Fidelity Australian High Conviction Fund

Please note the Fidelity Australian High Conviction Fund was previously known as the Fidelity Australian Opportunities Fund (renamed on 20 May 2024).

Fidelity Australian High Conviction Fund
Fund fact sheet Invest now

About this fund

A diversified and concentrated portfolio of 20-40 Australian high-quality stocks

Uses a bottom-up research approach to invest in companies with a sustainable competitive advantage, strong pricing market power, supportive industry structure, and strong management quality.

Strong risk management is at the core of our investment approach

Why this fund

A 'best ideas' concentrated portfolio, with a strong focus on risk management

A diversified fund of some of Australia's most promising companies

 

Access to our 20+ years' expertise investing in the Australian market

Meet Casey McLean

Casey McLean, Portfolio Manager of the Fidelity Australian High Conviction Fund talks about how he became interested in investing and what excites him about managing a concentrated portfolio of Australian stocks.

Process and philosophy

Portfolio Manager, Casey McLean, talks about what the Fidelity Australian High Conviction Fund offers investors and explains his investment philosophy and process.

Key facts

Unit prices (at 20/06/24)
Buy 21.3693 / Sell 21.2839
Unit price history
Buy/sell spread
0.20%/0.20%

At a glance

Objective
To achieve returns in excess of the S&P/ASX 200 Accumulation Index over the medium to long term.
Benchmark
S&P/ASX 200 Accumulation Index
Management costs1
0.85% p.a
Fund size (at 20/06/24)
A$182.32M
Inception date
31 July 2012
Distribution frequency
Quarterly
Currency
Australian dollar

Unique identifiers

APIR code
FID0021AU
ARSN code
159055722
mFund code
FIL21

Fund manager

Casey McLean
Australia

Latest fund update

Want to stay up to date with the latest from the Fidelity Australian High Conviction Fund? Join Portfolio Manager, Casey McLean as he provides a short quarterly update covering:

  • What's happening in the market
  • Fund performance including key contributors and detractors
  • Any changes to positioning and the short-term outlook


You can get more information about the Fund's top holdings here.

Performance2

See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity Australian High Conviction Fund in July 2012 compared with $10,000 invested in the S&P/ ASX 200 Accumulation Index.

Chart as at: 31 May 2024

Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: S&P ASX 200 Accumulation Index.

Net returns as at 31 May 2024

Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
7 yr
% pa
10 yr
% pa
Since inception
(31/07/12) % pa
Fund 12.28 4.80 6.82 8.10 8.47 10.35
Benchmark 12.93 6.80 7.83 8.54 7.78 9.63
Active return -0.65 -2.00 -1.01 -0.44 0.69 0.72

Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: S&P ASX 200 Accumulation Index.

Net as at 31 May 2024

1 yr
%
3 yr
% pa
5 yr
% pa
7 yr
% pa
10 yr
% pa
Since inception
(31/07/12) % pa
Total return 12.28 4.80 6.82 8.10 8.47 10.35
Growth 7.26 0.98 3.63 5.12 4.56 6.46
Income 5.02 3.82 3.20 2.98 3.91 3.89

Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.

Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: S&P ASX 200 Accumulation Index.

DistributionDistribution (CPU)Reinvestment price
28-Mar-241.6621$21.6956

CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed. 

Sectors and holdings

As at 31 May 2024

As at 31 May 2024

% total net assets
CSL LTD 11.0%
BHP GROUP LTD 9.6%
NATIONAL AUSTRALIA BANK LTD 9.3%
GOODMAN GROUP 6.6%
WOODSIDE ENERGY GROUP LTD 6.0%
COMMONWEALTH BANK AUSTRALIA 5.9%
MACQUARIE GROUP LTD 5.3%
QBE INS GROUP LTD 3.8%
ARISTOCRAT LEISURE LTD 3.7%
CAR GROUP LTD 3.3%

As at 31 May 2024

Fund % Benchmark % Relative %
CSL LTD 11.0 5.9 5.1
NATIONAL AUSTRALIA BANK LTD 9.3 4.6 4.7
GOODMAN GROUP 6.6 2.5 4.1
WOODSIDE ENERGY GROUP LTD 6.0 2.3 3.7
CAR GROUP LTD 3.3 0.6 2.7

As at 31 May 2024

Fund % Benchmark % Relative %
WESTPAC BANKING CORP 0.0 4.0 -4.0
ANZ GROUP HOLDINGS LTD 0.0 3.7 -3.7
WESFARMERS LTD 0.0 3.2 -3.2
COMMONWEALTH BANK AUSTRALIA 5.9 8.7 -2.9
RIO TINTO LTD 0.0 2.1 -2.1

Fund ratings3

Organisation Rating / Recommendation
Lonsec
Investment grade4

The Lonsec report is only available to financial advisers, please contact us for a copy

Morningstar Neutral5
Zenith  Approved6

Ways to invest

This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.

1Management costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed. 

3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated. Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

4The Lonsec Rating (assigned September 2023) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

5© 2022 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned August 2022.

6The Zenith Investment Partners (“Zenith”) ABN 60 322 047 314 rating (assigned June 2023) referred to in this document is limited to “General Advice” (as defined by section 766B of Corporations Act 2001) and based solely on the assessment of the investment merits of the financial product on this basis. It is not a specific recommendation to purchase, sell or hold the relevant product(s), and Zenith advises that individual investors should seek their own independent financial advice before investing in this product. The rating is subject to change without notice and Zenith has no obligation to update this document following publication. Zenith usually receives a fee for rating the fund manager and product against accepted criteria considered comprehensive and objective.

6Ratings and awards are only one factor to be taken into account when deciding whether to invest.