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Fidelity Perspectives

March 2016

FF-Global Dividend Fund
Safety in uncertain times

2015 was characterised by more than its fair share of uncertainty. The year started with hopes that the weak economic recovery would finally strengthen, as well as expectations that US interest rates would rise and the global economy would return to normality. Unfortunately growth weakened, currencies became more volatile and emerging markets suffered. Despite this uncertainty, the FF Global Dividend Fund continued to deliver attractive performance.

March 2016

FF-Germany Fund
Five years of outperformance

FF Germany Fund has maintained a top decile position against its Morningstar peer group for every year of the last five years (as at 31 January 2016). In this Perspective, portfolio manager Christian von Engelbrechten shares his strategy for continuing that outperformance.

January 2016

The case for multi asset investment

All investment is based on one key question: how can we use markets to achieve financial goals? In recent years, the investment industry has become more explicitly focused on building 'solutions', responding to growing investor demand for comprehensive strategies to meet their investment needs. Such solutions can include sustainable income, capital preservation, protection against inflation or steady capital appreciation within a low volatility framework.

January 2016

Managing volatility and liquidity in HY and EM debt

Global markets have had a challenging start to 2016. In fixed income, credit has underperformed government debt, with high yield (HY) and emerging market (EM) debt suffering particularly.

January 2016

Inside China: Volatility fails to derail the consumer revolution

There has been much said about the structural shift in China from a production powered economy to one driven by consumption. The government has encouraged the change, with a strong focus on building a sustainable model based on domestic consumption. With GDP growth down and a volatile start to 2016, we argue that consumers continue to lead the change in China, reinforced by growing disposable income and a supportive reform agenda.

December 2015

Prospects for the financial sector

With expectations of a rate rise by the Federal Reserve high, what can we expect from the global financial sector? Despite recent weakness in emerging markets, global economic conditions are relatively supportive for financial sector profits. While banks and insurers are expected to be beneficiaries of US rate rises, other financial subsectors benefit during periods of economic growth. There are also exciting financial business opportunities in emerging markets, which should benefit from long-term structural growth.

Investors investing in fund(s) denominated in non-local currency should be aware of exchange rate fluctuations that may cause a loss of principal when foreign currency is converted back to the investors' home currency. Exchange controls may be applicable from time to time to certain foreign currencies. All fund prices quoted are calculated as at the latest valuation date and are indicative only. Investment involves risks. Past performance is no guarantee of future returns. Investors should read the Prospectus for further details before investing.

2016 FIL Investment Management (Singapore) Limited