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
Fidelity Global Dividend Fund W-Accumulation
FIL Investment Services (UK) Ltd
Open Ended Investment Company
Global Equity Income
0.92 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2.7 %
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. It is not restricted in terms of size, industry, or geographical split. The Fund is actively managed without reference to a benchmark.
Holding %
Cisco Systems Inc 4.19 %
Unilever PLC 4.14 %
Deutsche Boerse AG 4.12 %
Roche Holding AG Dividend Right Cert. 3.79 %
Taiwan Semiconductor Manufacturing Co Ltd 3.58 %
Wolters Kluwer NV 3.41 %
Pfizer Inc 3.21 %
Schneider Electric SE 3.20 %
Fidelity ILF - USD A Acc 3.19 %
Intel Corp 3.07 %
Region %
United States 31.96 %
Eurozone 27.92 %
United Kingdom 19.21 %
Europe - ex Euro 8.11 %
Japan 5.60 %
Asia - Developed 5.58 %
Sector %
Technology 18.48 %
Financial Services 17.75 %
Healthcare 15.30 %
Communication Services 13.89 %
Consumer Defensive 13.43 %
Utilities 9.89 %
Industrials 8.24 %
FIL Investment Services (UK) Ltd
TN11 9DZ, Hildenborough, United Kingdom
Legal Structure
Open Ended Investment Company


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.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

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.