Morningstar Fund Report  | 03/04/2025Print

Fidelity Global Special Situations Fund W Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Fidelity Global Special Situations Fund W Acc
Fund16.6-10.413.714.1-4.7
+/-Cat-1.4-1.11.0-0.2-1.1
+/-B’mrk-3.0-2.7-1.5-5.2-0.4
 
Category: Global Large-Cap Blend Equity
Category Benchmark: Morningstar Global TME NR USD
Key Stats
NAV
02/04/2025		 GBX 6564.00
Day Change -0.38%
Morningstar Category™ Global Large-Cap Blend Equity
IA (formerly IMA) Sector Global
ISIN GB00B8HT7153
Fund Size (Mil)
02/04/2025		 GBP 3051.24
Share Class Size (Mil)
02/04/2025		 GBP 2576.09
Max Initial Charge -
Ongoing Charge
29/02/2024		  0.92%
Morningstar Research
Analyst Report04/11/2024
Henry Ince, Analyst
Morningstar, Inc

Jeremy Podger’s multi-cycle experience paired with Fidelity’s well-resourced analytical team leaves the adaptable Fidelity Global Special Situations on a solid footing going forward. The fund retains a Morningstar Analyst Rating of Gold for the W...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People25
Parent24
Process25
Performance
Price
Investment Objective: Fidelity Global Special Situations Fund W Acc
The Fund aims to increase the value of investor's investment over a period of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of companies globally which could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The investment manager will focus on companies it believes to be undervalued and whose recovery potential is not recognised by the market. The Fund is actively managed. The Investment Manager identifies suitable opportunities for the Fund utilising in-house research and investment capabilities.
Returns
Trailing Returns (GBP)02/04/2025
YTD-3.94
3 Years Annualised5.05
5 Years Annualised13.49
10 Years Annualised10.22
12 Month Yield 0.48
Management
Manager Name
Start Date
Christine Baalham
31/03/2024
Tom Record
31/03/2024
Inception Date
15/10/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI ACWI NR GBPMorningstar Global TME NR USD
Portfolio Profile for  Fidelity Global Special Situations Fund W Acc31/12/2024
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock96.332.6693.67
Bond0.110.000.11
Property0.000.000.00
Cash6.260.046.22
Other0.000.000.00
Top 5 Regions%
United States62.87
Eurozone10.35
Japan6.86
United Kingdom5.51
Asia - Developed5.14
Top 5 Sectors%
Technology23.72
Financial Services19.19
Healthcare15.74
Consumer Cyclical13.40
Industrials11.56
Top 5 HoldingsSector%
Amazon.com IncConsumer CyclicalConsumer Cyclical4.03
Alphabet Inc Class ACommunication ServicesCommunication Services3.47
Microsoft CorpTechnologyTechnology3.13
JPMorgan Chase & CoFinancial ServicesFinancial Services2.68
Taiwan Semiconductor Manufacturi... TechnologyTechnology2.12
Increase Decrease New since last portfolio
Fidelity Global Special Situations Fund W Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Fidelity Global Special Situations Fund W Acc
Category:  Global Large-Cap Blend Equity
Category Index:  Morningstar Global TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-6.5122.2717.7516.64-10.4213.7214.05-4.71
+/- Category0.203.247.16-1.41-1.080.96-0.22-1.09
+/- Category Index-3.010.725.50-3.02-2.71-1.52-5.24-0.43
% Rank in Category5128126463465556
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.38   -0.66-0.84
1 Week-3.84   -1.47-1.62
1 Month-5.46   -0.190.33
3 Months-4.59   -1.06-0.74
6 Months-0.42   -0.52-1.95
YTD-3.94   -0.40-0.10
1 Year0.98   -1.15-3.93
3 Years Annualised5.05   -0.67-2.49
5 Years Annualised13.49   1.33-1.76
10 Years Annualised10.22   1.91-0.16
 
Category: Global Large-Cap Blend Equity
Category Index: Morningstar Global TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-4.71---
20248.302.17-1.124.24
20232.284.99-0.836.79
2022-2.72-10.330.801.88
20215.043.082.555.06
2020-15.1321.332.3611.72
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAverage3 star
5-YearAverageAbove Average3 star
10-YearAbove AverageAbove Average4 star
Overall*Above AverageAbove Average4 star
 
Category :  Global Large-Cap Blend EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev12.02 %
3-Yr Mean Return5.15 %
 
3-Yr Sharpe Ratio0.09
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Global TME NR USD  Morningstar Global All Cap TME NR USD
3-Yr Beta0.980.97
3-Yr Alpha-2.88-1.99
 
Investment Style Details31/12/2024
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 85394-
Market Capitalisation% of Equity
Giant40.78
Large30.43
Medium24.77
Small3.78
Micro0.24
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings16.540.84
Price/Book2.760.81
Price/Sales1.690.68
Price/Cash Flow11.540.84
Dividend-Yield Factor1.570.88
 
