Fidelity American Special Situations A

The fund may be regarded as Fidelity's US multi-cap fund.

  • 1687.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 3.50% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.70%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 27 November 2020, fund data last updated 01 April 2002

The fund aims to provide long-term capital growth by investing primarily in the shares of US companies. Manager Angel Agudo looks to invest in companies that are undervalued, either for the reason that they are out of favour or that little value is given to their recovery potential.

Fund summary

Sector North America
Structure OEIC
Launched November, 1980
Size £513m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 3.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.70%

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Investment process

The fund aims to achieve long-term capital growth, principally through a focused portfolio invested in companies having their head office or exercising a predominant part of their activity in the US.

Manager changed in December 2012.

Manager research

Average monthly relative returns

  • 15/16 -0.04%
  • 16/17 -0.76%
  • 17/18 -0.20%
  • 18/19 -1.00%
  • 19/20 -1.72%

Bestinvest MRI

  • 3 years -0.97%
  • 5 years -0.75%
  • Career -0.38%
  • 3 years 0.00%
  • 5 years 0.20%
  • Career 3.80%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Angel Agudo

Agudo has been the portfolio manager of Fidelity American Special Situations since December 2012 and PM of US equities since November 2011. He was fund manager of Fidelity’s Global Industrials fund from January 2011 to February 2012. He joined Fidelity in 2005 initially as a European analyst. Before this he was in medical equipment sales & design and in IT & operations. Education: MBA (IMD Business School); MSc Mechanical Engineering (ICAI).

Track record

Angel Agudo has 7.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.38%. During the worst period of relative performance (from February 2016 - October 2020) there was a decline of 38% relative to the index. The worst absolute loss has been 25%.

Periods of worst performance

Absolute -25.00% (July 2019 - March 2020)
Relative -38.00% (February 2016 - October 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

5.9418% Berkshire Hathaway Inc
5.3859% Willis Towers Watson Plc
4.7457% Oracle Corp
4.721% T-Mobile Us Inc
4.669% Pfizer Inc
3.1856% Liberty Global Inc
3.1749% Wells Fargo & Co
3.1402% Amerisourcebergen Corp
3.1196% Check Point Software Technologies
2.8826% Mckesson Corp
Source: Trustnet

Sector breakdown

Financials 23.00%
Information Technology 20.00%
Health Care 19.00%
Communications 12.00%
Consumer Discretionary 7.00%
Energy 6.00%
Consumer Staples 4.00%
Industrials 4.00%
Materials 3.00%
Utilities 2.00%

Key Investor Information

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