PRODUCT KEY FACTS

Fidelity Funds – Japan Value Fund

FIL Investment Management (Luxembourg) S.A. (as Management Company) April 2024

This statement provides you with key information about this product.
This statement is part of the Hong Kong offering documents.
You should not invest in this product based on this statement alone.

Quick facts

Management Company: FIL Investment Management (Luxembourg) S.A.

Investment Manager: FIL Fund Management Limited (Bermuda, internal delegation)
Investment Sub-manager(s): Internal and/or external sub-delegation to one or more Investment sub-managers as
described in “The Investment sub-managers” section under “Management and
Governance” of the Prospectus (~Note)
~ Note: The list of all Investment sub-managers having managed all or part of the assets
of each fund over the last six or twelve months will be published in the annual and semi-
annual financial reports.

Depositary: Brown Brothers Harriman (Luxembourg) S.C.A.

Ongoing charges over a year^: Class A-JPY: 1.92% Class A-ACC-USD (hedged): 1.92%
Class A-ACC-JPY: 1.92% Class A-MCDIST(G)-JPY: 1.92%#
Class A-Euro (hedged): 1.92% Class A-MCDIST(G)-USD (hedged): 1.92%#
Class Y-ACC-JPY: 1.07%
^ Unless otherwise stated, the ongoing charges figure represents the ongoing expenses
based on the annual financial report for the year ended 30 April 2023. This figure may
vary from year to year.
#
This share class was recently launched and therefore the ongoing charges figure is an
estimate of the ongoing expenses over 12 months which is based on information
available in respect of the relevant share classes with a similar fee structure. The actual
figure may be different from this estimated figure and may vary from year to year.

Dealing frequency: Daily

Base currency: JPY
Dividend policy*: Class A & Class A (hedged)
Subject to the Board's discretion, dividends are declared annually, normally on the first
business day of August. The Board expects to recommend distribution of substantially all
of the net income of the share class.
Class A-ACC, Class A-ACC (hedged) & Class Y-ACC
No dividends will be paid for accumulating shares. The shares accumulate all interest and
other income earned.
Class A-MCDIST(G) & Class A-MCDIST(G) (hedged)#
Subject to the Board's discretion, dividends are declared monthly normally on the first
business day of each month. The Board expects to recommend distribution of
substantially all of the gross income, and to some extent, capital, of the share class with
the expectation of achieving a higher distribution rate than an INCOME class.
# Investors should note that as fees and expenses may be charged to capital of the fund,
this will result in an increase in distributable income for the payment of dividends. The
fund may therefore pay dividend directly out of capital and/or effectively out of capital.
Such payment of dividends out of capital represents a return or withdrawal of part of
the amount originally invested or from any capital gains attributable to the original
investment. Such distributions may result in an immediate decrease in the net asset
value per Share of the fund.
* Unless otherwise stated, dividends will not be paid out of capital and/or effectively out
of capital.
134
Financial year end of this fund: 30 April
Minimum investment: Initial Investment Subsequent Investment
Class A USD 2,500 USD 1,000
Class Y USD 2,500 USD 1,000

What is this product?

Fidelity Funds is an open-ended investment company established in Luxembourg and regulated by the Commission de
Surveillance du Secteur Financier (CSSF).

Objectives and investment policy

 The fund is an Equity fund and aims to achieve capital growth over time.
 The fund invests at least 70% (and normally 75%) of its assets, in equities of Japanese companies listed on the Japanese
stock exchange with the focus on companies that Fidelity considers to be undervalued.
 The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance
(ESG) characteristics (established by reference to ESG ratings provided by external agencies or Fidelity ESG Rating(s)).
 In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return
on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other
factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In
determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity
or external agencies. Through the investment management process the Investment Manager aims to ensure that investee
companies follow good governance practices.
 The Investment Manager will use the TOPIX Total return Index (the “Benchmark”), for the purposes of investment
selection, risk monitoring and performance comparison. The fund invests in securities of the Benchmark, however, the
management of the fund is discretionary, therefore the fund may invest in securities not included in the Benchmark, and
its performance over any period may or may not deviate significantly from that of the Benchmark.
 The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
 The fund will not invest more than 10% of their net asset value in securities issued by or guaranteed by any single country
(including its government, a public or local authority of that country) with a credit rating below investment grade.
 The fund will not engage extensively in securities lending, repurchase and reverse repurchase transactions.

Use of derivatives/investment in derivatives

The fund’s net derivative exposure may be up to 50% of its net asset value.

What are the key risks?

