Fidelity Multi Asset Open Defensive N

Fund of internal funds investing in bonds, cash, equities, property and commodities.

  • 139.50p
    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).

  • 1.22%
    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.

  • 0.20%

    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 22 January 2021

Fund summary

Sector Mixed Investment 0-35% Shares
Structure OEIC
Launched July, 2013
Size £66m
Yield 0.20%
Charging basis Income
Dividends paid Acc units only


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 1.22%


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Investment process

The aim is to achieve long term capital growth. It invests in a range of worldwide funds managed by Fidelity that invest in bonds and cash. The fund may also have some exposure to company shares (equities), property and commodities. It may also invest in funds managed by other companies and directly in other transferable securities, money market instruments, cash and deposits. The fund may use derivatives and forward transactions for investment purposes.

Manager research

Average monthly relative returns

  • 16/17 -0.26%
  • 17/18 -0.38%
  • 18/19 0.10%
  • 19/20 -0.15%
  • 20/21 0.39%

Bestinvest MRI

  • 3 years 0.11%
  • 5 years -0.06%
  • Career -0.05%
  • 3 years 87.70%
  • 5 years 53.20%
  • Career 60.30%

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

Nick Peters / Kevin O’Nolan

Track record

Nick Peters / Kevin O’nolan has 5.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.05%. During the worst period of relative performance (from March 2015 - September 2019) there was a decline of 11% relative to the index. The worst absolute loss has been 7%.

Periods of worst performance

Absolute -7.00% (January 2020 - March 2020)
Relative -11.00% (March 2015 - September 2019)

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.


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Top 10 holdings

Data accurate as at 31 January 2019

34.4759% Fidelity Global Aggregate Bond Fund I-Acc-Gbp
13.0962% The Sterling Fund Class C Accumulating Shares
11.4363% Fidelity Uk Equity Fund I-Acc-Gbp
8.536% Fidelity Global Sub-Ig Fixed Income Fund I-Acc-Gbp
4.4773% Us 2yr Note (Cbt) Fut Mar19 Tuh9
4.4456% Fidelity Alternative Listed Equity Fund I-Acc-Gbp
4.3644% Us 10yr Note Fut (Cbt)Mar19 Tyh9
3.8494% Fidelity North America Equity Fund I-Acc-Usd
3.6158% Ishares Physical Gold Etc
2.8573% Investec Global Gold I Gr Acc Gbp
Source: Trustnet

Sector breakdown

Others 100.00%

Key Investor Information