Fact sheet: Fidelity Global Special Situations

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL GROWTH
Sector
UT Global
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Fidelity Global Special Situations

Rated Fund 2016-2017. Looking for three categories of growth

Global funds have become increasingly popular in recent years but Fidelity's fund, managed since 2012 by Jeremy Podger, tries to do something a bit different. Podger, who has managed global equity funds for many years, seeks to identify specific types of companies likely to experience strong share price growth.

He does not stick to a rigid investment style and by combining different types of businesses he aims to limit the fund's overall sensitivity to the economic cycle and achieve outperformance across a wide range of market conditions. He actively seeks to minimise risk with a portfolio typically consisting of around 70 to 110 holdings.

Podger looks for three distinct types of companies for his fund. The first is 'corporate change', where companies are undergoing substantial structural change and offer the potential for a fundamental increase in value over a 12- to 18-month time horizon, usually in the form of merger and acquisition or spin-off activity.

The second is 'exceptional value', which is normally the largest category and relates to companies that Podger believes offer the potential to deliver at least 50 per cent increases in share price over a three-year period. This comes either from the ability of the company to deliver structural growth such as revenue gains or improved margins, or from a valuation re-rating as this growth is delivered.

The final category is 'unique businesses' that dominate their respective niche and enjoy a sustainable advantage over their competitors, which allows them to generate returns via strong revenue growth. These are held for three years or more.

3 Year Performance
Fund Performance55.5%
Average of Rated Funds Group54.7%
Sector Performance34.2%
Fund information
Fund name
Fidelity Global Special Situations W Acc
Fund manager company
Fidelity International (FIL In
Fund type
OEIC
Fund managers
  • Jeremy Podgersince 01/03/2012
Accolades
Fund objective
Aims to provide long-term capital growth. Invests primarily in shares of companies throughout the world. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.
Benchmark
  • IA £ High Yield Bond
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
8.7%
1 Year rank in sector
60/248
Sector
UT Global
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.95%
Fund size
£2,512m (£2,123m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
107
Mid price
3652
Top in this sector
Fund name1 Year
Baillie Gifford PostivChng35.6%
Aubrey GblConviction31.5%
TM Lansd DMLO SRI Fed26.5%
Equitile Resilience26.4%
Baillie Gifford Gbl Discovery24.1%
...more in UT Global

Performance snapshot

Holdings snapshot

  • USA46.9%
    Japan12.9%
    Others12.1%
    Netherlands5.2%
    UK4.8%
  • Information Technology23.6%
    Financials17.6%
    Health Care13.8%
    Consumer Discretionary10.6%
    Energy8.2%
  • US Equities47.2%
    Japanese Equities12.9%
    International Equities12.1%
    Dutch Equities5.2%
    UK Equities4.8%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-4.7%-0.8%2.6%8.7%55.5%110.4%
Sector-4.8%-1.4%1%6.7%34.2%61.7%
Rank within sector115 / 27293 / 26858 / 26060 / 24813 / 2218 / 199
Quartile2nd2nd1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-2.5%16.9%27.9%10.8%14.7%
Sector-2.8%13.6%21%3.4%6.7%
Rank within sector95 / 27244 / 24757 / 23216 / 22013 / 207
Quartile2nd1st1st1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
3.35
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.13
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.24
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11.61
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
3.09
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.54
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.94
Price movement
52 week high3857
52 week low3285
Current bid price-
Current offer price-
Current mid price3652
Region
1USA46.9%
2Japan12.9%
3Others12.1%
4Netherlands5.2%
5UK4.8%
6France4.3%
7Germany3.8%
8Korea2.7%
9Denmark2.3%
Industry sector
1Information Technology23.6%
2Financials17.6%
3Health Care13.8%
4Consumer Discretionary10.6%
5Energy8.2%
6Industrials6.9%
7Real Estate4.3%
8Utilities3.9%
9Materials3.5%
Asset type
1US Equities47.2%
2Japanese Equities12.9%
3International Equities12.1%
4Dutch Equities5.2%
5UK Equities4.8%
6French Equities4.3%
7German Equities3.7%
8South Korean Equities2.7%
9Danish Equities2.3%
Individual holdings
1ROYAL DUTCH SHELL3.17%
2ALPHABET INC2.8%
3CITIGROUP INC2.35%
4EXELON CORP2.13%
5JPMORGAN CHASE & CO1.97%
6LOWES COMPANIES INC1.78%
7VINCI SA1.72%
8UNION PACIFIC CORP1.71%
9KONINKLIJKE AHOLD DELHAIZE NV1.55%
Management
Fund manager group
No data available.
Fund manager company
Fidelity International (FIL In
Fund type
OEIC
Fund objective
Aims to provide long-term capital growth. Invests primarily in shares of companies throughout the world. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.
Benchmark
  • IA £ High Yield Bond
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Jeremy Podger01/03/2012Jeremy joined Fidelity in February 2012 and manages the Fidelity Global Special Situations Fund. He has been managing global funds since 1990. He joined from Threadneedle where he was Head of Global Equities and managed the Global Select Fund since 2003 and during his tenure managed a number of other retail and institutional funds including Global Extended Alpha Funds. Prior to that, Jeremy was a fund manager at Investec for 7 years and managed the Global Free Enterprise and Global Strategic Value Funds.
Compliance
Transparent for Austrian Tax, IA Recognised, UCITS V Compliant
Domicile
No data available.
Fund for sale in
France, United Kingdom, Guernsey, Ireland, Jersey
Fidelity Global Special Situations Acc
Initial charge3.5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£250
Available in ISAYes
Ongoing charge (OCF)1.7%
Total expense ratio (TER)1.71%
Bid price-
Offer price-
Mid price3802
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeE184
Fidelity Global Special Situations J Acc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£250
Available in ISANo
Ongoing charge (OCF)1.67%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price331.2
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeKJ2N
Fidelity Global Special Situations W Acc
Initial charge-
Annual charge0.75%
Min single investment£1,000
Min regular saving£250
Available in ISAYes
Ongoing charge (OCF)0.95%
Total expense ratio (TER)0.95%
Bid price-
Offer price-
Mid price3652
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGMUA
Fidelity Global Special Situations Y Acc
Initial charge-
Annual charge1%
Min single investment£1,000
Min regular saving£250
Available in ISAYes
Ongoing charge (OCF)1.17%
Total expense ratio (TER)1.16%
Bid price-
Offer price-
Mid price3788
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeG7FG
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.