David Urquhart

London, 7 July 2008 - Infrastructure and agriculture in Asia are two of the major investment themes favoured by David Urquhart, manager of the recently launched Fidelity Asian Aggressive Fund.
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Taking advantage of this, stocks Mr Urquhart is invested in which play to the infrastructure and agricultural themes include Leighton, an Australian engineering and construction company that serves clients in Australia, Asia and the Middle East and Incitec Pivot, another Australian based company, which specialises in the manufacture, distribution and sales of fertilisers.

"Leighton is enjoying a strong outlook for all parts of its business at the moment," comments Mr Urquhart.

Infrastructure and agriculture in Asia are two of the major investment themes favoured by David Urquhart, manager of the recently launched Fidelity Asian Aggressive Fund.

Effective July 1st, 2006, David Urquhart has been named portfolio manager of Fidelity Advisor Korea Fund, succeeding Wilson Wong.
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Q. Why did you appoint David Urquhart to succeed Wong?
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David has managed a Korean equity portfolio available exclusively to overseas investors since October 2005, and has served as a portfolio manager and country head of the Korean equity investment team based in Seoul, Korea since 2004.In this role, he was instrumental in setting up Fidelity's domestic asset management business in Seoul and building Fidelity's dedicated Korean equity investment team.

This appointment is a natural extension of his current responsibilities and overall background, and while we can't predict future performance of the fund, we are confident that shareholders are in good hands as David assumes responsibility for Fidelity Advisor Korea Fund.

Q. What is Urquhart's background?

A. David will continue to manage Korean and Asian equity portfolios that are available exclusively to overseas investors.David joined Fidelity International Limited (FIL) in 1996 as a research analyst covering the Australian market.He also has covered bank and financial stocks in the Asia Pacific (ex-Japan) region since 1996.From 1998 to 1999, David covered regional metals, mining and steel.In 2002, he was named financial services sector leader in the Asia Pacific (ex-Japan) region, and began managing country specific funds available exclusively to overseas investors.David also has headed FIL's Korean equity investment team since 2004.Prior to joining Fidelity, David was a portfolio manager at Commonwealth Funds Management in Melbourne, Australia from 1993 to 1996.From 1990 to 1993, he was an investment analyst for Ord Minnett Securities in Sydney, Australia.David began his career as an associate at Citigroup Investment Bank in Sydney, Australia in 1986.

Its concentrated and aggressive nature sees fund manager, David Urquhart, managing the portfolio with a high conviction approach.David has managed an internal portfolio with a similar mandate to this Fund since 19th June 2006.Over that time period the portfolio has returned 106.6% vs. a benchmark return of 76.7% (to 31/12/07).*
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Managed by David Urquhart Invests in 55-85 stocks

David Urquhart

Fidelity (FIL Investment Intl)
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David joined Fidelity International Limited (FIL) in 1996 as a research analyst covering the Australian market. He also has covered bank and financial stocks in the Asia Pacific (ex-Japan) region since 1996. From 1998 to 1999, David covered regional metals, mining and steel. In 2002, he was named financial services sector leader in the Asia Pacific (ex-Japan) region, and began managing country specific funds available exclusively to overseas investors. David also has headed FIL's Korean equity investment team since 2004. Prior to joining Fidelity, David was a portfolio manager at Commonwealth Funds Management in Melbourne, Australia from 1993 to 1996. From 1990 to 1993, he was an investment analyst for Ord Minnett Securities in Sydney, Australia. David began his career as an associate at Citigroup Investment Bank in Sydney, Australia in 1986
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David Urquhart
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David Urquhart
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Performance vs peer group composite: David Urquhart

How a manager matches up against his peers gives you some idea of how talented he is.
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Total return for David Urquhart Manager career performance Discrete calendar year performance : David Urquhart

Run by David Urquhart, who has 20 years experience of Asian equity investment, the Fidelity Investment Funds Asian Aggressive Fund will be a high-conviction portfolio of between 55 and 85 holdings.Mr Urquhart, who is based in Hong Kong, will take advantage of Fidelity's award winning Asian-based investment team to help him roam the 13 stock markets of the wider Asia Pacific region* in pursuit of some of the most attractive investment opportunities.Japan is excluded from the portfolio, but companies in countries as diverse as New Zealand and Thailand do qualify for inclusion.

The Fidelity Asian Aggressive Fund is aimed at adventurous investors who want to benefit from the rapidly expanding economies of the Asia Pacific and the diversity of their markets.Performance is expected to be volatile over shorter periods, but Mr Urquhart is optimistic about the region's long term prospects.

"Besides a strong economic backdrop, there are many world class companies emerging in the region."comments Mr Urquhart.
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Mr Urquhart also believes that the far younger populations of the region , the average age in India is still expected to be below 30 years in 2023*** , will contribute to the faster rate of economic growth as they will drive consumption.
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David Urquhart joined Fidelity in 1996 as a research analyst.He has previously managed the FF Australia, FF Singapore and FF Korea funds.Since June 2006, David has run a very successful pilot fund run on the same mandate as the new fund.He also manages the FF Institutional Asia Pacific ex-Japan Opportunities Fund which has a similar investment remit to the FIF Asian Aggressive Fund.David is based in Fidelity's Hong Kong office.

David Urquhart Fund manager:

David Urquhart - FIF Asian Aggressive Fund

 David Urquhart - FIF Asian Aggressive Fund

Infrastructure and agriculture in Asia are two of the major investment themes favoured by David Urquhart, manager of the recently launched Fidelity Asian Aggressive Fund.