Bestinvest says
The large number of stocks and a restriction on regional weightings means historic performance has been roughly in line with the benchmark. As a core holding we prefer our rated global equity funds or a diversified selection of our rated regional funds.
Skelt's role as portfolio manager is largely that of an asset allocator between separate regions of: UK, Europe, North America, Asia and Japan. The portfolio remains at least 50% invested in Europe, mostly in the UK. The balance is invested in other markets, broadly in relation to their size with variances arising through relative attractiveness.
Once asset allocation has been decided, individual shares are selected on a bottom up basis by Fidelity's regional fund managers and stock selection is expected to add most value. Fidelity have one of the largest teams of analysts globally, with offices around the world, and claim to cover 95% of the world's stock markets by market capitalisation.