Fidelity UK Opportunities A

Targets capital growth and income from mostly large-cap UK equities.

  • 106.10p Price (Inc)
  • - Price (Acc)
  • 0.00% Initial charge
  • 1.00% Annual management charge
  • 1.20% Ongoing charges
  • 0.00% Yield

Prices as at 10 December 2019, fund data last updated 01 February 2002

Investing predominantly in larger UK companies, typically in the FTSE 100 and top half of the FTSE 250, the fund aims to provide some income, whilst producing steady capital returns. The portfolio strategy is to invest in mis-priced industry winners, Fidelity defines these as a company which has a sustainable competitive advantage, leading to strong long-term growth prospects. Fidelity has a strong analytic resource divided into sector specialists and as such the idea of the fund fits well with Fidelity's framework.

Fund summary

Sector UK All Companies
Structure OEIC
Launched May, 2019
Size £467m
Yield 0.00%
Charging basis Capital
Dividends paid Apr, Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.20%

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Investment process

This is a conservatively managed UK equity fund, typically holding 60-80% in FTSE 100 companies. Although the bias is to large companies, the manager is not restricted in the choice of company either by size or industry. The manager makes great use of the in house analyst resource within Fidelity and when searching for industry winners he tends to focus upon stocks that offer growth, strong cash flow characteristics, combined with good management. The manager believes that typically, industry winners will continue to stay ahead of the pack, and that this is not always recognised in the stockmarket. Therefore, such companies often represent good value as often they do not trade on significant premiums within their industry peer group.

Manager research

Average monthly relative returns

  • 14/15 0.87%
  • 15/16 0.08%
  • 16/17 0.33%
  • 17/18 -0.40%
  • 18/19 -0.34%

Bestinvest MRI

  • 3 years -0.14%
  • 5 years 0.11%
  • Career 0.11%
  • 3 years 42.10%
  • 5 years 75.80%
  • Career 97.60%

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

Leigh Himsworth

Born in 1968, Himsworth began his career in 1989 at Price Waterhouse where he trained as an accountant. After completing an MBA he joined Rensburg in 1995, initially in private client stockbroking before moving to fund management. From 1998-2000 he was a fund manager with Nestle UK Pension Trust, responsible for UK Mid Cap and Small Cap portfolios. On rejoining Rensburg in 2001 he took over the UK Mid Cap fund. In April 2006 he joined Royal London to manage the Mid Cap growth fund. In September 2009 he joined Gartmore as Head of UK Equities. In July 2011 he moved to Eden Financial.

Track record

Leigh Himsworth has 17.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.11%. During the worst period of relative performance (from April 2017 - June 2019) there was a decline of 13% relative to the index. The worst absolute loss has been 45%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 98%.

Periods of worst performance

Absolute -45.00% (February 2001 - January 2003)
Relative -13.00% (April 2017 - June 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 July 2019

5.3% Bp
4.7% Prudential Plc
3.8% Astrazeneca Plc
3.5% Royal Dutch Shell
3.3% Diageo
3.3% Wh Smith Plc
3.1% Glencore Plc
2.8% Meggitt Plc
2.6% Cranswick
2.4% Bhp Group Plc
Source: Trustnet

Sector breakdown

Industrials 23.00%
Financials 18.00%
Oil & Gas 12.00%
Consumer Services 10.00%
Basic Materials 10.00%
Health Care 9.00%
Consumer Goods 9.00%
Utilities 4.00%
Money Market 2.00%
Technology 2.00%

Portfolio

Typically 40-50 holdings, with approximately 70% of the fund invested within the FTSE 100.

Key Investor Information

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