Fidelity WealthBuilder A

A fund of internal (Fidelity) funds, investing purely in equities with a bias to the UK.

  • 0.00p Price (Inc)
  • - Price (Acc)
  • 3.50% 0.50% Initial charge
  • 1.40% Annual management charge
  • 1.74% Ongoing charges
  • 0.00% Yield

Fund data last updated 25 July 2012

Fidelity Wealthbuilder is an internal fund of funds, targeting long term capital growth by investing in an internationally diversified portfolio of Fidelity's in-house equity funds. Asset allocation is based on Fidelity’s house views, though this typically stays fairly close to the benchmark with around 30% in the UK. The managers then determine fund selection, favouring managers they expects to thrive in the anticipated market environment.

Fund summary

Sector Global
Structure X-OEIC
Launched December, 1996
Size £706m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 3.50%
Initial charge via Bestinvest 0.50%
Additional bid/offer spread 0.00%
Annual management charge 1.40%
Ongoing charges figure 1.74%

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Investment process

Asset allocation is based on the views of Fidelity’s Asset Allocation Group, modified to meet the objectives of the fund, and takes place in two stages: - Strategic asset allocation, used to set the benchmark - typically this is not aggressive; - Tactical asset allocation - setting deviations from the benchmark based on a medium term view of the relative attractiveness of asset classes. Having set the geographic exposure, the managers then determines the fund selection. They will alter the weightings apportioned to the underlying fund managers in order to exploit their style biases, tilting the portfolio towards those they believe are better suited to the current market conditions, for example, towards value (stocks regarded as cheap in relation to their assets) or growth (stocks expected to grow faster than the market).

The fund suits investors looking for a one stop shop for international equity exposure with a UK bias. We generally prefer unfettered funds of funds (those with the freedom to select funds from any investment house) but Fidelity has an extensive product range and using internal funds means this has lower costs than its peers. Nonetheless the fund has failed to add value in recent years and we have higher conviction in other global equity funds. Apart from a different charging structure this is essentially the same as Fidelity's MoneyBuilder Global fund.

Manager research

Average monthly relative returns

  • 14/15 -0.24%
  • 15/16 -0.21%
  • 16/17 -0.15%
  • 17/18 -0.38%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.20%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 31.20%

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

James Bateman / Nick Peters

Bateman joined Fidelity in 2012, having previously worked at Barclays Wealth, Northern Trust Global Investments, Investment Manager Selection Limited and Mercer Management Consulting. He has an MA in Economics from the University of Cambridge. Bateman leads Fidelity’s global manager research and portfolio management capabilities. Peters has been a portfolio manager at Fidelity since 2012, having previously been a portfolio manager at Barclays Wealth, a fund manager of the BAE Systems Pension Fund and a fund manager at Henderson Global Investors. He has a BA in Economics and Statistics from Exeter University and is an Associate of the Institute of Chartered Accountants. Peters leads the analyst team covering equities.

Track record

James Bateman / Nick Peters has 5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.2%. During the worst period of relative performance (from February 2014 - October 2018) there was a decline of 14% relative to the index. The worst absolute loss has been 12%.

Periods of worst performance

Absolute -12.00% (May 2015 - September 2015)
Relative -14.00% (February 2014 - October 2018)

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 October 2018

5.0773% Spdr S&P Us Dividend Aristocrats Etf
1.5376% Ishares Physical Gold Etc
.9902% Invesco Morningstar Us Energy Infrastructure Mlp Ucits Etf B
.2785% Royal Dutch Shell
.2737% Roche Hldg Ag
.2624% Sap Se
.2126% Siemens Ag
.2122% Sanofi
.1995% Axa
.1835% Wolters-Kluwer Nv
Source: Trustnet

Sector breakdown

Others 38.00%
Financials 11.00%
Health Care 10.00%
Industrials 10.00%
Consumer Staples 8.00%
Energy 7.00%
Information Technology 5.00%
Consumer Discretionary 4.00%
Materials 3.00%
Telecommunications Utilities 2.00%

Portfolio

Typically holds 10 to 13 Fidelity funds, which broadly resemble the geographic allocation of the benchmark index (30% FTSE All Share, 20% MSCI North America, 20% MSCI Europe ex UK, 20% MSCI AC Pacific, 10% MSCI Emerging Markets).

Constraints

The manager can deviate by +/- 10% from the benchmark in each region.

Key Investor Information

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