Fidelity Global Focus A

Worldwide equity fund with a bias to the US and to larger stocks.

  • 2436.00p
    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).

  • 1.73%
    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 17 January 2020, fund data last updated 10 August 2012

The fund aims to achieve capital growth from a diversified portfolio made up of the shares of primarily larger companies from around the world. Regional weights are kept roughly in line with the size of global equity markets, meaning the fund will have around 50% invested in North America. The manager is advised by six global sector experts and is also supported by Fidelity’s network of analysts based around the world.

Fund summary

Sector Global
Structure OEIC
Launched October, 1982
Size £438m
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 1.73%

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Investment process

The manager takes a primarily bottom-up approach to portfolio construction (ie analyses companies in their own right), but this is overlain with a macro view (global economic influences) and the portfolio will include long term investment themes. He favours companies with a competitive advantage over their peers, pricing power and looks for investments where he can identify a catalyst for value realisation. The manager is guided by a team of six global sector specialists and is also able to draw on Fidelity's proprietary research from its network of regional analysts in its offices worldwide. However, the manager likes to meet as many portfolio companies as possible in order to assess their management.

This fund has been reasonably successful in recent years, and the sector and country restrictions mean that performance is unlikely to diverge significantly from the benchmark. However, with a new and relatively inexperienced manager at the helm it does not qualify for a Bestinvest rating at present. As a core holding please consider one of our rated global equity funds such as Aberdeen World Equity.

Manager research

Average monthly relative returns

  • 15/16 0.27%
  • 16/17 -0.11%
  • 17/18 0.00%
  • 18/19 0.11%
  • 19/20 0.44%

Bestinvest MRI

  • 3 years 0.18%
  • 5 years 0.14%
  • Career 0.01%
  • 3 years 89.10%
  • 5 years 91.30%
  • Career 82.10%

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

Amit Lodha

Lodha joined Fidelity in 2003 as a research analyst based in Mumbai, later becoming a sector leader in financials. He moved to London in 2007 and became a portfolio manager in 2008. Before joining Fidelity he was a research analyst at Citigroup from 2000-2003 and a Senior Accountant with KPMG from 1997-2000 - both roles were based in Mumbai. Lodha holds a CFA, an ACA from the Institute of Chartered Accountants, India and a BA and an MA in Commerce & Economics from Mumbai University.

Track record

Amit Lodha has 9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.01%. During the worst period of relative performance (from November 2010 - March 2014) there was a decline of 12% relative to the index. The worst absolute loss has been 15%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 82%.

Periods of worst performance

Absolute -15.00% (December 2010 - September 2011)
Relative -12.00% (November 2010 - March 2014)

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 2019

3.1187% American Water Works Co Inc
2.9224% Voya Financial
2.8178% Grifols Sa
2.7019% Julius Baer Gruppe Ag
2.5945% Sba Communications
2.5688% Huntington Bancshares Inc
2.4161% Fairfax India Hldgs Corp
2.3642% Novozymes A/S
2.3301% Puma Ag (Rudolph Dassler Sport
2.2478% Rolls-Royce Hldgs Plc
Source: Trustnet

Sector breakdown

Financials 24.00%
Information Technology 14.00%
Health Care 10.00%
Consumer Discretionary 10.00%
Industrials 10.00%
Communications 8.00%
Energy 6.00%
Materials 6.00%
Real Estate 4.00%
Consumer Staples 3.00%

Portfolio

There will normally be 80-120 holdings.

Constraints

Sector exposures must be within +/-10% of the index (MSCI AC World), with regional exposures kept within +/-20%. Maximum 20% in emerging markets.

Key Investor Information

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