Long-Term Projected Earnings Growth13.251.32
Historical Earnings Growth14.671.43
Sales Growth10.391.94
Cash-Flow Growth10.471.80
Book-Value Growth4.380.56
 
Category: Global Large-Cap Blend Equity
Asset Allocation31/12/2024
Asset Allocation
 % Long% Short% Net Assets
Stock96.332.6693.67
Bond0.110.000.11
Property0.000.000.00
Cash6.260.046.22
Other0.000.000.00
World Regions31/12/2024
 % of EquityRelative to Category
United States62.870.90
Canada0.940.41
Latin America2.408.63
United Kingdom5.511.24
Eurozone10.351.10
Europe - ex Euro2.800.60
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan6.861.42
Australasia0.000.00
Asia - Developed5.142.50
Asia - Emerging3.122.56
 
Category: Global Large-Cap Blend Equity
Sector Weightings31/12/2024
 % of EquityRelative to Category
Basic MaterialsBasic Materials1.830.61
Consumer CyclicalConsumer Cyclical13.401.27
Financial ServicesFinancial Services19.191.13
Real EstateReal Estate0.420.23
HealthcareHealthcare15.741.34
UtilitiesUtilities3.511.78
Communication ServicesCommunication Services6.740.79
EnergyEnergy3.891.58
IndustrialsIndustrials11.561.12
TechnologyTechnology23.720.88
 
Category: Global Large-Cap Blend Equity
Top 10 Holdings31/12/2024
 Portfolio NEW
Total Number of Equity Holdings86
Total Number of Bond Holdings7
Assets in Top 10 Holdings25.04
NameSectorCountry% of Assets
Amazon.com Inc102United States4.03
Alphabet Inc Class A308United States3.47
Microsoft Corp311United States3.13
JPMorgan Chase & Co103United States2.68
Taiwan Semiconductor Manufacturing Co... 311Taiwan2.12
Meta Platforms Inc Class A308United States2.03
Mastercard Inc Class A103United States1.94
UnitedHealth Group Inc206United States1.90
NextEra Energy Inc207United States1.89
Insulet Corp206United States1.85
 
Increase Decrease New since last portfolio
Category: Global Large-Cap Blend Equity
 
Management
Name of CompanyFIL Investment Services (UK) Ltd
Phone(+44) 08003686868
Websitehttps://professionals.fidelity.co.uk/about-fidelity/contact-us
AddressBeech Gate, Millfield Lane, Lower Kingswood, Tadworth
 Surrey   KT20 6RP
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date15/10/2012
Fund Advisor(s)
FIL Investment Services (UK) Ltd
Fund ManagerChristine Baalham
Manager Start Date31/03/2024
 
Biography
Christine Baalham joined Fidelity International in February 2024 and will start co-portfolio management responsibilities on Global Special Situations / World strategy w.e.f. 1 April 2024. Christine joins us from Ninety One where she has been Co-Portfolio Manager for the flagship Global Equity Strategy since 2019. She joined Ninety One in 2000 and was a founding member of the successful 4Factor equity team. Her responsibilities included global financials sector specialist, global services sector specialist and portfolio manager for the Global Endurance Equity Fund. Christine also headed up the 4Factor UK Equity team from 2004 to 2014 where she was responsible for managing the UK core strategies and a team of PMs and analysts. In addition to her investment responsibilities, she was co-Chair of Inspire, a network promoting collaboration, talent development and advancement of women at Ninety One. She began her career at Schroder Investment Management, where she was recruited as part of the Schroder Investment Management graduate training programme in 1996. She worked on the UK fund management desk before joining the research department as the UK insurance and tobacco analyst. Christine gained a Master of Philosophy degree in Chemistry from Cambridge in 1996, after graduating with a first class degree in Natural Sciences the previous year. She is a member of the CFA institute.
Fund ManagerTom Record
Manager Start Date31/03/2024
Career Start Year2002
Education
Pembroke College(Cambridge), M.A.
 
Biography
Tom record joined Fidelity International in February 2024 and will start co-portfolio management responsibilities on Global Special Situations / World strategy w.e.f. 1 April 2024. Tom joins us from Liontrust (Majedie Asset Management, before its acquisition in 2022), where he has managed the Liontrust Global Equities (c.100 stocks) and Liontrust Global Focus (c. 40 - 50 stocks) funds since 2014, and International Equity (ex-US) Fund since 2019, whilst also acting as Head of Global Equities to build out the Global Franchise. Before joining Majedie, Tom was a Portfolio Manager at Baillie Gifford, where his team was responsible for managing institutional portfolios with combined international equity assets of c. $30 billion. While at Baillie Gifford, he also managed a selection of Global Emerging Market funds, including one focused on China. Tom started at Baillie Gifford as an analyst in 2002, taking on his first PM role in 2005 in Emerging Markets, followed by an International portfolio (Global ex US) from January 2006. Tom holds Master of Arts and Master of Natural Sciences degrees, specialising in Biochemistry, from Pembroke College, Cambridge and is a CFA Charterholder.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.92%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional250  GBP
Savings50  GBP
Tax Free Savings Schemes
ISAsYes