Investment objective & strategy
As of April 18, 2025 · prospectusObjective. VIP Emerging Markets Portfolio seeks capital appreciation.
Strategy. Normally investing at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or … Normally investing at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Normally investing primarily in common stocks. Allocating investments across different emerging markets countries. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $143.18M | 9.71% |
| SAMSUNG ELECTRONICS CO LTD | — | $126.48M | 8.57% |
| TENCENT HOLDINGS LTD | — | $81.75M | 5.54% |
| MEDIATEK | — | $46.74M | 3.17% |
| CREDICORP LTD | BAP | $41.18M | 2.79% |
| America Movil S.A.B. de C.V. SPON ADS RP CL B | AMX US | $33.36M | 2.26% |
| CCB-H | — | $32.68M | 2.22% |
| BYD COMPANY LTD H | — | $32.23M | 2.18% |
| LARSEN and TOUBRO LTD | — | $32.11M | 2.18% |
| ANGLOGOLD ASHANTI PLC | — | $31.27M | 2.12% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| NVIT Fidelity Institutional AM Emerging Markets Fund | 92% | 0.97% |
| Fidelity Advisor Focused Emerging Markets Fund · FAMKX, FMCKX, FTMKX, FIMKX, FZAEX | 84% | 0.80% |
| Fidelity Fundamental Emerging Markets ETF · FFEM | 50% | 0.60% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
| FIL Investment Advisors | Sub-adviser |
| FIL Investment Advisors (UK) Limited | Sub-adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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