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The core of this portfolio is invested in shares that have been identified as attractive by Fidelity analysts. The manager favours cheap companies (price to book) relative to history with less than normal profitability (operating margins), although he is expected to be pragmatic. The fund could become more growth orientated if growth companies are fundamentally attractive. Shorts are found amongst expensive companies with peak profitability, although quantitative screens help to time short selling where there is a catalyst for the price to fall. A conviction based stop loss policy triggers review of positions when price targets are breached. Net market exposure is a function of investment opportunities available to the manager, but as outperformance of the index is targeted the fund will generally have a net market exposure around 100%. Options enhance returns through the collection of option premium and by taking advantage of high implied volatility. The manager has sold puts and calls (covered) and bought index options.