Closed to new investors from 4 January 2021. For more information click here
Investment objective
To achieve returns in excess of the S&P/ASX Mid Small Index over the medium to long term.
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
Fund performance2
Net returns as at 31 December 2021
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 18.66 | 19.06 | -0.40 |
| 3 yr % pa | 18.77 | 17.96 | 0.81 |
| 5 yr % pa | 16.38 | 12.85 | 3.53 |
| 7 yr % pa | 15.05 | 12.95 | 2.10 |
| Since inception (22/07/13) % pa | 14.80 | 12.22 | 2.58 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
Since inception (22/07/13) % pa |
|---|---|---|---|---|---|
| Fund | 18.66 | 18.77 | 16.38 | 15.05 | 14.80 |
| Benchmark | 19.06 | 17.96 | 12.85 | 12.95 | 12.22 |
| Active return | -0.40 | 0.81 | 3.53 | 2.10 | 2.58 |
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/ S&P/ASX Mid Small Index.
Chart as at: 31 December 2021
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 December 2021
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 18.66 | 18.36 | 0.3 |
| 3 yr % pa | 18.77 | 18.05 | 0.72 |
| 5 yr % pa | 16.38 | 14.94 | 1.44 |
| 7 yr % pa | 15.05 | 13.47 | 1.58 |
| Since inception (22/07/13) % pa | 14.8 | 13.25 | 1.55 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
Since inception (22/07/13) % pa |
|
|---|---|---|---|---|---|
| Total return | 18.66 | 18.77 | 16.38 | 15.05 | 14.8 |
| Growth | 18.36 | 18.05 | 14.94 | 13.47 | 13.25 |
| Income | 0.3 | 0.72 | 1.44 | 1.58 | 1.55 |
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 December 2021
As at 31 December 2021
| % total net assets | |
|---|---|
| IGO LTD | 4.9% |
| OZ MINERALS LTD | 4.5% |
| CHARTER HALL GROUP | 4.5% |
| REA GROUP LTD | 4.2% |
| ALTIUM LTD | 3.6% |
| ARB CORP LTD | 3.5% |
| ALS LTD | 3.4% |
| SEEK LTD | 3.4% |
| IMDEX LIMITED | 3.2% |
| FISHER & PAYKEL HEALTHCARE CORP | 3.2% |
As at 31 December 2021
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| IGO LTD | 4.9 | 1.3 | 3.6 |
| IMDEX LIMITED | 3.2 | 0.2 | 3.0 |
| OZ MINERALS LTD | 4.5 | 1.6 | 2.9 |
| CHARTER HALL GROUP | 4.5 | 1.6 | 2.9 |
| ARB CORP LTD | 3.5 | 0.7 | 2.8 |
As at 31 December 2021
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| BLUESCOPE STL LTD | 0.0 | 1.8 | -1.8 |
| MINERAL RES LTD | 0.0 | 1.6 | -1.6 |
| LYNAS RARE EARTHS LTD | 0.0 | 1.6 | -1.6 |
| REECE LTD | 0.0 | 1.3 | -1.3 |
| DOMINOS PIZZA ENTERPRISES LTD | 0.0 | 1.3 | -1.3 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 31-Dec-21 | 5.4454 | $28.5588 |
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 downloads
- Additional Information
- Product Disclosure Statement(1.93MB)
- Fund flyer(1006.09KB)
- Additional application for existing investors(555.29KB)
- Fund fact sheet(81.02KB)
- Target Market Determination (TMD)
Fund ratings3
| Organisation | Rating / Recommendation |
|---|---|
| Lonsec |
Recommended4
The Lonsec report is only available to financial advisers, please contact us for a copy
|
| Morningstar | Gold5 |
| Zenith | Highly Recommended6 |
Winner for the third year running
2020 Morningstar Australia Fund Manager of the Year Award - Domestic Equities Small Small Cap Category7
Category winner: Australian equities - Small cap8
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Related insights
2022 Outlook: Australian small-cap
2022 will likely be a strong market for recovery-led opportunities. We will see inflation from tight labour markets, elevated commodity prices, and rising costs of capital. Also, we expect higher volatility and increasing competition. As such, we prefer quality stocks with strong market positions.
Ten quality picks from an award winning PM
After more than two decades working in funds management, James Abela has proved himself a force to be reckoned with. The portfolio manager's successful Aussie small and mid-cap strategy saw him take out Morningstar's fund manager of the year award three years running. And now, with a newly launched globally-focused fund under his belt, he's ready to take on the world.