Investment involves risks. Please refer to the Hong Kong offering documents for details including the risk factors.
Risk to Capital and Income (Investment Risk)
 The assets of the fund are subject to fluctuations in value. There is no guarantee of repayment of principal and you may
not get back the original amount invested. Past performance is no guarantee of future performance.
Equities
 The fund’s investment in equities securities may fluctuate, sometimes dramatically, in response to the activities and results
of individual companies or because of general market and economic conditions or other events including changes in
investment sentiment, political and economic conditions and issuer-specific factors.
Concentration Risk
 The fund’s investments are concentrated in (i) a relatively small number of investments or issuers and/or (ii) a single or
small number of countries. The value of the fund may be more volatile than that of a fund having a more diverse portfolio
of investments.
 In respect of (ii), the value of the fund may be more susceptible to adverse economic, political, policy, foreign exchange,
liquidity, tax, legal or regulatory event affecting the market of such country(ies).

135
Foreign Currency Risk
 The fund’s assets may be denominated in currencies other than the base currency of the fund. Also, a class of shares may

be designated in a currency other than the base currency of the fund. Fluctuations in the exchange rates between these
currencies and the base currency as well as changes in exchange rate controls may adversely affect the fund’s net asset
value.
Sustainable Investing
 To the extent the fund weighs ESG or sustainability criteria in choosing investments, it may underperform the market or
other funds that invest in similar assets but do not apply sustainability criteria. Sustainable characteristics used in the
fund’s investment policy may result in the fund foregoing opportunities to buy certain securities when it might otherwise
be advantageous to do so and/or selling securities due to their sustainable characteristics when it might be disadvantaged
to do so. As such, the application of ESG criteria may restrict the ability of the fund to acquire or dispose of its investments
at a price and time that it wishes to do so, and may therefore result in a loss to the fund.
 The ESG characteristics of securities may change over time, which may in some cases require the Investment Manager
disposing of such securities when it might be disadvantageous to do so from a financial perspective only. This may lead to
a fall in the value of the fund.
 The use of ESG criteria may also result in the fund being concentrated in companies with ESG focus and its value may be
volatile when compared to other funds having a more diversified portfolio of investments.
 There is a lack of standardised taxonomy of ESG evaluation methodology and the way in which different ESG funds will
apply ESG criteria may vary, as there are not yet commonly agreed principles and metrics for assessing the sustainable
characteristics of investments of ESG funds.
 While the fund, in selecting investments, may use a proprietary ESG scoring process that is based partially on third party
data, such data may be incomplete, inaccurate or unavailable. As a result, there is a risk that the Investment Manager may
incorrectly assess a security or issuer.
 Evaluation of sustainable characteristics of the securities and selection of securities may involve the Investment Manager’s
subjective judgment. As a result, there is a risk that the relevant sustainable characteristics may not be applied correctly
or that the fund could have indirect exposure to issuers who do not meet the relevant sustainable characteristics, and
sustainable characteristics of a security can change over time.
 In making its proxy voting decisions consistent with ESG criteria, exclusionary criteria, the fund may not always be
consistent with maximising an issuer’s short-term performance.
Risks associated with distribution out of/effectively out of the fund’s capital
 Payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an
investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may
result in an immediate reduction of the NAV per share/unit.
 The distribution amount and net asset value of the hedged share class may be adversely affected by differences in the
interest rates of the reference currency of the hedged share class and the fund’s base currency, resulting in an increase in
the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share
classes.
Financial Derivative Instruments
 The fund’s net derivative exposure may be up to 50% of its net asset value. The use of derivatives may give rise to liquidity
risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage
element/component of a derivative can result in a loss significantly greater than the amount invested in the financial
derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss
by the fund.

136
  Past performance information is not indicative of
How has the fund performed? future performance. Investors may not get back
the full amount invested.
 The computation basis of the performance is based
on the calendar year end, NAV-to-NAV, with
dividend reinvested.
 These figures show by how much the Class A-JPY
increased or decreased in value during the
calendar year being shown. Performance data has
been calculated in JPY including ongoing charges
and excluding any subscription fees and
redemption fees you might have to pay.
 Fund launch date: 2003
 Class A-JPY launch date: 2003
 Class A-JPY is selected as the most appropriate
representative share class as it has the longest
track record and is denominated in the fund’s
reference currency.
 The Benchmark is the TOPIX Total Return Index.

Is there any guarantee?

This fund does not have any guarantees. You may not get back the full amount of money you invested.

What are the fees and charges?

