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
|Fidelity ILF - USD A Acc||5.83 %|
|Deutsche Boerse AG||4.02 %|
|Roche Holding AG Dividend Right Cert.||3.77 %|
|Royal Dutch Shell PLC Class A||3.72 %|
|US Bancorp||3.60 %|
|Pfizer Inc||3.48 %|
|Unilever PLC||3.31 %|
|Oracle Corp||3.27 %|
|Procter & Gamble Co||3.15 %|
|Wolters Kluwer NV||3.14 %|
|United States||31.49 %|
|United Kingdom||21.45 %|
|Europe - ex Euro||8.29 %|
|Financial Services||21.99 %|
|Consumer Defensive||12.99 %|
|Consumer Cyclical||11.84 %|
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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