Fidelity Global Focus Fund W-Accumulation

Global Growth

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.

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Name
Fidelity Global Focus Fund W-Accumulation
Manager
FIL Investment Services (UK) Ltd
Type
Open Ended Investment Company
ISIN
GB00B3RDH349
Sector
Global
Launched
15/10/2012
OCF
0.93 %
Risk Rating
2
3 Year Sharpe
0.78
3 Year Alpha
3.55
Yield
0.2 %
Benchmark
MSCI ACWI Mid Cap NR EUR
The Fund aims to increase the value of your investment over a period of 5 years or more. The Fund will invest at least 80% in equities (and equity related securities) of companies globally which could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The Investment Manager aims to hold a concentrated portfolio of 40-60 stocks.
Holding %
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 %
Region %
United States 43.45 %
Eurozone 10.92 %
Japan 10.28 %
Asia - Emerging 9.58 %
United Kingdom 7.58 %
Canada 6.46 %
Europe - ex Euro 5.09 %
Sector %
Technology 17.99 %
Financial Services 16.28 %
Basic materials 11.77 %
Communication Services 10.44 %
Healthcare 10.05 %
Industrials 9.15 %
Consumer Cyclical 8.68 %
Consumer Defensive 6.10 %
Energy 5.85 %
Name
FIL Investment Services (UK) Ltd
Address
TN11 9DZ, Hildenborough, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Amit Lodha
Joined 10/01/2010

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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