Fidelity Global Property Fund W-Accumulation

Property

Rated Fund 2017-19. Finds companies on attractive valuations worldwide

Fidelity Global Property was launched in 2006 and has been managed since 2013 by Dirk Philippa. It invests in the shares of property companies globally rather than directly in bricks and mortar.

Under Philippa, the fund’s performance has improved following his decision to give it a more concentrated portfolio of 30 to 40 shares and to focus more on larger companies with good dividend yields. The fund’s yield is modest at 1.8% and it pays income half-yearly.

When deciding where to invest globally and in which sectors, his main focus is on stock picking. However he also takes macroeconomic factors such as quantitative easing into account when choosing where to invest.

His core philosophy is to invest in property securities that are on attractive valuations. This is how he finds the majority of his investment ideas. He looks for valuation anomalies in companies relative to their own history, to peers or versus other regions. These are often property securities that have been through a period of underperformance, where little value is ascribed to their recovery potential and therefore there is strong relative upside potential.

The second type of company he looks for are those that represent quality at a reasonable price. These are companies which he believes can achieve superior growth due to good capital allocation decisions, with experienced managements that can generate superior shareholder returns and sustain growth longer than the market estimates.

At the end of 2018, the fund’s largest country weighting was to the US at more than 50%, followed by Hong Kong, Germany and Japan. In terms of sector exposure, it was heavily overweight residential property companies.

Narrative and ratings content all as of 01 January 2019.

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Name
Fidelity Global Property Fund W-Accumulation
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B7K2NZ09
Sector
Property
Launched
15/10/2012
OCF
0.94 %
Risk Rating
2
3 Year Sharpe
0.79
3 Year Alpha
0.88
Yield
1.7 %
Benchmark
FTSE EPRA Nareit Developed TR GBP
The Fund’s investment objective is to achieve a combination of income and long term capital growth from a portfolio primarily made up of the securities of companies principally involved in the real estate industry and other real estate-related investments.
Holding %
Prologis Inc 6.68 %
Mitsui Fudosan Co Ltd 4.88 %
Fidelity ILF - USD A Acc 4.71 %
Vonovia SE 4.59 %
Sun Hung Kai Properties Ltd 4.52 %
Digital Realty Trust Inc 4.14 %
VEREIT Inc Class A 4.01 %
Deutsche Wohnen SE 3.96 %
American Campus Communities Inc 3.66 %
Hysan Development Co Ltd 3.49 %
Region %
United States 54.33 %
Eurozone 16.87 %
Asia - Developed 13.76 %
Japan 8.23 %
Sector %
Real Estate 100.00 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Dirk Philippa
Joined 10/01/2013

Data provided by Morningstar.

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