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Fidelity Global Dividend

Elite Rated by FundCalibre

This is a core global income fund that invests in transparent and sustainable businesses. It aims to pay a regular and growing income while preserving capital. The fund is unconstrained in terms of where it can invest and may avoid some countries or sectors altogether.

Company Description

Fidelity International is a financial services corporation established in 1969. With offices in more than 20 countries, its product range spans mutual funds, defined contribution pensions, segregated portfolios and multi-manager offerings. It compensates managers on long-term performance, illustrating its intention to align interests with clients.

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Fund Manager

Dan has been managing this fund since its inception in January 2012, having joined Fidelity the previous year. He started his investment career in 2001 and has worked at various groups including M&G, Invesco and Aviva. He is a CFA charterholder and a qualified accountant, following on from his mathematics degree from Warwick University. All of his personal equity holdings are in this fund.

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The characteristics I seek are well sought after, but a willingness to be contrarian and also patient helps us to find them without having to compromise on valuation.

Daniel Roberts - Fund Manager

The Investment Process

Dan considers himself a value investor, but not in the typical sense. He wants understandable business models with predictable, resilient returns and is happy to pay a fair price for a good company. For ideas, Dan first screens for these characteristics then goes to the analysts (rather than the analysts coming to him) to debate potential. His accountancy background lends itself to avoiding complex and opaque businesses.Nearly all stocks will be established dividend-payers before they go into the portfolio.

Risk

Even though the fund invests in mostly larger companies, it is very different to its benchmark. It is quite well diversified, both on a global and sector level, and the top 10 holdings constitute around 35% of the fund. It is typically less volatile than the benchmark and tends to outperform in falling markets. Companies within the portfolio have very low borrowing levels, which means their earnings are less likely to be affected by debt repayments, which adds to their dividend payout stability.

Our Opinion

We like that Dan challenges his analysts and allows for intellectual debate. The value influence means he is less likely to overpay for a stock, which can help to protect against price falls in down markets. This is a well-diversified, lower risk fund that may suit investors seeking a stable, and potentially rising, global income.

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