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Fidelity Global Special Situations Inclusive - Class A - Accumulation (GBP)

Sell:4,212.00p Buy:4,212.00p Change: 43.00p (1.01%)
Prices as at 11 October 2019
Sell:4,212.00p
Buy:4,212.00p
Change: 43.00p (1.01%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 11 October 2019
Sell:4,212.00p
Buy:4,212.00p
Change: 43.00p (1.01%)
Prices as at 11 October 2019
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on our Wealth 50 list of what we believe are the best funds in each sector. If a fund is not within our Wealth 50 this is not necessarily a recommendation to sell. However, if you are thinking of adding to your investments we believe Wealth 50 funds are superior alternatives. View funds on the Wealth 50 »

A global equity fund providing exposure to three distinct categories of 'special situations'. The manager, Jeremy Podger, is an experienced individual, drawing upon Fidelity's extensive analyst network based around the world.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

Jeremy Podger has been managing money since 1987 and managing global funds since 1990. Our data set incorporates periods at Investec and Threadneedle, prior to taking over the high profile Global Special Situations fund at Fidelity in March 2012. As the chart demonstrates, the manager has added value in aggregate. Focusing on the relatively short period he has been at Fidelity, Jeremy Podger has outperformed what has been a buoyant world index.

Investment Philosophy

Take a broad and flexible value-focused approach to identifying and investing in 'special situations' on a global basis. Accept that short-term performance may differ significantly from the index and peer group but aim to outperform with a three year time horizon.

Process and Portfolio Construction

Jeremy Podger searches for companies that fall under three categories. 1) Exceptional Value - companies able to improve profitability quicker than the market expects. This category will usually account for at least 50% of the fund. 2) Corporate Change - companies undergoing change such as restructuring or merger & acquisition activity. 3) Unique Businesses - dominant companies in their industries with sustainable competitive advantages.

The fund typically holds between 70 and 110 holdings and the manager may hold a cash balance of up to 10% at any one time. In addition, the manager may seek to add value by taking short positions (which aim to profit from a falling rather than a rising price), typically in individual companies, for up to 10% of the portfolio. Short candidates will typically be those companies Jeremy Podger believes are overvalued with deteriorating performance. However if he makes the wrong calls the fund will fall in value.

question mark Manager Track Record Based on HL Quantitative Research

  • Investec Global Strategic Equity...
  • Fidelity Global Special...
  • MSCI World TR GBP
  • Threadneedle Global Select Ret...
  • FTSE All World TR GBP
FROM: TO:


Fund Track Record

11/10/14 to 11/10/15 11/10/15 to 11/10/16 11/10/16 to 11/10/17 11/10/17 to 11/10/18 11/10/18 to 11/10/19
Annual return 13.78% 32.86% 14.86% 2.25% 8.98%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Fidelity was founded in 1969 and established a presence in the UK in 1979. It provides asset management services to investors all over the world, offering investors a solid combination of local expertise and international strength.

Fidelity is privately owned, and its independence allows it to continue focusing on the long-term interests of investors. In the UK, Fidelity manages a range of funds catering to the needs of all types of investors, whether primarily interested in equities or fixed interest.

Information about the fund

Fund manager biography

Manager Name: Jamie Harvey
Manager start date: 1 July 2019
Manager located in: TBC

TBC

manager photo
Manager Name: Jeremy Podger
Manager start date: 1 March 2012
Manager located in: TBC

Jeremy 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.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account