Australia and Japan: The unsung heros of Asia
Fidelity’s experts take a closer look at some of Asia's unsung heroes to understand what it is they offer and what they can tell us about the future of the region.
Podcast: The real workhorse of Asia Pacific
China might dominate headlines but there's a lot more to Asia Pacific than a single country. We're talking developed economies with well-established capital markets benefiting from proximity to the world's productivity powerhouses with special guest Paul Taylor.
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.
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.
Morningstar 2019 Fund Manager of the Year Award, Domestic Equities Small Caps Category
James Abela, PM of the Fidelity Future Leaders Fund has made history by winning the award two years running. The award is testament to the rigorous and unique investment process of the fund, and has helped reward investors with very attractive risk-adjusted returns since inception. Hear more about the award and his unique process.
Related insights
2022 Outlook: Australian small-cap
2022 will likely be a strong market for recovery-led opportunities. We will see inflation from tight labour markets, elevated commodity prices, and rising costs of capital. Also, we expect higher volatility and increasing competition. As such, we prefer quality stocks with strong market positions.
Ten quality picks from an award winning PM
After more than two decades working in funds management, James Abela has proved himself a force to be reckoned with. The portfolio manager's successful Aussie small and mid-cap strategy saw him take out Morningstar's fund manager of the year award three years running. And now, with a newly launched globally-focused fund under his belt, he's ready to take on the world.
Australia and Japan: The unsung heros of Asia
Fidelity’s experts take a closer look at some of Asia's unsung heroes to understand what it is they offer and what they can tell us about the future of the region.
Podcast: The real workhorse of Asia Pacific
China might dominate headlines but there's a lot more to Asia Pacific than a single country. We're talking developed economies with well-established capital markets benefiting from proximity to the world's productivity powerhouses with special guest Paul Taylor.
Past insights from James
- The perfect recipe for a strong recovery?(1.56MB)
- Time for a valuation reality check-up!(221.67KB)
- 2021: The outlook for small to mid-caps(3.42MB)
- The 'Global Future Leaders' of tomorrow(10.38MB)
- A stark risk reminder - April 2020(235.34KB)
- From the desk of James Abela(221.67KB)
- The end of the fairy-tale - September 2018(204.39KB)
- Themes, lessons and thank you - March 2019(216.09KB)
- From valuation agnostic to valuation driven - October 2019(157.23KB)
- Results season - March 2018(136.85KB)
Awards6
The Fidelity Future Leaders Fund has been named as a finalist in the 2021 Zenith Fund Awards for Australian Equities - Small Cap1. This is the third year in a row that the Fund has been nominated.
The Zenith Fund awards are based on long-term factors derived from their extensive research and due diligence of fund managers. The awards also look at quantitative aspects of the fund's longer-term returns to investors.
The Fidelity Future Leaders Fund has been named as a finalist in the 2021 Zenith Fund Awards for Australian Equities - Small Cap2. This is the second year running that the Fund has been nominated.
The Zenith Fund awards are based on long-term factors derived from their extensive research and due diligence of fund managers. The awards also look at quantitative aspects of the fund's longer-term returns to investors.
The Fidelity Future Leaders Fund was awarded the Money Management Fund Manager of the Year - Australian Small/Mid Cap Equities - Highly Commended - 20203 at the annual awards on 30 July 2020.
The awards use a combination of FE fundinfo’s quantitative fund data with the expertise of Money Management’s recognised research partners, Lonsec, Mercer, SQM Research and industry partner, IOOF to select winners.
Fidelity International is proud to be awarded the 2020 Morningstar Australia Fund Manager of the Year4.
The award recognises Fidelity’s “impressive line-up of strategies that consistently outperform peers and indices across multiple asset classes. Harnessing the scale of a manager this size can be challenging, but Fidelity has proven to be a reliable choice for Australian investors in 2019. Australian equities lead the charge for the firm domestically, but other asset classes have also rewarded investors.”
Award winners are determined by a combination of qualitative research by Morningstar's manager research analysts; risk-adjusted medium- to long-term performance track records; and performance in the 2019 calendar year.
Fidelity International has won two categories at the 2019 Zenith Fund Award - International equities – emerging markets & regional and Australian equities - small cap5. Fidelity was also a finalist for Fund Manager of the Year.
The annual awards were held in Sydney on 11 October 2019. The award points to the skill and expertise of Fidelity’s investment team across Fidelity’s Future Leaders Fund, Asia Fund, and Global Emerging Markets Fund. It is awarded in the name of Fidelity rather than to a specific fund.
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.