Charges which may be payable by you
You have to pay the following fees when dealing in shares of the fund:

Subscription Fee Class A – Up to 5.25% of NAV

Class Y – 0%

Switching Fee Generally up to 1% of NAV, except if you are switching from one class with no subscription
fee into a class with subscription fee, you will have to pay for a switching fee of up to the full
subscription fee of the class to be switched into

Redemption Fee N/A

Ongoing fees payable by the fund

The following expenses will have to be paid out of the fund. They affect you because they reduce the return you get on your
investments:

Management Fee* Class A – Up to 1.50% p.a. of NAV

Class Y – Up to 0.80% p.a. of NAV

Depositary Fee Varies from 0.003% to 0.35% of NAV

Performance Fee N/A

Administration Fee Up to 0.35% of NAV

* The management fee can be increased to a maximum annual rate of 2% of the net asset value of the fund. In the event of such increase, not less
than 3 months’ notice will be given to you.

Other Fees
You may have to pay other fees when dealing in shares of the fund. Any other fees and charges are described in the Hong
Kong offering documents. You should note that some fees may be increased, up to a specified permitted maximum, by giving
shareholders at least one month’s prior notice. For details, please refer to the Hong Kong offering documents.

137
Additional Information
 You generally buy, redeem or switch shares at the fund’s next-determined net asset value after we receive your request,
directly or via a distributor, in good order at or before 5.00 p.m. Hong Kong time on a dealing day, being the fund’s dealing
cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off
time (which may be earlier than the fund’s dealing cut-off time).
 The net asset value of this fund is calculated and the price of shares is published each business day. Net asset value of the
fund (other than Class A) will be published in the South China Morning Post and the Hong Kong Economic Times. Net asset
value of Class A will be published on www.fidelity.com.hk *.
 Investors may also obtain the past performance information of the fund’s representative share class and (if applicable)
other share classes offered to Hong Kong investors from www.fidelity.com.hk *.
 Investors may obtain information on the intermediaries from the Fidelity Investor Hotline: +852 2629 2629.

Important
If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and
makes no representation as to its accuracy or completeness.

* The website has not been reviewed by the SFC.

138
 產品資料概要
富達基金 – 日本價值型基金

FIL Investment Management (Luxembourg) S.A. (管理公司) 2024年4月

本概要提供本基金的重要資料，
是香港發行文件的一部份。
請勿單憑本概要作投資決定。

資料便覽

管理公司： FIL Investment Management (Luxembourg) S.A.

投資經理： FIL Fund Management Limited (百慕達，內部委派)
次投資經理： 一名或多名獲轉授職能的內部及/或外部次投資經理，詳情載於認購章程「管理及管治」
的「次投資經理」一節 (~附註)
~ 附註：在過去六個月或十二個月管理每項基金全部或部份資產的所有次投資經理名單
將刊載於年度及半年度財務報告。

保管人： Brown Brothers Harriman (Luxembourg) S.C.A.

全年經常性開支比率^： A類別股份–日圓： 1.92% A類別股份–累積–美元 (對沖)： 1.92%
A類別股份–累積–日圓： 1.92% A類別股份–C每⽉派息(G) – 日圓: 1.92%#
A類別股份–歐元 (對沖)： 1.92% A類別股份–C每⽉派息(G)–美元 (對沖): 1.92%#
Y類別股份–累積–日圓： 1.07%
^ 除非另有註明，否則經常性開支比率是根據截至2023年4月30日止年度的年度財務報
告所刊載的經常性開支計算。該比率每年均可能有所變動。
# 這項股份類別近期才推出，因此，該經常性開支比率是根據收費結構相若的其他相關
股份類別所提供的資料，按過去12個月的經常性開支預估的數據。實際數據與該預
估數據可能不同，而且每年均可能有所變動。

交易頻密程度： 每日
基本貨幣： 日圓
股息政策*： A類別股份及A類別股份 (對沖)
在董事會酌情決定下，每年股息一般於8月首個營業日宣派。董事會預期將建議分派該
股份類別的幾乎所有淨收益。
A類別股份–累積、A類別股份–累積 (對沖) 及Y類別股份–累積
累積股份不會分派股息，該類股份累積所有利息和其他收益。
A類別股份–C每月派息(G)及A類別股份–C每月派息(G)（對沖）#
在董事會酌情決定下，每月股息一般於每月首個營業日宣派。董事會預期將就該股份
類別幾乎所有的總投資收益，以及一定程度的資本建議派發股息，期望較「特色派
息」類別實現更高的派息率。
# 投資者應注意，由於費用和開支可能會計入基金的資本中，導致可供派息之用的可分
派收益增加，因此，基金可能是直接從資本中及/或實際上從資本中作出股息分派。
從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額，或從原有投
資應佔的任何資本收益中獲付還或提取金額。該等分派可能導致基金的每股資產淨值
即時減少。
* 除非另有註明，否則股息將不會從資本中撥付及/或實際上從資本中撥付。

