perseverance and avoiding over-confidence are important characteristics for investors whatever strategy they follow.

Highly recommended list

Bibliography

1. Bernstein (2016)

Important information

The value of investments and the income from them can go down as well as up so you may get back less than you invest. Past performance is not a reliable indicator of future results.

These materials are provided for information purposes only and are intended only for the person or entity to which it is sent.

These materials do not constitute a distribution, an offer or solicitation to engage the investment management services of Fidelity, or an offer to buy or sell or the solicitation of any offer to buy or sell any securities or investment product. Fidelity makes no representations that the contents are appropriate for use in all locations or that the transactions or services discussed are available or appropriate for sale or use in all jurisdictions or countries or by all investors or counterparties.

Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. They are valid only as the of the date indicated and are subject to change without notice.

This material was created by Fidelity International. It must not be reproduced or circulated to any other party without prior permission of Fidelity.

This communication is not directed at, and must not be acted on by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Fidelity is not authorised to manage or distribute investment funds or products in, or to provide investment management or advisory services to persons resident in, mainland China. All persons and entities accessing the information do so on their own initiative and are responsible for compliance with applicable local laws and regulations and should consult their professional advisers.

This content may contain materials from third-parties which are supplied by companies that are not affiliated with any Fidelity entity (Third-Party Content). Fidelity has not been involved in the preparation, adoption or editing of such third-party materials and does not explicitly or implicitly endorse or approve such content.

Fidelity International refers to the group of companies which form the global investment management organisation that provides products and services in designated jurisdictions outside of North America Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. Fidelity only offers information on products and services and does not provide investment advice personal recommendations based on individual circumstances.

Issued in Europe: Issued by FIL Investments International (FCA registered number 122170) a firm authorised and regulated by the Financial Conduct Authority, FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier) and FIL Investment Switzerland AG, authorised and supervised by the Swiss Financial Market Supervisory Authority FINMA. For German wholesale clients issued by FIL Investment Services GmbH, Kastanienhöhe 1, 61476 Kronberg im Taunus. For German institutional clients issued by FIL Investments International – Niederlassung Frankfurt.

In Hong Kong, this content is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Future Commission. FIL Investment Management (Singapore) Limited (Co. Reg. No: 199006300E) is the legal representative of Fidelity International in Singapore. FIL Asset Management (Korea) Limited is the legal representative of Fidelity International in Korea. In Taiwan, independently operated by FIL Securities (Taiwan) Limited, 11F, 68 Zhongxiao East Road., Section 5, Xinyi Dist., Taipei City, Taiwan 11065, R.O.C. Customer Service Number: 0800-00-9911#2

1C18-94