Fidelity Global Dividend Fund W-Accumulation

Global Equity Income

Rated Fund 2015-20. Avoids volatility through predictability  

Dan Roberts has run Fidelity Global Dividend, Money Observer’s Best Global Equity Income Fund in 2016, since its inception in January 2012. Although the fund’s history doesn’t span a full market cycle, the fund has been a solid performer, generating outperformance in difficult markets while keeping up in strongly rising markets. The fund has consistently ranked in the top quartile every year bar 2016 and 2017. This is in line with expectations, as this approach should be beneficial when high-quality, defensive large companies do well.

He describes his approach as “unconstrained, dividend based, total return with an emphasis on capital preservation”. The fund aims to deliver good long-term total returns, with lower volatility than stock markets generally, as well as income growth ahead of inflation. Its current yield is 2.3%. Dividends are paid quarterly.

There are five key investment characteristics that Roberts likes to see: simple, understandable business models; predictable, resilient return profiles; healthy balance sheets; transparent financial statements and sensible capital allocation. In order to invest in good-quality companies on reasonable valuations, he often adopts a contrarian attitude. He relishes the fund’s global mandate, explaining that it yields 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, which he says enables him to balance conviction with diversification, and achieve a degree of capital protection in volatile markets.

Narrative and ratings content all as of 01 January 2020.

See all Money Observer rated funds
Name
Fidelity Global Dividend Fund W-Accumulation
Manager
FIL Investment Services (UK) Ltd
Type
Open Ended Investment Company
ISIN
GB00B7GJPN73
Sector
Global Equity Income
Launched
15/10/2012
OCF
0.92 %
Risk Rating
2
3 Year Sharpe
0.66
3 Year Alpha
2.92
Yield
2.7 %
Benchmark
MSCI ACWI NR USD
The Fund aims to increase the value of your investment with low volatility versus the MSCI All Country World (Net Total Return) Index. It also seeks to deliver an income that is at least 25% more than the income produced by companies included in the index.The Fund will invest at least 70% in equities (and their related securities) of companies globally. The Investment Manager will choose investments which it believes offer attractive dividend yields in addition to price appreciation.
Holding %
Fidelity ILF - USD A Acc 4.66 %
Roche Holding AG Dividend Right Cert. 3.93 %
Deutsche Boerse AG 3.90 %
Unilever PLC 3.80 %
Cisco Systems Inc 3.48 %
Taiwan Semiconductor Manufacturing Co Ltd 3.24 %
RELX PLC 3.23 %
Wolters Kluwer NV 3.19 %
Schneider Electric SE 3.15 %
U.S. Bancorp 3.14 %
Region %
United States 29.50 %
Eurozone 28.00 %
United Kingdom 19.76 %
Europe - ex Euro 9.71 %
Japan 5.97 %
Sector %
Financial Services 21.22 %
Technology 15.51 %
Healthcare 13.44 %
Communication Services 13.43 %
Consumer Defensive 11.89 %
Industrials 9.96 %
Utilities 9.60 %
Name
FIL Investment Services (UK) Ltd
Address
TN11 9DZ, Hildenborough, 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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