Transaction in Own Shares

Fidelity Emerging Markets Limited repurchased for cancellation 10,354 ordinary shares on 29 December 2025 at an average price of 1,053.93 GBp (low 1,052.00 GBp; high 1,054.00 GBp). After the cancellation issued share capital is 53,557,950, treasury holdings total 9,025,940 and total voting rights are 44,532,011; the repurchase is immaterial in size (≈0.019% of issued capital) and is unlikely to move the stock materially, though it marginally improves per‑share metrics.

Analysis

Contrarian angles: The market may over‑read a single tiny cancellation as Hawkish buyback intent — absence of a sustained program makes this likely underdone or noise. Historical parallels: closed‑end trusts often announce token repurchases before larger programs or governance actions; watch for a pattern (≥0.5% repurchased in 90 days) before scaling. Unintended consequence: token buybacks can lull holders into complacency while NAV deteriorates from EM shocks — treat buyback cadence and NAV trends as hard signals before increasing exposure.