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 in excess of MSCI AC World Index

  • 192.00p
    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.

  • 240.30p
    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).

  • 0.92%
    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.

  • 3.00%
    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 May 2020, fund data last updated 01 April 2016

Launched on 30 January 2012, this fund aims to achieve income and long-term capital growth from a portfolio consisting primarily of the shares of companies from around the world. The manager will choose around 50 stocks, with a focus on quality large-cap companies paying sustainable dividends. The fund will aim to grow income at least as fast as inflation whilst achieving a yield above that of the index.

Fund summary

Sector Global Equity Income
Structure OEIC
Launched October, 2012
Size £1,251m
Yield 3.00%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 30 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 0.92%

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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 has accumulated a decent track record in the Global Equity Income sector having been running the fund since launch in January 2012. He also manages Fidelity Global Enhanced Income which uses call option strategies to achieve a higher yield. Both funds pursue a similar investment approach – an emphasis on dividend sustainability and whether the share price provides an adequate margin of safety. This is a more defensive option in the global equity income sector, with the fund displaying relatively low volatility and drawdowns compared to the peer group.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 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. He previously worked as a portfolio manager at Gartmore from July 2009 until the company was acquired and restructured by Henderson. Prior to that he managed equity income portfolios at Aviva for six years from July 2003. Before Aviva he worked as a UK equity manager at Invesco and as an equity analyst at M&G. 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 29 February 2020

4% Deutsche Borse Ag
4% Roche Hldg Ag
3.9% Unilever
3.5% Taiwan Semiconductor Manufacturing
3.3% Cisco Systems Inc
3.3% Schneider Electric Se
3.3% Wolters-Kluwer Nv
3.1% Relx Plc
3% Zurich Insurance Group Ltd
2.9% Us Bancorp Delaware
Source: Trustnet

Sector breakdown

Financials 19.00%
Industrials 16.00%
Information Technology 15.00%
Health Care 13.00%
Consumer Staples 11.00%
Utilities 10.00%
Communications 6.00%
Money Market 5.00%
Consumer Discretionary 2.00%
Materials 2.00%

Portfolio

Typically around 50- 60 stocks. Multiple sources of alpha, including core, value and 'bond like equities'

Constraints

+/- 25% in any region. Maximum 25% in any sector. No tracking error targets.

Key Investor Information - Income

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Key Investor Information - Accumulation

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