What makes a good company great?

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|8 Amit Lodha - Webcast
Domestic universe is shrinking
8
Webcast agenda
Consider the global option1
Our approach to global2
Picking winning management teams3
An eye to the future4
Vision 2029: Future Leaders5

Think of the everyday…
Australians consume global brands but don’t always invest in them
Source: Fidelity International, Australian Bureau of Statistics, World’s Top Exports Website, February 2019. Third party trademark, copyright and other intellectual property rights are,
and remain, the property of their respective owners. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for
the purposes of illustration only.
Australia’s top imports by value (2018)
Rank Australian Import Product Global Players 2018 Value (US$) Change
1 Processed petroleum oils $18.9 billion +28.5%
2 Cars $16.8 billion -4%
3 Crude oil $10.2 billion +41.3%
4 Phone system devices including smartphones $8.5 billion +7.7%
5 Trucks $7.5 billion +15.3%
6 Computers, optical readers $7.2 billion +14.4%
7 Medication mixes in dosage $5.3 billion -1.6%
8 Gold (unwrought) $4.6 billion +7.4%
9 Electro-medical equip (e.g. x-rays) $2.4 billion +10.4%
10 Blood fractions (including antisera) $2.3 billion +17.5%

Domestic Opportunity Set is Biased
10
Domestic investors are geographically restrictedLocal indices too reliant on the domestic economy
S&P ASX 200 (Australia) – Revenue Exposure MSCI AC World (Global) – Revenue Exposure
Broad exposure to economies, including
several that are not well represented in the
Australian market
S&P ASX 200 Index is domestically focused in
terms of revenue exposure
Australia
57%
Asia Pac. ex
Australia
9%
N. America
9%
Emerging
Markets
16%
EMEA
8%
Australia
2%
N. America
44%
Emerging
Markets
29%
EMEA
16%
Asia Pac. ex
Australia
9%
Source: Fidelity International, Factset, MSCI Australia, Fidelity International, 28 February 2019.
Awareness is a pre-requisite of successfully managing both the risks and opportunities

Global Investing has Added Advantages
Source: Fidelity International, Thomson Reuters DataStream, 28 February 2019. Primary indices for each region relative to MSCI AC World index.
60
70
80
90
100
110
120
130
140
150
160
Feb-14
Aug-14
Feb-15
Aug-15
Feb-16
Aug-16
Feb-17
Aug-17
Feb-18
Aug-18
Feb-19
RelativePerformance(Rebasedto100)
Health Care Cons. Disc. Cons. Staples
Energy Materials I.T.
Industrials Financials Utilities
Telecoms. Real Estate
US was the winner of the last 5 years: What
comes next?
I.T. and Health care the winners of the last 5
years: What comes next?
11
Domestic-only Australian investors could not access the
winners of the last 5 years
70
80
90
100
110
120
130
Feb-14
Aug-14
Feb-15
Aug-15
Feb-16
Aug-16
Feb-17
Aug-17
Feb-18
Aug-18
Feb-19
RelativePerformance(Rebasedto100)
S&P ASX 200 (Australia) S&P 500 Composite
EURO STOXX 50 FTSE 100
MSCI Emerging Markets MSCI Pacific ex Japan
TOPIX
Ability to react swiftly and ahead of market leadership change is key

Source: Fidelity International, March 2019.
So how do we approach global equity investing?
Iterative search for compounders at reasonable valuations
▪ Global rather than local ▪ Focus on cashflows and returns
ValuationsIndustry analysis
The same way we always have: by using the toolkit to find uncorrelated
stocks
▪ Meet CEO, CFO & the Chief
Technology Officer
Strong management

