Global Economic Growth: Stronger global economies often boost emerging markets, increasing demand for FPEIX's holdings.

Emerging Market Performance: FPEIX invests in emerging markets; their overall economic health and stock market performance directly impact its value.

Currency Fluctuations: Changes in the exchange rates between the US dollar and currencies of the countries FPEIX invests in can affect returns.

Interest Rate Changes: Interest rate hikes in the US or emerging markets can impact investment flows and potentially lower FPEIX's price.

Political Instability: Political risks in emerging markets, such as elections or policy changes, can increase volatility and affect FPEIX's value.

Commodity Prices: Many emerging markets are commodity exporters; fluctuations in commodity prices impact their economies and FPEIX's returns.

Fund Manager Expertise: The skill and strategies of the fund manager at Fidelity can impact stock selections and ultimately influence the fund's performance.

Investor Sentiment: Overall investor confidence in emerging markets can drive demand for FPEIX, affecting its price.

Regulatory Changes: New laws or regulations in emerging markets affecting companies or investment can impact FPEIX holdings.

Inflation Rates: Higher inflation in emerging markets can erode company profits and investor returns, potentially lowering FPEIX's value.