fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Fidelity Global Dividend W

Invests in equities worldwide with a target yield 25% above the MSCI AC World Index

  • 218.10p
    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.

  • 286.70p
    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?

  • 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!

  • 0.75%
    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).

  • 0.93%
    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.

  • 2.70%
    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 25 January 2022, fund commentary last updated 14 October 2021

The fund aims to deliver a good total return, with low volatility versus the MSCI All Country World Index. It also seeks to produce an income at least 25% more than that generated by companies within the index. Fund manager Daniel Roberts uses a bottom-up investment approach to find mainly large and mid-sized global companies that offer a healthy dividend yield, a growing level of income and the potential for capital growth. His portfolio is not restricted in terms of size, industry, or country. Holdings include consumer goods giant Unilever and Internet of Things group Cisco Systems.

Fund summary

Sector Global Equity Income
Structure OEIC
Launched October, 2012
Size £2,294m
Yield 2.70%
Charging basis Capital
Dividends paid 18 Jan, 18 Apr, 18 Jul, 18 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.93%

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Investment process

The manager’s approach is primarily bottom-up, looking at each individual holding in the portfolio and making a judgement call on dividend sustainability given balance sheet strength. The fund is managed in a conservative manner with an emphasis on limiting potential downside risk by selecting companies with strong fundamentals, sustainable earnings growth and those trading on attractive valuations which provide a sufficient margin of safety. The focus is primarily on larger stocks – those with the market cap / free float of $1bn+. The manager is benchmark agnostic (individual sector weights can go up to 25%, whilst regional allocation can be +/- 25% on a relative basis; the fund’s active share is typically > 90%). The manager is looking to strike a balance between delivering a headline yield and growing distribution per unit.

Manager Daniel Roberts is very experienced in the Global Equity Income sector, having led the fund since it was launched in 2012. He benefits from the support of the Fidelity Equity Income team which consists of six Equity Income portfolio managers, each with a distinctive or regional focus. In addition, Roberts can rely on insights from the broader Global Equity team which comprises portfolio managers from Fidelity’s global diversified, sector and thematic teams. The fund is managed in a conservative manner with a big emphasis on limiting potential downside risk by selecting companies with strong fundamentals. Its performance and Roberts’s strategy have both historically been very solid. It is a good value play while not seeking too high a yield and missing out on capital returns as a result.

Manager research

Average monthly relative returns

  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%
  • 21/22 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.23%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 96.80%

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

Daniel Roberts

Roberts joined Fidelity in November 2011. HHe began his investment career in 2001 as an equity analyst for M&G. He became a portfolio manager at Invesco in 2002, before moving to Aviva as a UK equity income portfolio manager in 2003. In 2009 he joined Gartmore where he also managed equity income funds. He also worked in risk analysis at JP Morgan and trained as a chartered accountant at PricewaterhouseCoopers. He holds a BSc (Hons) in mathematics from Warwick University, is an associate of the UKSIP Investment Management Certificate and is a CFA charterholder. Roberts is also a member of the Institute of Chartered Accountants.

Track record

Daniel Roberts has 5.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.23%. During the worst period of relative performance (from February 2009 - December 2009) there was a decline of 6% relative to the index. The worst absolute loss has been 33%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -33.00% (May 2007 - March 2009)
Relative -6.00% (February 2009 - December 2009)

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 30 November 2021

4.4% Procter & Gamble Co
4.2% Unilever Plc
4% Cisco Systems Inc
3.8% Relx Plc
3.3% Roche Hldg Ag
3.3% Deutsche Borse Ag
3.1% Taiwan Semiconductor Manufacturing
2.8% Sanofi
2.7% Ishares
2.6% Tesco
Source: Trustnet

Sector breakdown

Financials 22.00%
Industrials 18.00%
Consumer Staples 17.00%
Information Technology 14.00%
Health Care 10.00%
Utilities 7.00%
Materials 6.00%
Communications 2.00%
Money Market 2.00%
Consumer Discretionary 2.00%

Portfolio

Typically around 50- 60 stocks.

Constraints

+/- 25% in any region. Maximum 25% in any sector.

Key Investor Information - Income

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Key Investor Information - Accumulation

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