Fidelity American Special Situations Fund W-Accumulation

US Equities

Rated Fund 2015-19. Targets turnaround stories

Fidelity American Special Situations has had a rough year or two, but continues to beat the index over five years and was among the best performers amid the recent market turmoil, so we retain our conviction in this fund.

It won Money Observer’s Best North America Fund award in 2016 and was highly commended in 2015 due to its strong risk-adjusted performance. Its focus on recovery situations means that investors should expect inevitable periods of underperformance.

Angel Agudo, its manager since 2012, describes his investment philosophy as a “high conviction, contrarian value approach”. He targets companies suffering from a specific problem that he believes will be resolved by analysing the trends and structure of the sector in which the company operates, the competitive environment and the likelihood of future merger and acquisition activity. He runs a concentrated portfolio of around 50 holdings.

He invests in companies at different stages of recovery to help provide consistent returns in different market conditions.

The fund is one of a handful at Fidelity that started trialling a new fee structure in April 2018 – a lower base fee and a new performance fee linked to success in beating the wider market – so investors should not pay for underperformance.

Narrative and ratings content all as of January 2019.

See all Money Observer rated funds
Name
Fidelity American Special Situations Fund W-Accumulation
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B89ST706
Sector
North America
Launched
15/10/2012
OCF
0.92 %
Risk Rating
3
3 Year Sharpe
1.08
3 Year Alpha
0.37
Yield
0.6 %
Benchmark
S&P 500 TR GBP
The Fund’s investment objective is to achieve long term capital growth from a portfolio primarily made up of the shares of US companies. The portfolio is likely to have a bias towards medium-sized and smaller companies, although the ACD is not restricted in its choice of company by either size or industry.
Holding %
Berkshire Hathaway Inc B 6.38 %
Oracle Corp 5.38 %
Fidelity ILF - USD A Acc 5.08 %
Willis Towers Watson PLC 3.58 %
Verizon Communications Inc 3.31 %
Bank of New York Mellon Corp 3.15 %
Wells Fargo & Co 3.01 %
Cisco Systems Inc 3.00 %
Fairfax Financial Holdings Ltd 2.94 %
Exelon Corp 2.72 %
Region %
United States 91.44 %
Sector %
Financial Services 24.89 %
Technology 22.17 %
Healthcare 16.58 %
Consumer Defensive 8.48 %
Energy 6.76 %
Consumer Cyclical 6.19 %
Communication Services 5.54 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough Kent, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Angel Agudo
Joined 12/21/2012

Data provided by Morningstar.

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This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.