Fidelity Australian Opportunities Fund
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Fidelity Australian Opportunities Fund

Investment objective

To achieve returns in excess of the S&P/ASX 200 Accumulation Index over the medium to long term.

A diversified and concentrated portfolio of 20-40 Australian high-quality stocks, with emphasis on a company's risk/return profile.

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

Designed to include high-quality businesses displaying strong earnings growth, that are attractively valued and create long term value for shareholders.

Key facts

Fund at a glance
Unit prices (at 11/04/24) Buy 21.4063 / Sell 21.3209 Unit price history
Buy/sell spread 0.20%/0.20%
Management costs1 0.85% p.a
Fund size (at 11/04/24) A$192.97M
Inception date 31 July 2012
Distribution frequency Quarterly
Currency Australian dollar
Benchmark S&P/ASX 200 Accumulation Index
About the manager
Portfolio manager Casey McLean
Appointed to fund 30 September 2022
Location Australia
Joined Fidelity 2015 / 2019
Unique identifiers
APIR code FID0021AU
ARSN code 159055722
mFund code FIL21

Latest fund update

Want to hear the latest from the Fidelity Australian Opportunities Fund? Watch this short video where Portfolio Manager Casey McLean covers the Fund’s quarterly performance, key stocks, and the outlook going forward.

Fund 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 Opportunities Fund in July 2012 compared with $10,000 invested in the S&P/ ASX 200 Accumulation Index.

    Fidelity Australian Opportunities Fund
    0
    S&P/ASX 200 Accumulation Index
    0

    Chart as at: 31 March 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 March 2024

    Timeframe Fund Benchmark Active return
    1 yr % 16.03 14.45 1.58
    3 yr % pa 8.10 9.62 -1.52
    5 yr % pa 8.56 9.15 -0.59
    7 yr % pa 8.54 8.59 -0.05
    10 yr % pa 9.09 8.27 0.82
    Since inception (31/07/12) % pa 10.83 9.97 0.86
    Timeframe 1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    Since inception
    (31/07/12) % pa
    Fund 16.03 8.10 8.56 8.54 9.09 10.83
    Benchmark 14.45 9.62 9.15 8.59 8.27 9.97
    Active return 1.58 -1.52 -0.59 -0.05 0.82 0.86

    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 March 2024

    Total return Growth Income
    1 yr % 16.03 10.9 5.13
    3 yr % pa 8.1 4.16 3.94
    5 yr % pa 8.56 5.21 3.35
    7 yr % pa 8.54 5.51 3.03
    10 yr % pa 9.09 5.11 3.98
    Since inception (31/07/12) % pa 10.83 6.88 3.95
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    Since inception
    (31/07/12) % pa
    Total return 16.03 8.1 8.56 8.54 9.09 10.83
    Growth 10.9 4.16 5.21 5.51 5.11 6.88
    Income 5.13 3.94 3.35 3.03 3.98 3.95

    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.

    Sectors, holdings and distributions

    As at 29 February 2024

    As at 29 February 2024

    % total net assets
    CSL LTD 10.8%
    BHP GROUP LTD 9.3%
    NATIONAL AUSTRALIA BANK LTD 8.9%
    WOODSIDE ENERGY GROUP LTD 6.4%
    GOODMAN GROUP 6.2%
    COMMONWEALTH BANK AUSTRALIA 5.7%
    MACQUARIE GROUP LTD 5.2%
    CAR GROUP LTD 4.3%
    JAMES HARDIE INDUSTRIES PLC 3.8%
    QBE INS GROUP LTD 3.6%

    As at 29 February 2024

    Fund % Benchmark % Relative %
    CSL LTD 10.8 6.0 4.8
    NATIONAL AUSTRALIA BANK LTD 8.9 4.6 4.3
    GOODMAN GROUP 6.2 2.3 4.0
    WOODSIDE ENERGY GROUP LTD 6.4 2.5 3.9
    CAR GROUP LTD 4.3 0.6 3.7

    As at 29 February 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 3.3 -3.3
    COMMONWEALTH BANK AUSTRALIA 5.7 8.5 -2.8
    RIO TINTO LTD 0.0 2.0 -2.0
    Distribution Distribution (CPU) Reinvestment price
    28-Mar-24 1.6621 $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. 

    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

    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. 

    Why this fund

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

    Potential for long-term capital growth and enhanced performance from active management

     

    Leverages our global research network with insights to assess Australian companies from a global context.

    Meet Casey McLean

    Casey 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 Opportunities Fund offers investors and explains his investment philosophy and process.

    More insights

    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.