Transaction in Own Shares

Fidelity Emerging Markets Limited repurchased for cancellation 135,474 shares on 15 January 2026 at an average price of 1,127.43 GBp (low 1,116.00 GBp; high 1,134.00 GBp). After the transaction issued share capital is 52,780,763, treasury stock totals 9,025,940 and total voting rights are 43,754,824. The buyback modestly reduces the share count and is supportive of EPS and shareholder returns, but given its small size relative to issued capital it is unlikely to have a material market impact.

Analysis

Market structure: The buyback (135,474 shares at an average 1,127.43 GBp) is a small but explicit supply-side contraction — ~0.256% of issued share capital — removing ~£1.53m of float and mechanically increasing NAV/share by ~0.26% if assets unchanged. Primary beneficiaries are existing shareholders and near-term discount-seeking traders; short sellers and arbitrageurs who rely on large free float are modestly disadvantaged via reduced liquidity. Because the company already holds ~9.03m shares in treasury (~17.1% of issued capital), the net economic impact is marginal unless repurchases continue or treasury is reissued, which would change supply dynamics materially.