Fidelity Global Property Fund W-Accumulation


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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Fidelity Global Property Fund W-Accumulation
FIL Investment Services (UK) Ltd
Open Ended Investment Company
0.94 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2 %
FTSE EPRA Nareit Developed TR GBP
The Fund aims to deliver an income and increase the value of your investment over a period of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of companies in the real estate industry globally as well as other real estate-related investments which could include investment in 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 30-50 securities. The Fund is actively managed without reference to a benchmark. The Fund may also invest in other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management.
Holding %
Prologis Inc 7.50 %
Digital Realty Trust Inc 5.21 %
Mitsui Fudosan Co Ltd 4.74 %
Healthpeak Properties Inc 4.49 %
VEREIT Inc Class A 4.23 %
Vonovia SE 4.23 %
American Campus Communities Inc 4.13 %
American Homes 4 Rent Class A 4.09 %
Invitation Homes Inc 3.76 %
Sun Hung Kai Properties Ltd 3.65 %
Region %
United States 60.32 %
Eurozone 17.17 %
Asia - Developed 9.65 %
Japan 8.12 %
Sector %
Real Estate 100.00 %
FIL Investment Services (UK) Ltd
TN11 9DZ, Hildenborough, United Kingdom
Legal Structure
Open Ended Investment Company


Dirk Philippa
Joined 10/01/2013

Data provided by Morningstar.

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