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Fidelity Perspectives

October 2015

FF - Global Dividend Fund
Explaining the 'Margin of Safety'

"If you were to distil the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY," wrote Benjamin Graham in his book The Intelligent Investor (originally published in 1949). In this Fund Perspective, Dan Roberts discusses why the concept of a Margin of Safety is important to the investment process he follows in managing the Fidelity Global Dividend Fund. He also explains how he builds a Margin of Safety into the portfolio.

October 2015

FF - Emerging Markets Fund
Keep calm and carry on

The slowdown in China, US dollar strength and commodity price weakness are dampening sentiment towards emerging markets. But Nick Price, Portfolio Manager of the FF Emerging Markets Fund, is continuing to deliver solid performance by sticking to his philosophy of bottom-up stock analysis, aimed at finding sustainable businesses that can compound strong returns for their minority shareholders.

September 2015

FF - America Fund
Holding up well

Angel Agudo's Fidelity Funds - America Fund has managed to ride through the recent volatile market conditions pretty well. In this Perspective, we ask Angel how he continues to outperform the market and how he saw these turbulent times as a buying opportunity to acquire companies whose valuations became attractive.

September 2015

Local motion: Asia's strength in diversity

China's spectacular economic rise has shaped the investment landscape across Asia for the past decade and more. Its slowdown in growth is now reshaping that landscape, causing investors to reassess their approach to the region. While many are focussed on the negatives associated with the slowdown, others are considering the opportunities that it may bring.

September 2015

FF - Global Dividend Fund Q&A Dan Roberts

The Fidelity Global Dividend Fund has, since launch, beaten all funds in the Morningstar Offshore Global Equity Income sector, ranking first out of 46 funds. The Fund has also delivered the lowest drawdown in the sector with volatility lower than the index and the sector average. More recently, Dan Roberts' focus on capital preservation has successfully provided strong downside protection during the market volatility experienced in July and August. In this Q&A he talks about his views on the current market environment and the positioning of the fund.

September 2015

Stay the course as markets work through another wave of deflation

As another wave of deflation washes over global markets, US and UK monetary authorities should sit on their hands and postpone any planned tightening. Raising interest rates at this stage would be a costly mistake, needlessly aggravating the suffering in emerging markets and intensifying the drag on global growth, with negative consequences for equity markets.

Fidelity Webcasts

  • US equities to maintain upward trend in 2015

    Dominic Rossi

    Global Chief Investment Officer, Equities

  • Global fixed income market outlook

    Andrew Wells

    Global Chief Investment Officer, Fixed Income, Solutions and Real Estate

  • Good opportunities in Asia still exist

    Dale Nicholls

    Portfolio Manager, Asia-Pacific Equities

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.

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