Source: Fidelity International as at 31 December 2018. Each region defines the sector teams slightly differently to reflect local dynamics (e.g. Media in consumer or TMT, autos in
consumer or industrials, Telecom in TMT or Utilities), the table overall is the best global fit to describe all of the roles. Where analysts cover more than one sector they may appear in
more than one box but not in the regional total. TMT stands for Telecommunications, Media and Technology. Data is unaudited. For Asia Pac ex- Japan, Industrials is included under
Cyclicals, Telecoms is included under Utilities. *Total team size regional breakdown excludes shorting and technical analysts, overall total includes these analysts.
Global research resources a key
A coverage across all regions & sectors
Japan
Asia Pac ex-Japan
EMEA & LATAM
US
Europe
Total Analyst Headcount:
6 Shorting Analysts, 3 Technical Analysts
ESG Research Specialists
Global Sector Research Specialists (based in India & China)
2
10
2
3
7
4
5
1
3
5
4
18
2
4
6
1
5
0
3
4
1
15
2
3
6
7
12
1
2
9
0
4
0
0
2
174Total roles (from regional breakdown):
9
156
Consumer
Financials /
Real Estate
Health Care
Industrials /
Cyclicals
Natural
Resources
& Utilities
TMT
Country
Generalists
Total*
3 45 1 52 1 18Fidelity Canada (N. America)
13
68
237Total Research Professional Headcount:
147
Total*
15
49
8
18
39
39 27 14 33 32 22 7

Source: Fidelity International.
Management teams are crucial in both the short term &
longer term
▪ We are in late cycle, and cycle concerns
remain
▪ If you are investing with a 3 year time
horizon, it is likely that a recession will be
within your time horizon
▪ Quality management teams with proven
track record help you navigate the rough
waters
▪ Disruption continues to impact global value
chain
▪ Management focus and long-term capital
allocation decisions / incentive structures
are important
▪ Invest in long term winners and growth
compounders
Short Term View Long Term View

Evaluating management by sector
Sector Key topic(s)
Oil & gas Safety & Resource Replacement
Technology Innovation & Disruption
Financials Regulatory Management & Trust
Health care Safety & Resource Replacement (M&A, Innovation)
Automobiles Autonomous / Electric Vehicles / Car Sharing

A focus on management is key
Company culture Capital allocation & incentives
Confidence & paranoia
Positive contribution to the
world
Culture beats strategy
“Culture, more than rule books, determines how an organization behaves –
The right culture self-selects great managers”
– Warren Buffett

1. Extending time horizons: Microsoft
▪ Strong incumbency
▪ 2000-2012 – lack of innovation
▪ 2012 – Collaboration & Hit
Refresh
▪ 2019 – Future Ready –
Quantum Computing, HoloLens,
etc = The innovation engine is
humming
Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only.
Source: Fidelity International, Bloomberg, 8 March 2019. Satya Nadella became CEO on 4 February 2014.
CEO
Tenure
Returns
(Ann.):
27.4%
“You join here, not to be
cool, but to make others
cool.”
Satya Nadella, CEO

Share price trajectory
Microsoft
Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. Source: Fidelity
International, Thomson Reuters DataStream, Bloomberg, 28 February 2019. Share price chart and Total return table in local currency terms.
0
20
40
60
80
100
120
140
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
SharePrice(USD)
Microsoft
Microsoft stock price performance since 1995 (USD)
1995 - 98 2001 - 12 2013 - Present
Bought
(Feb’ 14)
3 year returns (ann.) 32.0%
Holding period returns (ann.) 25.7%.

Key learnings
Microsoft
Source: Fidelity International. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of
illustration only.
▪ A new manager an opportunity to re-evaluate the
investment thesis
▪ Potentially positive directional change for strong
incumbents

2. Understand the human: JPMorgan Chase
Source: Fidelity International, Bloomberg, 8 March 2019. James Demon became CEO on 31 December 2006. Reference to specific securities should not be construed as a
recommendation to buy or sell these securities and is included for the purposes of illustration only.
▪ Best in class management team
▪ Incumbency and Regulation
post crisis = rising moats
▪ Technology = additional moat –
US$ 9Bn. annual spend
CEO
Tenure
Returns
(Ann.):
9.1%
“I think that technology is
the best thing that ever
happened to mankind.”
James Dimon, Chairman /
CEO

JP Morgan Chase
0
20
40
60
80
100
120
140
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
SharePrice(USD)
JP Morgan Chase
JP Morgan Chase stock price performance since 2006 (USD)
2006 - 08 2009 - 14 2014 - Present
Bought
(Dec’ 14)
Holding period returns (ann.) 15.2%
Source: Fidelity International, Thomson Reuters DataStream, Bloomberg, 28 February 2019. Share price chart and Total return table in local currency terms.

illustration only.
Key learnings
JP Morgan Chase
▪ Invest with contrarian managers
▪ Prepared to challenge status quo
▪ Pro-active and forward looking

