The large cap fund has performed poorly since its launch in December 2019. An initial investment of $1,000 would have been worth just $781.57 after fees by the end of August 2023, according to Fidelity's website.
Managed by Nipun Sharma, the fund held long and short positions across Asia excluding Japan, using a bottom-up stock picking approach.
Fidelity to close Global High Yield and Long Bond funds
Its biggest holding is in the National Hydroelectric Power Corporation, an Indian public sector hydropower company.
The fund's other largest holdings are Kweichow Moutai, a partial publicly-traded, partial state-owned Chinese drinks maker, and CP All Public Company, a convenience store operator in Thailand.
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In a note to investors, Fidelity said: "The current level of assets under management of the sub-fund does not allow the sub-fund to operate economically... [The fund] is not expected to grow in the foreseeable future, and therefore it has been decided that it is in the best interests of the shareholders to close the sub-fund."
A Fidelity International spokesperson said: "The decision to close the fund was taken following low client demand. The fund is too small to manage cost-effectively."