FIDELITY CASH W GBP

Investment Process

The management team of Ellinger and Foster begin their investment process by assessing the current market environment and the short-term outlook. This enables them to make a top-down decision on the targeted Weighted Average Maturity for the fund. Ellinger and Foster monitor fund exposure on an ongoing basis and assess the needs of the fund on any given day. The next step is a bottom-up security selection decision, whereby the managers are only able to select securities from a pre-approved list. That list is constantly looked at by analysts, the managers and senior management to ensure consistency and appropriateness of issuer ratings and guidelines recommended by the credit research team. Fixed income traders are an integral part of the process as Fidelity portfolio managers do not have authority to trade, and traders have clear accountability for executing all portfolio transactions. ESG matters are also considered in investment decisions by Fidelity’s analysts, its specialist Sustainable Investing Team, external research, and portfolio managers.