Fidelity Funds - Absolute Return Global Equity Fund

The fund aims to provide a positive absolute return over the medium to long term. The fund will achieve this primarily through long and short positions in equities of, and related instruments providing exposure to, companies throughout the world, as well as cash, cash equivalents, and Money Market Instruments. As this fund may invest globally, it may be exposed to countries considered to be emerging markets (including Russia). The fund will make use of derivative instruments to deliver its expected return. The Investment Manager will gain long exposure to those companies deemed attractive while maintaining short exposure to those companies deemed unattractive using a variety of instruments, including financial derivative instruments. Short exposure will only be achieved through the use of financial derivative instruments. The fund will typically have between -30% and 30% net equity exposure.