財政年度終結日： 4月30日
最低投資額： 首次投資額 再次投資額
A類別股份 2,500美元 1,000美元
Y類別股份 2,500美元 1,000美元

123
本基金是甚麼產品？
富達基金是在盧森堡成立的開放式投資公司，並受盧森堡金融業監察委員會 (Commission de Surveillance du Secteur Financier
(CSSF)) 監管。

目標及投資政策
 本基金是一項股票基金，旨在隨時間推移實現資本增長。
 基金將最少70%（通常為75%）的資產投資於在日本證券交易所上市之日本公司的股票，特別是富達認為價值被低估之
公司的股票。
 基金將最少50%的資產投資於具有有利環境、社會和管治（ESG）特徵（透過參考外部機構提供的ESG評級或富達ESG評
級來確定）之發行機構的證券。
 在主動管理基金的過程中，投資經理會考慮增長和估值指標、公司財務狀況、資本回報率、現金流和其他指標，以及公
司管理、行業、經濟狀況和其他因素。投資經理在評估投資風險和機會時亦會考慮ESG特徵。 在確定有利ESG特徵時，
投資經理會考慮富達或外部機構提供的ESG評級。 透過投資管理流程，投資經理旨在確保被投資公司遵循良好的管治
規範。
 投資經理將使用TOPIX Total return指數(「基準」) 作投資選擇、風險監控及表現比較用途。基金投資於構成基準的證
券。然而，基金的管理屬全權委託，因此基金可能投資於並非構成基準的證券，而基金在任何期間的表現可能會或可能
不會嚴重偏離基準的表現。
 基金可使用衍生工具以進行對沖、有效率的投資組合管理及作投資用途。
 基金將不可把其超過10%的資產淨值，投資於由任何單一國家 (包括該國政府、公共機構或當地機關) 發行或擔保，而信
貸評級低於投資級別的證券。
 基金將不會廣泛進行證券借貸、回購及反向回購協議交易。

使用衍生工具/投資於衍生工具
基金的衍生工具風險承擔淨額最高為其資產淨值的50%。

本基金有哪些主要風險？
投資涉及風險。有關詳情 (包括風險因素) 請參閱香港發行文件。
資本及收益的風險 (投資風險)
 基金的資產須承受價值波動。恕不保證閣下可獲償還本金。閣下可能無法收回最初的投資金額。基金過去的表現並非未
來業績的保證。
股票
 基金的股票證券投資可能受個別公司的活動和業績，或一般市場和經濟狀況或其他事件 (包括投資情緒、政治和經濟狀
況改變，以及特定發行機構因素) 影響而反覆波動，而且波幅有時可能十分顯著。
集中度風險
 基金的投資集中於 (i) 數目相對較少的投資項目或發行機構；及／或 (ii) 單一或少數國家。基金價值的波幅可能高於其他
具有更多元化投資組合的基金。
 就 (ii) 而言，基金的價值可能較易受影響該（等）國家市場的不利經濟、政治、政策、外匯、流動性、稅務、法律或監
管事件所影響。
外幣風險
 基金的資產可能以非基本貨幣計算。此外，基金的某類別股份可能指定以非基本貨幣計值。這些貨幣與基本貨幣之間的
匯率波動，以及外匯管制變動可能會對基金的資產淨值造成負面影響。

