Fidelity Hedged Global Equities Fund
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Investment objective

To achieve returns in excess of the MSCI All Country World Index NR 100% Hedged to AUD over the suggested minimum investment time period of five to seven years.

A diversified portfolio of 80-120 of the best ideas globally drawn from Fidelity’s global research and financial modelling.

Uses a rigorous bottom-up stock selection process that focuses on finding companies with sustainable pricing power, strong management and companies investing for future growth.

Currency exposure is substantially hedged back to Australian Dollars.

Key facts

About this fund
Unit prices (at 10/12/18) Buy 16.0277 / Sell 15.9319 Unit price history
Buy/sell spread 0.30%/0.30%
Management costs1 1.04% p.a. Fee disclosure document
Fund size (at 10/12/18) A$7.79M
Inception date 29 September 2005
Distribution frequency Annually
Currency Australian dollar
Benchmark MSCI All Country World Index NR AUD Hedged
About the manager
Portfolio manager Amit Lodha
Appointed to fund 01 October 2010
Location London
Joined Fidelity 01 October 2010
Unique identifiers
APIR code FID0014AU
ARSN code 093163869
mFund code FIL14

Fund performance2

Net returns as at 30 November 2018

Timeframe Fund Benchmark Active return
1 yr % 1.23 0.85 0.38
3 yr % pa 9.12 9.11 0.01
5 yr % pa 9.50 9.07 0.43
7 yr % pa 13.06 12.74 0.32
10 yr % pa 13.43 12.45 0.98
Since inception (29/09/05) % pa 7.78 7.38 0.40
Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
7 yr
% pa
10 yr
% pa
Since inception
(29/09/05) % pa
Fund 1.23 9.12 9.50 13.06 13.43 7.78
Benchmark 0.85 9.11 9.07 12.74 12.45 7.38
Active return 0.38 0.01 0.43 0.32 0.98 0.40

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 AUD Hedged (effective 1 November 2011). Benchmark prior to 1 November 2011 is MSCI World index Hedged in AUD. The major difference between the two indices is the inclusion of the 21 emerging market country indices in the MSCI ACWI Index 100% Hedged to AUD. In December 2006, the benchmark for the fund changed from MSCI World Index ex Australia hedged in AUD to the MSCI World Index hedged in AUD. 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.

Our focus is to identify long-term winners. See for yourself how the Fidelity Hedged Global Equities Fund, a portfolio of 80-120 of our best global ideas, has performed compared to the fund's benchmark.

    Fidelity Hedged Global Equities Fund
    0
    MSCI All Country World Index NR AUD Hedged
    0

    Chart as at: 30 November 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: MSCI All Country World Index NR AUD Hedged (effective 1 November 2011). Benchmark prior to 1 November 2011 is MSCI World index Hedged in AUD. The major difference between the two indices is the inclusion of the 21 emerging market country indices in the MSCI ACWI Index 100% Hedged to AUD. In December 2006, the benchmark for the fund changed from MSCI World Index ex Australia hedged in AUD to the MSCI World Index hedged in AUD. 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 November 2018

    Total return Growth Income
    1 yr % 1.23 1.23 -
    3 yr % pa 9.12 9.12 -
    5 yr % pa 9.5 9.5 -
    7 yr % pa 13.06 13.06 -
    10 yr % pa 13.43 10.18 3.25
    Since inception (29/09/05) % pa 7.78 3.93 3.85
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    Since inception
    (29/09/05) % pa
    Total return 1.23 9.12 9.5 13.06 13.43 7.78
    Growth 1.23 9.12 9.5 13.06 10.18 3.93
    Income - - - - 3.25 3.85

    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 AUD Hedged (effective 1 November 2011). Benchmark prior to 1 November 2011 is MSCI World index Hedged in AUD. The major difference between the two indices is the inclusion of the 21 emerging market country indices in the MSCI ACWI Index 100% Hedged to AUD. In December 2006, the benchmark for the fund changed from MSCI World Index ex Australia hedged in AUD to the MSCI World Index hedged in AUD. 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.

    Sectors, holdings and distributions

    As at 31 October 2018

    As at 31 October 2018

    % total net assets
    MICROSOFT CORP 2.4%
    MERCK & CO INC NEW 2.2%
    ALPHABET INC 2.0%
    ROYAL DUTCH SHELL PLC 1.9%
    WELLS FARGO & CO NEW 1.7%
    ROCHE HOLDING LTD 1.7%
    JPMORGAN CHASE & CO 1.7%
    ORACLE CORP 1.6%
    VISA INC 1.6%
    COCA COLA CO 1.5%

    As at 31 October 2018

    Fund % Benchmark % Relative %
    MERCK & CO INC NEW 2.2 0.5 1.8
    NORFOLK SOUTHERN CORP 1.4 0.1 1.3
    ORACLE CORP 1.6 0.3 1.3
    ROCHE HOLDING LTD 1.7 0.4 1.3
    ROYAL DUTCH SHELL PLC 1.9 0.6 1.3

    As at 31 October 2018

    Fund % Benchmark % Relative %
    AMAZON.COM INC 0.0 1.5 - 1.5
    APPLE INC 1.5 2.5 - 1.0
    JOHNSON & JOHNSON 0.0 0.9 - 0.9
    FACEBOOK INC 0.0 0.8 - 0.8
    EXXON MOBIL CORP 0.0 0.8 - 0.8
    Distribution Distribution (CPU) Reinvestment price
    30-Jun-18 0.000000 $17.0611

    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
    Rated4
    The Lonsec report is only available to financial advisers,
    please contact us for a copy
    Morningstar Neutral5 
    Zenith Recommended6

    Related insights

    This Fund is substantially hedged (although not 100% hedged) and is also subject to the fluctuations in international stock markets. 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. 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.

    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.

    4The Lonsec Rating (assigned March 2018) 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© 2018 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 January 2018.

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2016) 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

    Access a diversified portfolio of around 80-120 of our best ideas globally.

    15 year track record with a proven investment approach to identify sustainable pricing power.

    A global team providing unique insights into investment themes and ideas backed by 400 Fidelity investment professionals.

    Meet Amit Lodha

    Amit Lodha, Portfolio Manager of Fidelity’s Global Equities Fund talks about what the Fund can offer investors, his passion for investing and how he finds the long-term winners for the portfolio.

    Related insights

    From the desk of Amit Lodha

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    Amit Lodha
     

    This Fund is substantially hedged (although not 100% hedged) and is also subject to the fluctuations in international stock markets. 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. 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.

    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.

    4The Lonsec Rating (assigned March 2018) 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© 2018 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 January 2018.

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2016) 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