Fidelity Global Focus Fund W-Accumulation
New for 2020. Backs medium companies with structural tailwinds
Fidelity Global Focus is a newcomer to our Rated Funds for 2020, replacing Fidelity Global Special Situations, which it has outperformed over all time periods. The incoming fund is a solid option for investors looking for exposure to medium-sized companies around the world.
Amit Lodha has run the fund since 2010, having worked at Fidelity for 16 years. He believes stockmarkets are only semi-efficient. To exploit this, he finds the best investment opportunities in medium-sized companies with structural growth advantages and sustainable pricing power.
His investment process is based on in-depth understanding of global value chains, working closely with Fidelity’s large team of research analysts and global sector specialists. Lodha aim to identify attractive macro themes, and within those favours companies with healthy balance sheets and high sustainable margins. He constructs a high-conviction portfolio of around 50 stocks that he believes carry a sufficient margin of safety in their valuation.
The fund’s positioning at both a country and a stock level is markedly different from other global funds, so investors run little risk of significant overlap with their other holdings. At a country level, the fund’s largest weighting is to the US at 38.5%, but this is almost 10% underweight relative to the benchmark MSCI All Country World Mid Cap index.
Narrative and ratings content all as of January 2020.See all Money Observer rated funds
|Fidelity ILF - USD A Acc||6.03 %|
|Franco-Nevada Corp||2.58 %|
|MonotaRO Co Ltd||2.47 %|
|Arthur J. Gallagher & Co||2.29 %|
|Renishaw PLC||2.26 %|
|Grifols SA ADR||2.24 %|
|Agnico Eagle Mines Ltd||2.05 %|
|Booz Allen Hamilton Holding Corp Class A||2.01 %|
|Hamamatsu Photonics KK||1.98 %|
|Monster Beverage Corp||1.96 %|
|United States||43.45 %|
|Asia - Emerging||9.58 %|
|United Kingdom||7.58 %|
|Europe - ex Euro||5.09 %|
|Financial Services||16.28 %|
|Basic materials||11.77 %|
|Communication Services||10.44 %|
|Consumer Cyclical||8.68 %|
|Consumer Defensive||6.10 %|
Portfolio Manager. Amit joined Fidelity as an equity analyst in 2003, covering sectors including technology, media, telecoms and financials before being promoted to Asian (ex-Japan) financials team leader and then global commodities analyst. He assumed responsibility for the Fidelity Global Equities Fund in November 2010. Amit has Bachelors and Masters degrees in Commerce and Economics from the University of Mumbai. He is a qualified chartered accountant and a CFA Charterholder.
Data provided by Morningstar.
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