Fidelity American Special Situations Fund W-Accumulation

US Equities

Rated Fund 2015-2018. Targets turnaround stories

This fund won Money Observer's Best North America Fund award in 2016 and was highly commended in 2015 due to its strong risk-adjusted performance. It performance faltered during 2017, but its focus on recovery situations means that investors should expect inevitable periods of underperformance.

Moreover, this is one of a handful of Fidelity funds that will trial a new fee structure from April 2018 � a lower base fee and a new performance fee linked to success in beating the wider market.

Angel Agudo has managed Fidelity American Special Situations since 2012. He 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 first stage of his investment process is Fidelity's quantitative screen of 3,000 stocks, which reduces his list of potential investments to around 200. He evaluates further using Fidelity's in-house research and company meetings.

Agudo then looks to identify positive change in unloved companies ahead of the market. He points out that these companies have usually gone through a period of underperformance so have a skewed risk/reward profile � the potential upside should be far greater than the prospect of further declines. He invests in companies at different stages of recovery to help provide consistent returns in different market conditions.

Narrative and ratings content all as of 01 January 2018.

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
4
3 Year Sharpe
1.08
3 Year Alpha
-4.30
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 5.48 %
Oracle Corp 5.05 %
Willis Towers Watson PLC 4.42 %
Bank of New York Mellon Corp 3.67 %
Abbott Laboratories 3.05 %
Fidelity ILF - USD A Acc 2.97 %
Fairfax Financial Holdings Ltd 2.85 %
Verizon Communications Inc 2.79 %
Wells Fargo & Co 2.70 %
Cisco Systems Inc 2.69 %
Region %
United States 89.74 %
Sector %
Technology 27.08 %
Financial Services 25.45 %
Healthcare 15.04 %
Consumer Defensive 6.84 %
Energy 6.15 %
Industrials 5.72 %
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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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.