Factsheet: Fidelity Global Special Sits W Acc

Global Growth

Rated Fund 2016-2018. Trail-blazes new fee structure

This is one of five UK-domiciled Fidelity funds to be trialing a new fee structure from March 2018 that mean investors pay less when the fund fails to deliver. Its annual management charge will fall to 0.65 per cent from 0.75 per cent and a sliding performance fee will be introduced. This will be capped so that the total charge will never be more than 0.85 per cent, regardless of how well the fund does, and can be as low as 0.45 per cent if the fund underperforms.

Jeremy Podger, the fund's manager since 2012, divides the portfolio into three categories of 'special situations'. The first is 'corporate change', where companies are undergoing substantial structural change and offer the potential for a fundamental increase in value, usually in the form of merger and acquisition or spin-off activity.

The second is 'exceptional value', normally the largest category, which relates to companies that Podger believes can deliver at least 50 per cent increases in share price over a three-year period. This comes from either the ability of the company to deliver structural growth, such as revenue gains or improved margins, or a valuation re-rating as this growth is delivered.

The final category is 'unique businesses' that dominate their respective niches and enjoy a sustainable advantage over their competitors.

Podger does not stick to a rigid investment style, and by combining different types of businesses he aims to limit the fund's overall sensitivity to the economic cycle and achieve outperformance across a wide range of market conditions.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Name
Fidelity Global Special Sits W Acc
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B8HT7153
Sector
Global
Launched
15/10/2012
OCF
0.94 %
Risk Rating
4
3 Year Sharpe
1.16
3 Year Alpha
1.75
Yield
0.7 %
Benchmark
MSCI ACWI NR USD
The Fund’s investment objective is to achieve long term capital growth from a portfolio primarily made up of the shares of companies around the world. The Fund will have a blend of investments in larger, medium and smaller sized companies. The ACD is not restricted in its choice of companies either by size or industry, or in terms of the geographical split of the portfolio, and will choose stocks largely determined by the availability of attractive investment opportunities. The Fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Derivatives and forward transactions may also be used for investment purposes.
Holding %
Royal Dutch Shell PLC B 3.15 %
Alphabet Inc A 2.94 %
Fidelity ILF - USD A Acc 2.73 %
Citigroup Inc 2.18 %
JPMorgan Chase & Co 1.98 %
Exelon Corp 1.95 %
Lowe's Companies Inc 1.86 %
Vinci SA 1.71 %
Union Pacific Corp 1.61 %
Microsoft CorpCFD 1.57 %
Region %
United States 46.35 %
Eurozone 14.67 %
Japan 12.14 %
Asia - Developed 7.13 %
United Kingdom 5.30 %
Asia - Emerging 5.22 %
Sector %
Technology 21.94 %
Financial Services 19.08 %
Healthcare 12.21 %
Industrials 9.76 %
Energy 8.68 %
Consumer Cyclical 8.55 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough Kent, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Jeremy Podger
Joined 03/01/2012

Jeremy joined Fidelity in February 2012 and manages the Fidelity Global Special Situations Fund. He has been managing global funds since 1990. He joined from Threadneedle where he was Head of Global Equities and managed the Global Select Fund since 2003 and during his tenure managed a number of other retail and institutional funds including Global Extended Alpha Funds. Prior to that, Jeremy was a fund manager at Investec for 7 years and managed the Global Free Enterprise and Global Strategic Value Funds, which had similar objectives to those of Global Special Situations. He started his career as a pan-European fund manager for Saudi International Bank in 1987 and since then he has managed European and Global equities at Mirage Resources and then Investec. Jeremy has a degree from Cambridge University and an MBA from London Business School.

Data provided by Morningstar.

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