124
可持續發展投資
 在基金選擇投資時權衡ESG或可持續發展準則的情況下，其表現可能低於市場或其他投資於類似資產但不採用可持續發
展準則的基金。基金的投資政策所採用的可持續發展特徵，可能會導致基金錯失良機，未能買入若干有望造好的證券，
及／或基於證券的可持續發展特徵而被迫在不利時機出售證券。因此，ESG準則的應用可能會限制基金按照其屬意的價
格和時間購入或出售其投資的能力，因此可能導致基金蒙受損失。
 證券的ESG特徵可能會隨著時間而改變，在某些情況下，投資經理可能須被迫在不利時機（單從財務角度來看）出售該
等證券，導致基金的價值下跌。
 使用ESG準則亦可能導致基金集中投資於專注ESG的公司，而其價值可能會比其他具有更多元化投資組合的基金價值
波動。
 由於並無公認的原則和指標以評估ESG基金投資項目的可持續發展特徵，因此ESG評估方法缺乏標準化的分類法，不同
ESG基金採用ESG準則的方式可能有所不同。
 雖然基金在選擇投資時，可能會使用部份基於第三方資料的專有ESG評分程序，惟這些資料可能不完整、不準確或未能
提供，因此會構成投資經理可能對證券或發行機構作出錯誤評估的風險。
 評估證券的可持續發展特徵及證券選擇可能涉及投資經理的主觀判斷。因此，存在可能無法正確應用相關的可持續發展
特徵，或基金可能間接投資於不符合相關可持續發展特徵的發行機構的風險，而且證券的可持續發展特徵可隨時間而
改變。
 在作出符合ESG排除準則的代理投票決定時，基金可能並不總遵循發行機構短期表現最大化原則。
從基金的資本中及/或
或實際上從基金的資本中作出分派的相關風險
 從資本中及/或實際上從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額，或從原有投資應佔的任
何資本收益中獲付還或提取金額。任何該等分派可能導致每股/每單位資產淨值即時減少。
 對沖股份類別的報價貨幣與基金的基本貨幣之間的利率差異，可能會為對沖股份類別的分派金額及資產淨值帶來負面影
響，導致從資本中撥付的分派金額增加，進而令資本流失的程度高於其他非對沖股份類別。
金融衍生工具
 基金的衍生工具風險承擔淨額最高為其資產淨值的50%。偶爾使用衍生工具可能會引發流動性風險、交易對手信貸風
險、波幅風險、估值風險及場外交易市場交易風險。衍生工具的槓桿元素/成份可能導致基金所蒙受的損失顯著高於其
投資於該金融衍生工具的金額。投資於金融衍生工具可能導致基金須承受錄得重大損失的高風險。

本基金過往的業績表現如何？  往績並非預測日後業績表現的指標。投資者未
必能取回全部投資本金。
 基金業績表現以曆年末的資產淨值作為比較基
礎，股息會滾存再作投資。
 有關數據顯示A類別股份–日圓在有關曆年內的
價值升跌幅度。業績表現以日圓計算，當中反
映出經常性開支，但不包括閣下可能須支付的
認購費和贖回費。
 基金推出日期：2003年
 A類別股份–日圓推出日期：2003年
 A類別股份–日圓獲選為最適合的股份類別代
表，因其擁有最長過往紀錄及以基金報價貨幣
計值。
 基準為TOPIX Total Return指數。

本基金有否提供保證？
本基金並不提供任何保證。閣下未必能取回投資本金。

125
投資本基金涉及哪些費用及收費？
閣下或須繳付的收費
閣下就基金股份交易須繳付以下費用：

認購費 A類別股份–最高為資產淨值的5.25%
Y類別股份–0%

轉換費 一般最高為資產淨值的1%，但由毋須支付認購費的股份類別轉至其他須支付認購費的股份類
別，須繳付的轉換費最高將相當於擬轉入股份類別的全部認購費

贖回費 不適用

基金持續繳付的費用
以下收費將從基金總值中扣除，閣下的投資回報將會因而減少：

管理費* A類別股份–每年最高為資產淨值的1.50%
Y類別股份–每年最高為資產淨值的0.80%

保管費 由資產淨值的0.003%至0.35%不等

表現費 不適用

行政費 最高為資產淨值的0.35%

* 每年管理費最高可上調至基金資產淨值的2%，閣下將在有關費用調整前最少三個月收到通知。

其他費用
基金股份交易或須繳付其他費用。所有其他費用及收費詳情載於香港發行文件。請注意，在向股東發出最少一個月事先通
知後，部份費用最高可上調至指定的許可上限。詳情請參閱香港發行文件。

其他資料
 在基金交易截止時間，即交易日下午五時 (香港時間) 或之前經我們收妥由閣下直接或透過分銷商提出的認購、贖回或轉
換要求，一般按隨後釐定的股份價格執行。閣下在提出有關要求之前，應向分銷商查詢其內部交易截止時間 (可能早於
基金交易的截止時間)。
 本基金在每個營業日計算資產淨值及公佈股份價格。基金資產淨值(A類別股份除外)將刊登於南華早報及香港經濟日
報。A類別股份的資產淨值將於www.fidelity.com.hk *發佈。
 投資者亦可於www.fidelity.com.hk *下載基金的股份類別代表及 (如適用) 可供香港投資者認購的其他股份類別的往績表現
資料。
 投資者可致電富達投資熱線(電話：+852 2629 2629) 取得中介機構的資料。

重要提示
閣下如有疑問，應諮詢專業意見。證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述。

* 此網頁未經證監會審核。

126