The Fund invests in long and short positions in a portfolio of 70-90 global shares, using an unconstrained, go-anywhere approach. The Fund shorts up to 30% of the book
Uses a contrarian value approach to invest in 'unloved companies' that we believe are mispriced, including distressed businesses or companies in structural or cyclical change
Between 45-55 long positions, with typically long investment time horizons and 25-35 short positions which is more opportunistic
A differentiated contrarian global fund, it can complement other strategies exposed to the broad index, momentum or growth factors
A experienced portfolio manager, with 10+ years shorting experience, working with a team of dedicated shorting analysts
Leverages Fidelity's global research network, including 180+ research analysts and 400+ investment professionals
Dmitry talks about what drives his passion for investing in contrarian investing and dives into his investment philosophy.
'Shorting' is a unique investment technique. Investment Director, James Hickling, talks through the shorting process, and how it's used in the portfolio construction of the Fidelity Global Long Short Fund.
Chart as at: 30 June 2025
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: MSCI All Country World Index NR (ACWI). NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Net returns as at 30 June 2025
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (24/10/23) % pa |
|---|---|---|---|---|
| Fund | 2.43 | - | - | 7.71 |
| Benchmark | 18.38 | - | - | 23.14 |
| Active return | -15.95 | - | - | -15.43 |
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: MSCI All Country World Index NR (ACWI). NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Net as at 30 June 2025
| 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (24/10/23) % pa |
|
|---|---|---|---|---|
| Total return | 2.43 | - | - | 7.71 |
| Growth | -5.35 | - | - | 2.78 |
| Income | 7.78 | - | - | 4.93 |
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: MSCI All Country World Index NR (ACWI). NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 30-Jun-25 | 0.0000 | N/A |
As at 31 May 2025
As at 31 May 2025
As at 31 May 2025
| % total net assets | |
|---|---|
| CONVATEC GROUP PLC | 5.3% |
| HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | 5.1% |
| BABCOCK INTL GROUP PLC | 5.0% |
| ROLLS-ROYCE HOLDINGS PLC | 4.8% |
| AGNICO EAGLE MINES LTD | 4.7% |
| GOLAR LNG LTD | 4.7% |
| ERICSSON | 4.0% |
| DELIVEROO PLC | 4.0% |
| NEWMONT CORP | 3.9% |
| TEVA PHARMACEUTICAL INDS LTD | 3.6% |
| Organisation | Rating / Recommendation |
|---|---|
| Lonsec | Recommended5 |
| Zenith | Recommended6 |
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.
1 Management fees and costs are current as at the date shown above but may be subject to change in the future. Management fees and costs include management fees, estimated indirect costs, the net effect of GST and exclude abnormal expenses, transaction costs and any performance fee payable.
2The performance fee is calculated as 20% of the Fund’s performance (after deducting all management fees and expenses, except for the performance fee) in excess of the Performance Benchmark, MSCI All Country World Index NR, subject to the Performance Fee Cap. Refer to the PDS for further information.
3Total 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.
