Fidelity Global Special Situations W

Global equity fund with a contrarian style, formed from the split of the original Fidelity Special Situations fund.

  • 5062.00p
    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?

  • 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).

  • 0.94%
    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.

  • 1.40%
    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 26 February 2021

Initial assets on this fund were derived from the well-established Fidelity Special Situations fund, which split in two in 2006 prior to the departure of legendary manager Anthony Bolton. The fund's objective is to achieve long term capital growth from a global portfolio of equities. The manager targets shares he believes have unrecognised value, often in companies or industries undergoing change, and will typically have a bias to mid cap stocks which the manager believes are under-researched.

Fund summary

Sector Global
Structure OEIC
Launched October, 2012
Size £3,036m
Yield 1.40%
Charging basis Income
Dividends paid Acc units only

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 0.94%

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Investment process

Starting from a universe is around 2,500 stocks (those with a market cap above $1bn) manager Jeremy Podger looks for 3 types of company: - Exceptional value (around 50% of portfolio). Companies able to grow earnings above market expectations that also have re-rating potential. These have a high upside potential (aim for 50% over 3 years) but potentially high volatility. - Unique businesses. Companies with Good pricing power and autonomous growth potential. - Corporate change. Companies with the potential for restructuring or demerger in the near term. These should provide good upside potential with limited downside. Ideas are generated from a macro overlay, external inputs and quant screens. The manager primarily relies on Fidelity's analysts for company contact, though Podger also attends some meetings and undertakes international trips regularly.

Manager Jorma Korhonen stepped down in December 2011 following a tenure characterised by volatile performance. His replacement, ex-Threadneedle global manager Jeremy Podger, joined the company in March 2012.

Manager research

Average monthly relative returns

  • 16/17 0.25%
  • 17/18 0.15%
  • 18/19 -0.20%
  • 19/20 -0.03%
  • 20/21 0.34%

Bestinvest MRI

  • 3 years 0.04%
  • 5 years 0.10%
  • Career 0.20%
  • 3 years 72.90%
  • 5 years 87.10%
  • Career 99.80%

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

Jeremy Podger

Podger joined Fidelity in March 2012. He had previously been head of global equities at Threadneedle, where he worked from 2003. He began his career in 1987 with Saudi International Bank in London, progressing from UK equity analyst through to global fund manager. He moved to Mirage Resources, also as a global fund manager, in 1992 before joining Guinness Flight (which subsequently became Investec) in April 1996 as Head of Institutional Continental Europe and a specialist global equity fund manager. Podger holds a Philosophy degree from Cambridge (1986) and in 1996 passed his MBA at the London Business School. He is also an Associate member of the UK Society of Investment Professionals.

Track record

Jeremy Podger has 24.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.2%. During the worst period of relative performance (from March 1997 - March 1999) there was a decline of 22% relative to the index. The worst absolute loss has been 32%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -32.00% (January 2001 - September 2002)
Relative -22.00% (March 1997 - March 1999)

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

3.3789% Apple Inc
3.1348% Microsoft Corp
3.0079% Alphabet Inc
2.6993% Amazon.com Inc
1.9713% Charter Communications Inc
1.819% T-Mobile Us Inc
1.7162% Tdk Corp
1.6101% Hca Healthcare Inc
1.5814% Koninklijke Philips Nv
1.5793% Deutsche Borse Ag
Source: Trustnet

Sector breakdown

Information Technology 28.00%
Financials 16.00%
Health Care 16.00%
Consumer Discretionary 12.00%
Communications 12.00%
Utilities 6.00%
Industrials 3.00%
Real Estate 3.00%
Energy 2.00%
Materials 2.00%

Portfolio

Portfolio of 100-120 stocks, including a small number of shorts.

Constraints

There are no geographic or sector restrictions. Shorts are limited to 20% of the portfolio; net market exposure must be at least 70%

Key Investor Information

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