3. Understand culture: Kotak
Source: Fidelity International, Bloomberg, 8 March 2019. Uday Kotak was redesignated as MD & CEO on 1 May 2018. He is also the principal founder and promoter of the bank.
▪ Strong management team:
promoter with aligned interest,
management with long tenure
▪ A brilliant understanding of risk
▪ High standards of corporate
governance
▪ A management team which has
been together since inception in
2004
5yr returns
(Ann.):
27.2 %
“Younger customers are
the future, but older
customers have the
money. So you need both:
one for the present, and
the other for the future”
Uday Kotak, CEO

Kotak Mahindra Bank
200
400
600
800
1000
1200
1400
1600
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
SharePrice(INR)
Kotak Mahindra Bank
Kotak Mahindra Bank stock price performance since 2014 (INR)
Source: Fidelity International, Thomson Reuters DataStream, Bloomberg, 28 February 2019. Share price chart and Total return table in local currency terms. Reference to specific
securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only.
Bought
(Aug’ 14)

Key learnings
Kotak Mahindra Bank
illustration only.
▪ Culture beats strategy
▪ Owner / founder management can create long-term value
▪ Focus on business longevity
▪ Prudent capital allocation decisions

4. Evaluate the balance of confidence / paranoia: Ocado
Source: Fidelity International, Bloomberg, 8 March 2019. Tim Steiner became CEO on 9 March 2010. Ocado Group’s shares started trading in July 2010. Reference to specific
▪ UK online grocery retailer
transforming itself into a logistics
technology solution platform
▪ Was a grocer – now a software
solutions provider
▪ If you are a retailer – they have
the only solution to give you a
fighting chance v/s Amazon
▪ They give you the pickaxes to
fight the war!
Returns
since IPO
(Ann.):
22.5%
“Missing analyst forecasts is
white noise”
Tim Steiner, CEO

Ocado Group
0
200
400
600
800
1000
1200
1400
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
SharePrice(GBp)
Ocado Group
Ocado stock price performance since 2010 (GBp)
Source: Fidelity International, Thomson Reuters DataStream, Bloomberg, 28 February 2019. Share price chart and Total return table in local currency terms. Reference to specific
July 10 (IPO) – June 15 July 15 – June 17 (Amazon –
Whole Foods Deal)
July 17 - Present
Bought
(July’ 15)
Position built
from June 16 –
Aug 16

Key learnings
Ocado Group
illustration only.
▪ Contrarian and flexible mindset
▪ Disruptive & adaptive approach
▪ Dynamic industry landscape requires dynamic pivots
▪ Singular focus on the opportunity
▪ Excel spreadsheets cannot capture non-linearity

5. Understand if management cares about the world:
Facebook
Source: Fidelity International, Bloomberg, 8 March 2019. Mark Zuckerberg became Chairman in January 2012. Facebook’s shares started trading in July 2010. Reference to specific
▪ Long tenure CEO
▪ Has the opportunity to learn
from mistakes
▪ Held in the portfolio between
Dec 2014 and Jan 2017
▪ Company needs to grow up –
we are waiting for signs to
reinvest
▪ Is this a force for good in the
world? – the jury is out!
Returns
since IPO
(Ann.):
23.8%
“Move fast and break
things. Unless you are
breaking stuff, you are not
moving fast enough”
Mark Zuckerberg,
Chairman / CEO

Facebook
0
50
100
150
200
250
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
SharePrice(USD)
Facebook
Facebook stock price performance since 2012 (USD)
Source: Fidelity International, Thomson Reuters DataStream, Bloomberg, 28 February 2019. Share price chart and Total return table in local currency terms. Holding period returns
(annualised) is for the period since initial purchase date (IPO) to 19 Jan 2017. The stock was sold in between, as the team re-visited the investment thesis. Reference to specific
Bought
(IPO)
Sold
(Jan’ 17)
Re-purchased
(Dec’ 14)

Key learnings
Facebook
illustration only.
▪ Focus on management team in a rapidly changing
industry environment
▪ Past success may not guarantee future success
▪ The dilemma of social responsibility

