Factsheet: Fidelity Global Special Sits W Acc
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
|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 %|
|United States||46.35 %|
|Asia - Developed||7.13 %|
|United Kingdom||5.30 %|
|Asia - Emerging||5.22 %|
|Financial Services||19.08 %|
|Consumer Cyclical||8.55 %|
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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