Bestinvest says
The fund should be considered a one stop shop for investors seeking international equity exposure with a UK bias, but with fund manager Richard Skelt having added little value in recent years we have higher conviction in other global equity funds. Apart from a different charging structure this is essentially the same as Fidelity's Wealthbuilder fund.
An internal fund of funds, Fidelity Moneybuilder Global achieves international diversification by investing in a broad spectrum of Fidelity's in-house funds, biased to the UK. Asset allocation is based on the views of Fidelity’s Asset Allocation Group, modified by the portfolio manager Richard Skelt to meet the objectives of the fund, and takes place in two stages:
- Strategic asset allocation, used to set the benchmark - typically this is not aggressive;
- Tactical asset allocation - setting deviations from the benchmark based on a medium term view of the relative attractiveness of asset classes.
Having set the geographic exposure, Skelt then determines the fund selection and will alter the weightings apportioned to the underlying fund managers in order to exploit their style biases, which are better suited to the current market conditions, for example, towards value (stocks regarded as cheap in relation to their assets) or growth (stocks where their growth potential is under appreciated).