This fund of internal Fidelity funds has been run by manager Richard Skelt since its launch in 1996 and invests purely in equity funds with around 40% allocated to the UK. Performance was strong for a long time, buoyed by good numbers across the Fidelity fund range, but in recent years it has been in line with the benchmark or worse, partly due to a downturn in the fortunes of those same Fidelity funds.
This period has also seen an expansion in the fund of funds market, with most of the new funds able to invest across the market and some able to access multiple asset classes. As a result we believe there are now stronger alternatives available and we are removing the 3 star rating on this fund.