Source: Fidelity International, Bloomberg, 8 March 2019. Annualised total returns for the above managers have been shown at respective companies. Reference to specific
“I am going to be working
with the team to add pace
and simplicity into what
we're doing.”
Warren East,
(CEO, Rolls Royce)
Company Tenure Date
Ann.
Return %
Rolls Royce (CEO)
Feb 15 –
Present
1.7%
ARM Holdings (CEO) Oct 01 – July 13 12.4%
“I want to develop a true
global blue-chip company,
not only with leading
margins, but also with a
growth profile”
Jan Jenisch,
(CEO, LafargeHolcim)
Company Tenure Date
Ann.
Return %
LafargeHolcim (CEO)
Sept 17 –
Present
-8.3%%
SIKA (CEO) Jan 12 – July 17 27.4%
“Be quick, but don’t hurry”
– Dec 18, Culp on asset
sales at GE, quoting John
Wooden, the famous
basketball coach
Company Tenure Date
Ann.
Return %
General Electric
(CEO)
Sept 18 –
Present
-24.1%
Danaher (CEO)
Jan 00 – Sept
14
13.8%
Larry Culp,
(CEO, General Electric)
Successful managers transcend companies
Follow the manager

Always with an eye towards the future
“If one is mentally out of breath all the time from
dealing with the present, there is no energy left for
imagining the future.” – Elise Boulding

Sales, Op Profit, and Net Income GrowthGrowth % and vs. Consensus
FIL Global aggregate earnings forecasts Global Growth Forecasts
16.5%
3.5%
8.7%
0.3% 0.1%
-1.1%-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2018 2019 2020
FIL forecasts-Net Income growth FIL vs. consensus
9.1%
13.5%
16.5%
3.3% 3.6% 3.4%
4.5%
8.2%
8.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Sales growth (%) Operating Profit
growth (%)
Net Income growth
(%)
2018 2019 2020
Source: Fidelity International, Equity Research Outlook, March 2019. Actual events may differ from those assumed.
Where do we differ?
Fidelity research: big picture outlook

Revisions, 3 monthsVs. Consensus
FIL vs consensus earnings forecasts by sector (2019) Change in analyst’s forecast (Earnings growth for 2019)
by sector over last 3 months
7.8%
3.6%
2.7%
2.6%
2.5%
1.2%
0.7%
0.1%
-1.0%
-2.4%
-3.1%
-4.2%
-6% -4% -2% 0% 2% 4% 6% 8% 10%
Energy
Communications
Health Care
Real Estate
Utilities
Industrials
IT
Global
Consumer Staples
Consumer Disc.
Financials
Materials
2.7%
1.6%
0.3%
-0.2%
-0.3%
-0.4%
-1.4%
-1.8%
-2.9%
-3.2%
-4.7%
-7.8%
-10% -8% -6% -4% -2% 0% 2% 4%
Utilities
Financials
Consumer Disc.
Industrials
Health Care
Consumer Staples
Global
Materials
Real Estate
Communications
Energy
IT
Source: Fidelity International, Equity Research Outlook, March 2019. Actual events may differ from those assumed.
FIL vs consensus earnings forecasts by region (2019) Change in analyst’s forecast (Earnings growth for 2019)
by region over last 3 months
4.7%
2.4%
0.6%
0.1%
-0.4%
-5.0%
-6% -4% -2% 0% 2% 4% 6%
Japan
US
Europe
Global
EMEA/LATAM
Asia Pacific (ex Japan)
0.3%
-0.9%
-1.0%
-1.0%
-1.4%
-3.1%
-4% -3% -3% -2% -2% -1% -1% 0% 1%
EMEA/LATAM
Europe
Asia Pacific (ex Japan)
Japan
Global
US
Where do we differ?
Fidelity research: global sector & regional views

Domestic universe is shrinking
36
And what of vision 2029?

Avoid the companies that fade out
Source: Fidelity International, 31 December 2018. Largest companies in the S&P 500 Index by market capitalisation. The tech related companies for the two time periods have been
highlighted. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only.
Q4 2008: Largest cos by market cap
(in US$ Bns.)
Q4 2018: Largest cos by market cap
(in US$ Bns.)
0 100 200 300 400 500
Exxon Mobil
Walmart
Procter & Gamble
Microsoft
AT&T
General Electric
Johnson & Johnson
Chevron
Pfizer
JPMorgan Chase
0 200 400 600 800
Microsoft
Apple
Alphabet
Amazon.com
Berkshire Hathaway
Facebook
Johnson & Johnson
JPMorgan Chase
Exxon Mobil
Visa

