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A 'value' orientated fund, the manager looks to invest in companies which are mis-priced relative to their intrinsic worth. The manager uses quantitative analysis to calculate this worth relative to share price, but also places a great deal of emphasis on qualitative analysis such as meeting company management. This also includes the use of Fidelity's extensive analyst resources. The fund will only invest in stocks where this analysis has indicated there is potential for at least 20% upside, while stock weights are a corollary in particular of conviction, liquidity and risk.
The manager's focus is on absolute return and his ready use of the ability to invest abroad allow him to explore sector opportunities in Europe where options in the UK are limited. All sector bets, however, are a corollary of stock picking.