Fidelity Global Dividend Fund W-Accumulation

Global Equity Income

Rated Fund 2015-19. 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 its history doesn’t span a full market cycle, the fund has been a solid performer, generating outperformance in more difficult markets, while keeping up in strongly rising markets.

The fund consistently ranks in the top quartile every calendar year with the exception of 2016 and 2017. This is in line with expectations, as Roberts’s approach should benefit when 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 stockmarkets generally, and income growth ahead of inflation. Its current yield is 2.8% and dividends are paid annually.

There are five key investment characteristics that Roberts holds dear: 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 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, which he says enables him to balance conviction with diversification and to achieve a degree of capital protection in volatile markets.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
Name
Fidelity Global Dividend Fund W-Accumulation
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B7GJPN73
Sector
Global Equity Income
Launched
15/10/2012
OCF
0.92 %
Risk Rating
1
3 Year Sharpe
1.28
3 Year Alpha
2.23
Yield
2.7 %
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.
Holding %
Fidelity ILF - USD A Acc 5.21 %
Deutsche Boerse AG 3.89 %
US Bancorp 3.73 %
Royal Dutch Shell PLC Class A 3.67 %
Roche Holding AG Dividend Right Cert. 3.55 %
Wolters Kluwer NV 3.49 %
Procter & Gamble Co 3.46 %
Unilever PLC 3.37 %
Taiwan Semiconductor Manufacturing Co Ltd 3.33 %
Colgate-Palmolive Co 3.16 %
Region %
United States 29.52 %
Eurozone 26.59 %
United Kingdom 21.37 %
Europe - ex Euro 8.07 %
Japan 7.80 %
Sector %
Financial Services 21.93 %
Consumer Defensive 14.96 %
Technology 14.02 %
Healthcare 13.92 %
Consumer Cyclical 11.52 %
Industrials 7.07 %
Utilities 6.02 %
Name
Fidelity (FIL Investment SVCS (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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