In Q2 2025, the Fidelity MSCI World Index EUR P Acc fund delivered modest returns as developed markets showed resilience amid easing inflation and central bank pivot signals. Equity markets were buoyed by strong corporate earnings and supportive macro data in the U.S. and Europe. The fund continues its broad exposure across global large-cap equities and benefited from mild cyclicals and growth sectors while maintaining cost-efficient passive tracking.

• Developed markets showed resilience; moderation in inflation helped sentiment
• Strong corporate earnings boosted broad equity indices
• MSCI World exposure benefites from both U.S. and European cyclical recovery
• Passive tracking costs remain competitive relative to peers
• Fund remains well-diversified across sectors and regions, favoring growth and cyclicals
• Sources: Fidelity Q2 factsheet; MSCI World index performance data