- Yield History2.67%
- 3 Year sharpe0.95
- 3 Year alpha4.28
- Distribution Typeaccumulation
- BenchmarkMSCI ACWI NR USD
- Legal StructureOpen Ended Investment Company
- Fund Size (month end)Open Ended Investment Company
- IA SectorGlobal Equity Income
- Manager GroupFidelity
- DomicileUnited Kingdom
Dan Roberts has run Fidelity Global Dividend since its launch in January 2012. Although its history does not span a full market cycle, the fund has been a solid performer, generating outperformance in more difficult markets, while keeping up in strongly rising markets. The fund has consistently ranked in the top quartile every calendar year, except for 2016 and 2017. This is in line with expectations, as his approach should benefit when quality, defensive large companies do well.
Roberts describes his approach as “unconstrained, dividend-based, total return, with an emphasis on capital preservation”. The fund aims to deliver good long-term total returns with lower volatility than stock markets generally, and income growth ahead of inflation. Its current yield is about 3% and dividends are paid quarterly.
There are five key investment characteristics that Roberts holds dear: simple, understandable business models; predictable, resilient return profiles; healthy balance sheets; transparent financial statements and sensible capital allocation. To invest in good-quality companies on reasonable valuations, he often adopts a contrarian attitude.
He relishes the fund’s global mandate, explaining that it gives a much greater opportunity to select from within sectors and across different industry groups. Roberts feels this helps him with portfolio construction and in managing sector skews and stock concentration. He can also take advantage of relative valuation opportunities and access sectors that may not be available when a fund’s mandate is country specific.
His fund typically holds around 50 companies, which he says enables him to balance conviction with diversification and to achieve a degree of capital protection in volatile markets.