Factsheet: Fidelity Global Dividend W Acc

Global Equity Income

Rated Fund 2015-2018. Avoids volatility through predictability

Fidelity Global Dividend won Money Observer's Best Global Equity Income Fund award in 2016. It had a relatively poor year in 2017, but investors should be cognisant that manager Dan Roberts can take a contrarian approach, leading to periods of underperformance. He also emphasises capital preservation.

The fund's aim is to provide a combination of income and capital growth. Its current yield is 2.7 per cent and dividends are paid annually.

Roberts, the fund's manager since 2012, runs the fund like he runs his own money. His aim is to deliver good long-term returns with lower volatility than stock markets generally, and income growth ahead of inflation. In order to invest in good-quality companies on reasonable valuations, he often adopts a contrarian attitude.

Roberts says his approach is 'unconstrained, dividend-based, total return, with an emphasis on capital preservation'. There are five key investment characteristics he holds dear: simple, understandable business models; predictable, resilient return profiles; healthy balance sheets; transparent financial statements; and sensible capital allocation.

He relishes the fund's global mandate, explaining that it gives a much greater opportunity set to select from — both within sectors and across different industry groups. He feels it helps him with regard to portfolio construction, in managing sector skews and stock concentration but also in taking advantage of relative valuation opportunities and accessing sectors that may not be available when a fund's mandate is country-specific.

His fund typically holds around 50 companies, enabling him to balance conviction with diversification, with a degree of capital protection.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Name
Fidelity Global Dividend W Acc
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B7GJPN73
Sector
Global Equity Income
Launched
15/10/2012
OCF
0.96 %
Risk Rating
2
3 Year Sharpe
0.94
3 Year Alpha
1.12
Yield
2.9 %
Benchmark
MSCI ACWI NR USD
The Fund’s investment objective is to achieve income and long-term capital growth from a portfolio consisting primarily of the shares of companies from around the world. The ACD will choose investments which it believes offer attractive dividend yields in addition to price appreciation. The Fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits.
Holding %
Wolters Kluwer NV 4.55 %
Diageo PLC 4.31 %
Fidelity ILF - USD A Acc 4.16 %
Taiwan Semiconductor Manufacturing Co Ltd 4.16 %
Royal Dutch Shell PLC Class A 3.72 %
Deutsche Boerse AG 3.65 %
US Bancorp 3.65 %
RELX NV 3.49 %
Johnson & Johnson 3.25 %
Zurich Insurance Group AG 3.23 %
Region %
United States 30.09 %
Eurozone 27.66 %
United Kingdom 18.63 %
Europe - ex Euro 9.15 %
Japan 7.46 %
Sector %
Financial Services 21.98 %
Technology 17.04 %
Healthcare 15.45 %
Consumer Defensive 11.62 %
Consumer Cyclical 10.82 %
Industrials 6.48 %
Utilities 6.16 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough Kent, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Daniel Roberts
Joined 01/30/2012

Daniel joined Fidelity in November 2011 and began managing the Fidelity Funds - Global Dividend Fund from its inception on 30 January 2012.Daniel began his investment career in 2001 as an equity analyst for M&G. He became a portfolio manager at Invesco in 2002, before moving to Aviva as a UK equity income portfolio manager in 2003. In 2009, he joined Gartmore where he also managed equity income funds.Daniel has a First Class Honours degree in Mathematics from the Warwick University. He is also a qualified accountant (ACA) and CFA charterholder.

Data provided by Morningstar.

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