Fidelity Emerging Markets Index Fund
FPADX
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- Fidelity Emerging Markets Index Fund (FPADX) is a mutual fund that seeks to provide investment results that correspond to the total return performance of the MSCI Emerging Markets Index, investing at least 80% of its assets in common stocks included in the index and depositary receipts representing such securities; the fund employs statistical sampling techniques based on factors including capitalization, industry exposures, dividend yield, price/earnings ratio, price/book ratio, earnings growth, country weightings, and foreign taxes to replicate index returns while minimizing trading costs. The fund offers institutional premium class shares with a low expense ratio of 0.08%, annual turnover of approximately 5%, and distributions of dividends and capital gains annually; its portfolio is diversified across sectors such as technology (25.6%), financial services (22.0%), and consumer cyclical (13.5%), with primary exposure to non-U.S. stocks (97.12%) from emerging market countries including those in Asia, Latin America, and Eastern Europe. FPADX targets long-term investors seeking diversified emerging markets equity exposure, including institutional clients and retirement plans, with assets under management of approximately $11.8 billion as of late 2025. Launched on September 8, 2011, and managed from Fidelity's headquarters at 82 Devonshire Street, Boston, Massachusetts, the fund is team-managed by experienced portfolio managers including Louis Bottari (14 years at Fidelity), Peter Matthew (13 years), Robert Regan (8 years), and others with tenures ranging from 6 to 14 years. In recent years, the fund has maintained its low-cost index-tracking strategy with no major structural changes, mergers, or new product launches reported as of December 2025; portfolio managers have continued to optimize tracking through refined sampling amid evolving emerging market dynamics, with updated prospectus dated December 30, 2024, reflecting stable operations and contractual expense reimbursements.