The Fund aims to achieve long-term capital appreciation. It seeks a similar return to its underlying fund, which is also managed by Fidelity, by investing substantially all of its assets in units of that fund. The underlying fund aims to achieve long-term capital appreciation by investing primarily in equity securities of companies anywhere in the world, with an emphasis on U.S. securities, whose value is believed to be not fully recognized by the public The Fund uses derivatives to try to minimize the exposure to currency fluctuations between foreign currencies in developed markets (such as the U.S. dollar, Euro or the Yen) and the Canadian dollar. The Fund may also hedge against other foreign currencies.