Source: Fidelity International, February 2019. These are Fidelity’s inhouse views based on research insights & analysis. Reference to specific securities should not
be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only.
Market leaders in 2029: An interesting thought experiment
And find the ones likely to make it big?
Companies we
know today
Start-ups / others where
sector thesis is clear, but
ultimate
winner unclear
Moonshots
Companies which won’t
be around (with high
probability)
Unique products, sustainable
pricing power
Clear sector thesis with
enormous potential
Ambitious projects which will
go on to become independent
companies
Threat from competitors and
complimentary products
▪ Amazon (breakup)
▪ Alphabet (breakup)
▪ Microsoft (breakup)
▪ A pharmaceutical major
(commercialising
personalized medicine)
▪ Health care service provider
▪ Energy company
(Unknown Green Energy
player)
▪ Financial service provider
(Mega cap Banks or Payment
service providers)
▪ Self-driving car
(Waymo?)
▪ A space exploration company
(SpaceX)
▪ Food innovation
▪ An AI start-up - meeting an
unmet need
▪ Robotics
▪ Quantum Computing
▪ Apple
(unless it makes aggressive
acquisitions of some
moonshots)
▪ FANGs in current form
▪ Berkshire Hathaway (de-
rating likely post Buffett /
Munger)
Source: Fidelity International. Actual events may differ from those assumed.

Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.
Source: Fidelity International, 28 February 2019. Performance shown in AUD, net of fees for Fidelity Global Equities Fund. Benchmark: MSCI All Country World (N) Index. Tracking
error shown is ex ante.
Fidelity Global Equities: A portfolio focused on compounders
Outcomes: strong risk-adjusted returns through the cycle
Rolling three year / five year relative performance (ann.) and tracking error
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
3 Yr Excess Returns (ann.) (LHS) 5 Yr Excess Returns (ann.) (LHS) TE (ex-ante) (RHS)

Risk budget
focused on
stock
selection
Stock
64%Industry
12%
Country
10%
Risk Indices
8%
Currency
4%
Equity
2%
Source: Fidelity International, 28 February 2019. Data represents the Fidelity Global Equities fund. Comparative Index: MSCI All Country World Index (N).
The data is purely representative and holdings in the fund may vary. Holdings will vary from the index quoted. For this reason, the comparative index is used for reference only.
Outcomes: A portfolio driven by stock-specific risk
Delivering alpha with a macro-agnostic approach

Important information
This document is issued by FIL Responsible Entity (Australia) Limited ABN 33 148 059 009, AFSL No. 409340 (“Fidelity Australia”). Fidelity Australia is a member of the FIL Limited group of
companies commonly known as Fidelity International.
Prior to making an investment decision, retail investors should seek advice from their financial adviser. This document is intended as general information only. Please remember past
performance is not a guide to the future. Investors should also obtain and consider the Product Disclosure Statements ("PDS") for the fund(s) mentioned in this document before making any
decision about whether to acquire the product. The PDS is available on www.fidelity.com.au or can be obtained by contacting Fidelity Australia on 1800 119 270. This document has been prepared
without taking into account your objectives, financial situation or needs. You should consider such matters before acting on the information contained in this document. This document may include
general commentary on market activity, industry or sector trends or other broad-based economic or political conditions which should not be construed as investment advice. Information stated
herein about specific securities is subject to change. Any reference to specific securities should not be construed as a recommendation to buy, sell or hold these securities. While the information
contained in this document has been prepared with reasonable care, no responsibility or liability is accepted for any errors or omissions or misstatements however caused. The document may not
be reproduced or transmitted without prior written permission of Fidelity Australia. The issuer of Fidelity's funds is FIL Responsible Entity (Australia) Limited ABN 33 148 059 009. Details of Fidelity
Australia’s provision of financial services to retail clients are set out in our Financial Services Guide, a copy of which can be downloaded from our website. Investments in overseas markets can be
affected by currency exchange and this may affect the value of your investment. Investments in small and emerging markets can be more volatile than investments in developed markets. This
material contains statements that are "forward-looking statements", which are based on certain assumptions of future events. Actual events may differ from those assumed. There can be no
assurance that forward-looking statements, including any projected returns, will materialise or that actual market conditions and/or performance results will not be materially different or worse than
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The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or
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© 2019 FIL Responsible Entity (Australia) Limited. Fidelity, Fidelity International and the Fidelity International logo and F symbol are trademarks of FIL Limited.

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