When it comes to the Middle East, Fidelity's Emerging EMEA Markets Fund has just one stock: Industries Qatar, a conglomerate that includes both petrochemical and fertiliser companies.
"They have got cheap feedstock and cheap gas that is ultimately used in the fertiliser sector. Right now that is what the world needs and we like it," says Mark Livingston, investment director of emerging market equities, Fidelity Investments.
But generally speaking, what happens in the Middle East is a bit inconsistent with the way Fidelity looks at stocks, he says. For example, with regard to the Emerging EMEA Funds, liquidity is very important.
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