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FIDELITY GLOBAL DIVIDEND W

FIDELITY GLOBAL DIVIDEND W - Overview

Overview of FIDELITY GLOBAL DIVIDEND W Buy in ISA Buy in Investment Account

Launched on 30 January 2012, this fund aims to achieve income and long-term capital growth from a portfolio consisting primarily of the shares of companies from around the world. The manager will choose around 50 stocks, with a focus on quality large-cap companies paying sustainable dividends. The fund will aim to grow income at least as fast as inflation whilst achieving a yield above that of the index.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Global Equity Income
Structure OEIC
Launched October, 2012
Size £1,134m
Yield 2.7%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 30 Oct

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 0.92%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Manager Daniel Roberts has accumulated a decent track record in the Global Equity Income sector having been running the fund since launch in January 2012. He also manages Fidelity Global Enhanced Income which uses call option strategies to achieve a higher yield. Both funds pursue a similar investment approach – an emphasis on dividend sustainability and whether the share price provides an adequate margin of safety. This is a more defensive option in the global equity income sector, with the fund displaying relatively low volatility and drawdowns compared to the peer group.

Portfolio

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 5
Allocation Proportion(%)
UK 20
Europe 34
North America 31
Japan 8
Pacific 5
Emerging Markets 2
Allocation Proportion(%)
Large Caps 90
Mid Caps 10
Small Caps 0
View all performance data for this fund

Investment process

The manager’s approach is primarily bottom-up, looking at each individual holding in the portfolio and making a judgement call on dividend sustainability given balance sheet strength. The fund is managed in a conservative manner with an emphasis on limiting potential downside risk by selecting companies with strong fundamentals, sustainable earnings growth and those trading on attractive valuations which provide a sufficient margin of safety. The focus is primarily on larger stocks – those with the market cap / free float of $1bn+. The manager is benchmark agnostic (individual sector weights can go up to 25%, whilst regional allocation can be +/- 25% on a relative basis; the fund’s active share is typically > 90%). The manager is looking to strike a balance between delivering a headline yield and growing distribution per unit.

Live feed

Bid price(inc) 196.00p
Accum units 239.40p
Fund commentary 01/04/16
Fund data updated on 21/06/19

Asset allocation

Allocation Proportion(%)
Equity 95
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 5

Equity Geographic

Allocation Proportion(%)
UK 20
Europe 34
North America 31
Japan 8
Pacific 5
Emerging Markets 2

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 90
Mid Caps 10
Small Caps 0

Top 10 holdings

As at: 30/04/2019
3.9% Deutsche Borse Ag
3.7% Royal Dutch Shell
3.7% Us Bancorp Delaware
3.6% Roche Hldg Ag
3.5% Procter & Gamble Co
3.5% Wolters-Kluwer Nv
3.4% Unilever
3.3% Taiwan Semiconductor Manufacturing
3.2% Colgate-Palmolive Co
3.1% Munchener Ruckversicherungs Ag
Source: Trustnet

Sector breakdown

Financials 21%
Consumer Staples 14%
Information Technology 13%
Health Care 13%
Industrials 13%
Communications 7%
Money Market 6%
Utilities 6%
Energy 4%
Consumer Discretionary 2%

Portfolio details

Typically around 50- 60 stocks. Multiple sources of alpha, including core, value and 'bond like equities'

Constraints

+/- 25% in any region. Maximum 25% in any sector. No tracking error targets.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
  0.23% 96.80%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Daniel Roberts

Manager. Roberts joined Fidelity in November 2011. He previously worked as a portfolio manager at Gartmore from July 2009 until the company was acquired and restructured by Henderson. Prior to that he managed equity income portfolios at Aviva for six years from July 2003. Before Aviva he worked as a UK equity manager at Invesco and as an equity analyst at M&G. He also worked in risk analysis at JP Morgan and trained as a chartered accountant at PricewaterhouseCoopers. He holds a BSc (Hons) in mathematics from Warwick University, is an associate of the UKSIP Investment Management Certificate and is a CFA charterholder. Roberts is also a member of the Institute of Chartered Accountants.

Track record

Daniel Roberts has 5.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.23%. During the worst period of relative performance (from February 2009 - December 2009) there was a decline of 6% relative to the index. The worst absolute loss has been 33%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance
Absolute -33% (May 2007 - March 2009)
Relative -6% (February 2009 - December 2009)

Other funds managed

Sector record since August 2005 (5 yrs)




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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