Fidelity Future Leaders Fund
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Investment objective

To achieve returns in excess of the S&P/ASX 200 Mid Small Index over the suggested minimum investment time period of five to seven years.

A diversified portfolio of 40-70 small-to mid-cap Australian companies.

Uses a rigorous bottom-up stock selection process that focuses on finding attractively valued companies with strong competitive positioning and sound company management.

A strong emphasis on building a diversified and balanced portfolio that aims to deliver more consistent returns through different market cycles.

Key facts

About this fund
Unit prices (at 19/04/18) Buy 18.2304 / Sell 18.1394 Unit price history
Buy/sell spread 0.25%/0.25%
Management costs1 1.20%
Fund size (at 19/04/18) A$88.66M
Inception date 22 July 2013
Distribution frequency Quarterly
Currency Australian dollar
Benchmark S&P/ASX Mid Small Index
About the manager
Portfolio manager James Abela
Appointed to fund 22 July 2013
Location Sydney
Joined Fidelity 2004
Unique identifiers
APIR code FID0026AU
ARSN code 164470606
mFund code FIL26

Fund performance2

Net returns as at 31 March 2018

Timeframe Fund Benchmark Active return
1 yr % 22.52 14.08 8.44
3 yr % pa 11.83 11.25 0.58
5 yr % pa - - -
Since inception (22/07/13) % pa 14.44 12.12 2.32
Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
Since inception
(22/07/13) % pa
Fund 22.52 11.83 - 14.44
Benchmark 14.08 11.25 - 12.12
Active return 8.44 0.58 - 2.32

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 Mid Small Index.

See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity Future Leaders Fund in July 2013 compared with $10,000 invested in the S&P/ ASX 200 Mid Small Index.

    Fidelity Future Leaders Fund
    0
    S&P/ASX Mid Small Index
    0

    Chart as at: 31 March 2018

    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 Mid Small Index.

    Net as at 31 March 2018

    Total return Growth Income
    1 yr % 22.52 20.89 1.63
    3 yr % pa 11.83 10.11 1.72
    5 yr % pa - - -
    Since inception (22/07/13) % pa 14.44 12.79 1.65
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (22/07/13) % pa
    Total return 22.52 11.83 - 14.44
    Growth 20.89 10.11 - 12.79
    Income 1.63 1.72 - 1.65

    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 Mid Small Index.

    Sectors, holdings and distributions

    As at 31 March 2018

    As at 31 March 2018

    % total net assets
    RESMED INC 4.8%
    COCHLEAR LTD 4.7%
    EVOLUTION MINING LTD 3.5%
    ALTIUM LTD 3.4%
    REA GROUP LTD 3.1%
    BLUESCOPE STL LTD 3.1%
    CORPORATE TRAVEL MANAGEMNT LTD 3.0%
    ANSELL LTD 2.9%
    STAR ENTERTAINMENT GRP LTD/THE 2.8%
    NETWEALTH GROUP LIMITED 2.7%

    As at 31 March 2018

    Fund % Benchmark % Relative %
    RESMED INC 4.8 1.6 3.1
    ALTIUM LTD 3.4 0.6 2.8
    NETWEALTH GROUP LIMITED 2.7 0.2 2.6
    EVOLUTION MINING LTD 3.5 1.1 2.5
    CORPORATE TRAVEL MANAGEMNT LTD 3.0 0.5 2.5

    As at 31 March 2018

    Fund % Benchmark % Relative %
    TABCORP HLDG LTD 0.0 2.3 - 2.3
    SEEK LTD 0.4 1.7 - 1.3
    BENDIGO AND ADELAIDE BANK LTD 0.0 1.2 - 1.2
    ILUKA RES LTD 0.0 1.2 - 1.2
    SPARK INFRASTRUCTURE COMPANY 3 0.0 1.1 - 1.1
    Distribution Distribution (CPU) Reinvestment price
    31-Mar-18 0.000000 $17.5915

    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
    Morningstar Silver4
    Zenith  Recommended5

    Related insights

    From the desk of James Abela
    James Abela

    From the desk of James Abela

    February 2018 results season were reasonable. Generally, there were a few more results that ‘beat’ expectations versus those in line or disappointed, which suggests expectations were realistic. 

    From the desk of James Abela
    James Abela

    From the desk of James Abela

    Quality and momentum sectors have really been on a tear for the last 6-7 months, particularly global cyclicals and technology stocks.

    Small caps reporting season wash up

    Small caps reporting season wash up

    Reporting season is akin to a tsunami of information - as the tide recedes, fundamentals are laid bare in outlook statements and cash flows to reveal who has best weathered the storm.

    Australian small caps: Insights from James Abela
    James Abela

    Australian small caps: Insights from James Abela

    What are the lessons from reporting season? What characteristics does James Abela look for in small-mid cap stocks in today's environment? 

    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.

    2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised. 

    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.

    4© 2017 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 2017.

    5The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned February 2017) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines

     

     

    Why this fund

    Seeks to capture Australian large-caps of tomorrow, today.

    An actively managed portfolio of 40 to 70 small to mid-cap Australian shares.

    Offers investors a unique approach to portfolio construction which aims to deliver consistent returns through different market cycles.

    Meet James Abela

    Portfolio manager of the Future Leaders Fund describes his unique investment process and why he believes this process will provide more consistent returns to investors.

    Related insights

    From the desk of James Abela
    James Abela

    From the desk of James Abela

    February 2018 results season were reasonable. Generally, there were a few more results that ‘beat’ expectations versus those in line or disappointed, which suggests expectations were realistic. 

    From the desk of James Abela
    James Abela

    From the desk of James Abela

    Quality and momentum sectors have really been on a tear for the last 6-7 months, particularly global cyclicals and technology stocks.

    Small caps reporting season wash up

    Small caps reporting season wash up

    Reporting season is akin to a tsunami of information - as the tide recedes, fundamentals are laid bare in outlook statements and cash flows to reveal who has best weathered the storm.

    Australian small caps: Insights from James Abela
    James Abela

    Australian small caps: Insights from James Abela

    What are the lessons from reporting season? What characteristics does James Abela look for in small-mid cap stocks in today's environment? 

    From the desk of James Abela

    Hear James’ insights into mid-small cap companies, the market and his fund by subscribing to his regular update.

    Subscribe 

    James
     

    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.

    2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised. 

    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.

    4© 2017 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 2017.

    5The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned February 2017) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines