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Trevor Greetham's Investment Clock July: Bond re-pricing overdue

Nyheter   •   2014-07-28 17:32 CEST

Our global growth scorecard is in its longest upswing since the series began in 1992 but the inflation scorecard is turning positive, raising the risk that bond yields rise in anticipation of tighter monetary policy.

We have added to equities and reduced the size of commodities and emerging market underweights to reflect the improved growth picture.
We have also sold bonds, property and interest rate-sensitive equity sectors to ensure we are sufficiently underweight in each area.

LEAD INDICATORS IN FOCUS

Growth

Our growth scorecard rose this month, driven by improvements in Japanese consensus GDP forecasts and UK leading indicators.

The Chinese residential construction sector remains weak but other data releases point to a cyclical pick-up related to the mini-stimulus earlier in the year.

Inflation

Inflationary developments are worth watching closely with some measures of core inflation in the US rising sharply recently.

CURRENT ASSET ALLOCATION POSITIONING

We raised our allocation this month to equities on signs of more synchronised global growth and in order to fund a new property underweight.

We remain underweight commodities. Excess capacity, US dollar strength and slower growth in China are headwinds.

We deepened our underweight in bonds. US yields are at the low end of the range and we expect poor returns as central banks normalise policy.

 

Trevor Greetham joined Fidelity in January 2006. He is Director of Asset Allocation and in addition to managing funds, Trevor is a member of Fidelity’s Asset Allocation Group. Prior to joining Fidelity, he spent ten years at Merrill Lynch, where he was Director of Asset Allocation. Trevor began his career with UK life insurer Provident Mutual. He holds an MA in Mathematics from Cambridge University and is a qualified actuary.

 

This document is for investment professionals only and should not be relied upon by private investors. It must not be reproduced or circulated without prior permission. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Fidelity/ Fidelity International means FIL Limited, and its subsidiary companies. Unless otherwise stated, all views are those of the Fidelity organisation. Investors should note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this material is gathered by Fidelity for its use as an Investment Manager and may have already been acted upon for its own purposes. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances. Fidelity, Fidelity Worldwide Investment and the Fidelity Worldwide Investment and F symbol are trademarks of FIL Limited. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and investors may not get back the amount invested. Fidelity’s legal representative in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Paying agent for Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Malta: Growth Investments Limited is licensed by the MFSA. Fidelity Funds is promoted in Malta by Growth Investments Ltd in terms of the EU UCITS Directive and Legal Notices 207 ad 309 of 2004. The Fund is regulated in Luxembourg by the Commission de Surveillance du Secteur Financier. Issued by FIL Investments International (registered in England and Wales), authorised and regulated in the UK by the Financial Conduct Authority. IC14/51

Our global growth scorecard is in its longest upswing since the series began in 1992 but the inflation scorecard is turning positive, raising the risk that bond yields rise in anticipation of tighter monetary policy.

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Trevor Greethams Investeringsklocka juni: Möjligheter med penningpolitiska skillnader

Nyheter   •   2014-07-07 15:10 CEST

Våra nyckeltal för den globala tillväxten har varit positiva under 18 månader. Vårt bredare perspektiv är att vi befinner oss i en global återhämtning som inte är synkroniserad och där inflationen är dämpad. Den stabila expansionen i USA ligger bakom en global tillväxt som är starkare än förväntat, samtidigt som avmattningen i Kina håller råvarupriserna och inflationen under kontroll. Mot denna bakgrund kan centralbankerna i G7-länderna föra en expansiv penningpolitik, men eftersom olika ekonomier befinner sig vid olika punkter i konjunkturcykeln skapar de penningpolitiska skillnaderna möjligheter.

Den senaste tidens blandade tillväxt- och inflationsindikatorer innebär dock att den investeringsklocka som är vägledande för vår tillgångsallokering är närmare det neutrala läget än någonsin.
Vi har dock förhoppningar om att tillväxtprognosen kommer att utvecklas positivt och vi förväntar oss inte att de starka råvarupriserna ska bestå. Eftersom klockan sannolikt kommer att återgå till återhämtningsfasen kan den volatila marknaden under sommaren erbjuda en möjlighet att på nytt bygga upp en större övervikt i aktier.

NYCKELTAL I FOKUS

Tillväxt

-Våra nyckeltal för tillväxten har stigit på senare tid, men detta beror främst på återhämtningen för ekonomiska data i USA efter nedgången under första kvartalet. Vi är ännu inte övertygade om att denna minicykel har nått botten.

-I andra delar av världen är prognosen blandad. Den kinesiska bostadsbyggnadssektorn är fortsatt svag, men andra ekonomiska data har stabiliserats. Den japanska momshöjningen kommer att utlösa en tillfällig lågkonjunktur. Den brittiska ekonomin är stark, men aktiviteten håller på att dämpas.

Inflation

-Den stora reservkapaciteten bör hålla inflationen på en låg nivå, men råvarupriserna stiger på årsbasis.

AKTUELL FÖRDELNING AV TILLGÅNGAR

-Vi har haft en övervikt i aktier sedan 2012 mot bakgrund av den fortsatta återhämtningen med en expansiv penningpolitik och dämpad inflation. Vi tog dock hem en del vinster efter att tillväxtindikatorerna försvagats. Marknadens volatilitet under sommaren kan erbjuda en del möjligheter.

-Vi ligger kvar i undervikt i råvaror. Överskottskapacitet, den starka amerikanska dollarn och långsammare tillväxt i Kina är dämpande faktorer.  -Vi har en undervikt i statsobligationer – avkastningen bör successivt öka allt eftersom centralbankerna normaliserar penningpolitiken.


Våra nyckeltal för den globala tillväxten har varit positiva under 18 månader. Vårt bredare perspektiv är att vi befinner oss i en global återhämtning som inte är synkroniserad och där inflationen är dämpad. Den stabila expansionen i USA ligger bakom en global tillväxt som är starkare än förväntat, samtidigt som avmattningen i Kina håller råvarupriserna och inflationen under kontroll.

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Trevor Greetham's Investment Clock June: Policy divergence opportunities

Nyheter   •   2014-06-26 11:14 CEST

Our global growth scorecard has been positive for 18 months. Our big picture view is that we are in a disinflationary and desynchronised global recovery with steady expansion in the US driving above-trend global growth while the slowdown in China keeps commodity prices and inflation under control. This backdrop allows G7 central banks to keep policy loose but with different economies at different points in the business cycle, monetary policy divergences will create opportunities.

However, recent mixed growth and inflation indicators mean the Investment Clock model that guides our asset allocation is the closest to neutral that we can remember.

We are hopeful the growth picture will resolve in a positive way and we do not expect commodity price strength to persist, however. With the clock likely to move back towards the Recovery phase, summer volatility may provide an opportunity to rebuild a larger overweight in equities.

LEAD INDICATORS IN FOCUS

Growth

Our growth scorecard has risen recently though this is largely due to the bounce back in economic data in the US after bad weather in Q1 and we are not yet convinced this mini cycle has troughed.

Elsewhere in the world the outlook is mixed. The Chinese residential construction sector remains weak but other economic data has stabilised. Japan’s sales tax rise is triggering a temporary recession. The UK economy is strong but activity is cooling off.

Inflation

Ample spare capacity should keep inflation low but commodity prices are up year to date.

CURRENT ASSET ALLOCATION POSITIONING

We have been overweight equities since 2012 on the back of continued recovery with loose policy and muted inflation. However, we took some profits following a softening in growth indicators. Summer volatility may present some opportunities.

We remain underweight commodities. Excess capacity, US dollar strength and slower growth in China are headwinds.

We are underweight government bonds – yields should gradually rise as central banks normalise policy.


Our global growth scorecard has been positive for 18 months. Our big picture view is that we are in a disinflationary and desynchronised global recovery with steady expansion in the US driving above-trend global growth while the slowdown in China keeps commodity prices and inflation under control.

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FIDELITY WORLDWIDE INVESTMENT ANALYST SURVEY REVEALS A RE-EMERGENCE OF ANIMAL SPIRITS

Pressmeddelanden   •   2014-06-11 14:42 CEST

FIDELITY WORLDWIDE INVESTMENT ANALYST SURVEY REVEALS A RE-EMERGENCE OF ANIMAL SPIRITS

- Companies and management teams confident about the year ahead

- US regarded as strongest region measured by business confidence, capital expenditure outlook, dividend growth potential and balance sheet health

-Increased dividend payouts and M&A among the strongest themes to emerge for 2014

Stockholm, 11th June 2014: Corporate confidence and fundamentals favour developed over emerging markets, with the US widely regarded as the standout economy, according to Fidelity Worldwide Investment’s Analyst Survey.

The survey of 128 analysts based in Europe and Asia, also found a higher proportion of companies are confident about the year ahead compared to last year, reflecting the strength of the recovery, a return to ‘normal’ conditions and early signs of ‘animal spirits’ after a period of protracted uncertainty and management caution.

As a result of this cautious optimism, company management are starting to spend some of the cash sitting on balance sheets with the focus on shareholder-friendly activity, bolt on M&A and increases in dividend payments rather than aggressive capital expenditure (capex) growth.

From a fixed income perspective, the credit cycle is maturing as leverage creeps higher and valuations tighten. Event risk will be the dominant theme for credit investors over the next 12 months, which creates both winners and losers in the bond market.

Commenting on the findings of Fidelity’s latest Analyst Survey, Henk-Jan Rikkerink, Head of Equity Research, Europe & US at Fidelity Worldwide Investment says: “This year’s survey suggests company management teams are more prepared to put capital to work after a period of protracted caution. As a result, we are moving into a more discriminating environment in which stock-specific drivers are likely to explain a larger part of investment returns. We expect market leadership to refocus on quality franchises, particularly those in the intellectual property sectors, such as pharmaceuticals and technology.

“Our research process helps us to identify a range of long-term winners with strong fundamentals; these are the types of stocks that tend to be rewarded when investors look beyond macroeconomic factors.”

The Fidelity Analyst Survey is run annually and presents a temperature check of corporate confidence and identifies some of the long-term investment themes expected to shape to shape the global economy and investment markets in the years ahead. The survey garnered responses from 128 analysts based in Europe and Asia and provides a rare insight into Fidelity’s fundamental investment process.

A summary of some of the key findings can be found below:

A re-emergence of animal spirits

After an extended period of uncertainty and corporate caution, management confidence and animal spirits are returning to economies and stock markets. Management teams are now no longer worried the world will end; the big tail risks of financial system collapse or contagion have become progressively less likely. Capex is expected to recover from historically low levels, although the magnitude and pace looks likely to be more muted than the consensus belief. Two of the largest historic contributors to capex in absolute terms have been energy and materials, yet these sectors produced the highest negative results in the survey. Healthcare and consumer discretionary, on the other hand, were the sectors which led the way in terms of analyst expectations of capex increases.

A preference for developed markets with the US widely regarded as the standout economy

In terms of geographies, the survey produced a marked divide between developed and emerging markets. This is unsurprising, given the current environment of a stronger dollar and fall-off in commodities demand. The US came out strongest in terms of business confidence, capex outlook, dividend growth potential and balance sheet health. In terms of sectors, a related divide was also prominent; the sectors that polled more positively across the board were the knowledge economy sectors of pharmaceuticals, technology and financials, as well as consumer.

From a fixed income perspective, Asia portrayed weaker credit fundamentals versus developed counter-parts, yet Asian valuations were recognised as providing ample compensation for the risks.

A focus on shareholder-friendly activities

One of the strongest responses in the survey was around dividends, with analysts reporting that a large majority of their companies are likely to maintain (54%) or increase (40%) dividends. Perhaps unsurprisingly, financials (post the 2008/9 financial crisis) and healthcare companies were most bullish about dividend increases. Japan and the US were the regions that were most expected to increase pay-outs, although this may be partly a function of the fact that the total dividend level is lower in these markets than is traditionally the case in the UK and Europe so there is more scope for dividends to grow in these geographies. The survey also revealed 85% of analysts believe M&A will be a priority looking ahead. Most analysts expect a moderate amount of M&A, 15% a large amount, and only a small minority see M&A as a huge strategic priority.

Notes to editors:

About Fidelity’s Analyst Report

This report presents a snapshot of some of the key investment opportunities identified by Fidelity’s equity and fixed income investment teams across Europe and the Asia Pacific regions. Drawing on this fundamental company research, Fidelity’s analysts highlight some of the broader investment themes that will shape the global economy in the years ahead. The survey is not exhaustive by any means; rather it is designed to shine a light on some of the companies, sectors, regions, and secular themes that Fidelity believes are the most attractive against a backdrop of deleveraging and weak global growth.

Methodology

This report is based on questions given to more than 128 equity and fixed income professionals in Europe and Asia covering a variety of sectors, designed to extract a selection of their best and most contrarian investment ideas. It was complemented by a number of discussions with heads of research to verify trends and themes across countries, sectors and asset classes

About Fidelity’s fundamental research-driven approach

Fidelity pursues an active investment style based on the deep and comprehensive fundamental research undertaken by our investment teams. Its objective is to deliver superior investment performance by developing a rich and detailed understanding of the anticipated financial evolution of all of the companies in which it invests. Its global research network comprises over 350 investment professionals, based in a range of international locations, including London, Paris, Frankfurt, Milan, Mumbai, Singapore, Hong Kong, Shanghai, Seoul, Sydney, Tokyo, Sao Paulo and Bermuda.

Its portfolio managers are supported by a broad, dedicated team of investment analysts who cover specific sectors and markets. The analysts are responsible for maintaining investment recommendations based on fundamental, proprietary research. Fidelity does not impose top-down investment views on its portfolio managers, who are responsible for their own investment decisions. At the same time, they have access to extensive macro-economic analysis and market cycle insight to inform portfolio construction.

To download the report, click the link below.

For further information, please contact:

Emma Lehtovaara

Fidelity Worldwide Investment

Tel. +46 (0)8 505 257 02

emma.lehtovaara@fil.com

About Fidelity Worldwide Investment
Fidelity Worldwide Investment is one of the largest independent mutual fund managers. We have offices in 25 countries around the world and manage investments worth more than US$215 bn.
Fidelity was founded in 1969 and has over over 5 500 employees. We have over 7 million cients - both institutions and larger companies, but also private clients. Since 1996 we have had a presence and supported clients in the Nordic region.
We manage more than 740 funds and with more than 280 analysts and portfolio managers across the globe, we have a unique loval presence but also global expertise. Fidelity is a privately owned company.

Stockholm, 9th June 2014: Corporate confidence and fundamentals favour developed over emerging markets, with the US widely regarded as the standout economy, according to Fidelity Worldwide Investment’s Analyst Survey.

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Trevor Greetham's Investment Clock May: A Summer Lull

Nyheter   •   2014-06-02 14:49 CEST

We expect the Investment Clock to spend most of its time in equity-friendly Recovery mode over the next few years as the US recovery supports above-trend global growth while the slowdown in China keeps commodity prices and inflation under downward pressure.

However, recent data has been less supportive with growth indicators suggesting the recovery could lose momentum over the summer. Accordingly, we have trimmed equity exposure to a more modest overweight, a move supported by our quantitative models.

With growth indicators weaker and inflation pressures stronger lately, the Investment clock has
(temporarily) moved into neutral territory.

 

LEAD INDICATORS IN FOCUS

Growth
-Near-term growth indicators are weak. Disappointing housing data in the US, the sales tax rise in Japan, a drop in German industrial orders and a raft of poor data out of China all point to a possible lull in activity over the summer months.


-We may need to see additional stimulus from central banks before global growth accelerates, but we are confident a soft patch will not become a sustained slowdown.

Inflation

-Although our Global Inflation Scorecard is still in negative territory, it has become less negative owing to higher commodity prices.

 

CURRENT ASSET ALLOCATION POSITIONING

-We have been overweight equities since 2012 on the back of continued recovery with loose policy and muted inflation. However, we took some profits following a softening in growth indicators. 


-We remain underweight commodities. Excess capacity, US dollar strength and slower growth in China are headwinds. We view recent strength as supply-driven and temporary.

-We remain firmly underweight government bonds – yields should gradually rise as central banks normalise policy.

 

 

 

 

 

We expect the Investment Clock to spend most of its time in equity-friendly Recovery mode over the next few years as the US recovery supports above-trend global growth while the slowdown in China keeps commodity prices and inflation under downward pressure.

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Trevor Greethams Investeringsklocka maj: Tillfällig stiltje i sommar

Nyheter   •   2014-06-02 14:29 CEST

Vi förväntar oss att investeringsklockan kommer att vara mestadels i den aktievänliga återhämtningsfasen under de närmsta åren då återhämtningen i USA bidrar till den globala tillväxten samtidigt som en avmattning i Kina håller nere råvarupriser och inflation.

Den senaste datan har dock varit mindre positiv då tillväxtindikatorerna visar att återhämtningen kan komma att tappa momentum under sommaren. Vi har därför dragit ner vår aktieexponering till en mer blygsam övervikt vilket även stöds i våra kvantitativa modeller.

Med svagare tillväxtindikatorer och ett starkare tryck på inflationen den senaste tiden har investeringsklockan (tillfälligt) flyttat sig till en mer neutral mark.

NYCKELTAL I FOKUS

Tillväxt

-De kortsiktiga tillväxtindikatorerna är svaga. Sämre bostadssiffror i USA än väntat, höjd moms i Japan, en minskad orderingång i den tyska industrin samt en rad negativa besked från Kina pekar alla på en trolig försämring i aktiviteten under sommarmånaderna.

-Det är möjligt att vi behöver ytterligare stimulans från centralbankerna för att tillväxten ska tillta men vi är övertygade om att en något lugnare period inte innebär en långvarig avmatting.

Inflation

-Även om våra globala inflationsindikatorer fortfarande är negativa så har trycket ökat något på grund av högre råvarupriser.

AKTUELL FÖRDELNING AV TILLGÅNGAR

-Vi har varit överviktade i aktier sedan 2012 på grund av en stabil återhämtning med expansiv
penningpolitik och dämpad inflation. Vi har nu tagit hem vinster på grund av de svagare tillväxtindikatorerna.

-Vi är fortsatt underviktade i råvaror. Överskottskapacitet, en stark amerikansk dollar och lägre tillväxt i
Kina är bidragande faktorer.

-Vi är fortsatt starkt underviktade statsobligationer – avkastningen borde öka successivt i takt med att centralbankerna återgår till normalläge.

 


Vi förväntar oss att investeringsklockan kommer att vara mestadels i den aktievänliga återhämtningsfasen under de närmsta åren då återhämtningen i USA bidrar till den globala tillväxten samtidigt som en avmattning i Kina håller nere råvarupriser och inflation.

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Trevor Greethams Investeringsklocka mars: Föredrar aktier framför råvaror

Nyheter   •   2014-03-28 10:58 CET

Sedan början av året har råvaror utvecklats bättre än aktier. Vi förväntar oss att den amerikanska ekonomin återhämtar sig under andra kvartalet efter den svaga utveckling som orsakades av vädret, vilket gynnar den amerikanska och de globala aktiemarknaderna. Samtidigt kommer sannolikt den starka, utbudsstyrda utvecklingen för råvaror att dämpas. Vi är oroade över avmattningen i Kina, men vi ser paralleller till 1990-talet när aktier på utvecklade marknader steg trots tillfälliga orosmoln på tillväxtmarknaderna.

Investeringsklockan befinner sig i det aktievänliga ”återhämtningsläget”. Vi behåller vår långvariga inriktning på aktier snarare än obligationer. Vi förväntar oss att den amerikanska dollarn kommer att vara stark och tror på en uppgång för obligationer under de kommande månaderna.

NYCKELTAL I FOKUS

Tillväxt

- Våra nyckeltal för den globala tillväxten har fallit från de högsta nivåerna, främst mot bakgrund av en svag utveckling i USA som förvärrades av det kalla vädret.

- Vi förväntar oss dock att ekonomiska data kommer att återhämta sig under andra kvartalet, i takt med att de allvarliga störningarna i försörjningskedjan åtgärdas och den tillbakapressade efterfrågan tillfredsställs.

 Inflation

- Det globala inflationstrycket är dämpat och en långvarig svag ekonomisk utveckling skulle utlösa ytterligare stimulansåtgärder från centralbankerna i G4-länderna.

- Dagens situation påminner om 1990-talet när tillväxtmarknaderna genomgick en rad kriser, men de stora centralbankerna behöll en relativt expansiv inställning.

AKTUELL FÖRDELNING AV TILLGÅNGAR

- Vi behåller vår starka övervikt i amerikanska aktier och förväntar oss att eventuella effekter av en nedtrappning av de kvantitativa lättnaderna uppvägs av att de budgetpolitiska problemen dämpas. Våra fonder har också en övervikt i japanska aktier, en position som stärks av det förväntade statliga stödet inför momshöjningen i april.


- Överskottskapacitet, den starka dollarn och långsammare trendtillväxt i Kina är dämpande strukturella faktorer för råvaror. Vi har fortsatt vår största undervikt i guld. Vi är fortsatt avvaktande till statsobligationer mot bakgrund av den amerikanska centralbankens ökade nedtrappning av de kvantitativa lättnaderna och avkastningen är fortfarande låg.


 

Sedan början av året har råvaror utvecklats bättre än aktier. Vi förväntar oss att den amerikanska ekonomin återhämtar sig under andra kvartalet efter den svaga utveckling som orsakades av vädret, vilket gynnar den amerikanska och de globala aktiemarknaderna. Samtidigt kommer sannolikt den starka, utbudsstyrda utvecklingen för råvaror att dämpas.

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Trevor Greetham's Investment Clock March: Prefer stocks to commodities

Nyheter   •   2014-03-27 15:56 CET

Commodities have outperformed stocks since the start of the year. We expect the US economy to bounce back from weather-induced weakness in Q2 to the benefit of US and global equity markets, while supply-induced strength in commodities is likely to fade. We are concerned about the slowdown in China but we see a parallel with the 1990s when developed equities climbed a wall of emerging market worry.

The Investment Clock is in equity-friendly Recovery mode. We maintain our long-held preference for stocks over bonds. We expect to see US dollar strength and a rise in bond yields over the next few months.

LEAD INDICATORS IN FOCUS

Growth
- Our global growth scorecard has come off its highs, primarily due to softness in the US that was made worse by the cold weather episode.
- However, we expect economic data to bounce back in Q2 as a severely disrupted supply chain gets back to work and pent-up demand is satisfied.

Inflation
- Global inflation pressures are muted and any sustained economic weakness will trigger further stimulus from G4 central banks.

-Today is reminiscent of the 1990s when emerging markets saw a series of crises but the big central banks maintained a relatively easy stance.

CURRENT ASSET ALLOCATION POSITIONING
- We maintain our strong overweight position in US equities and expect any QE tapering impact to be offset by easing fiscal headwinds. Our funds are also overweight Japanese equities, buoyed by the level of expected government support ahead of April’s sales tax increase.
- Excess capacity, dollar strength and slower trend growth in China are structural headwinds for commodities; gold remains our largest underweight. We remain cautious on government bonds because of the Fed’s increased QE tapering and yields are still low.

Commodities have outperformed stocks since the start of the year. We expect the US economy to bounce back from weather-induced weakness in Q2 to the benefit of US and global equity markets, while supply-induced strength in commodities is likely to fade. We are concerned about the slowdown in China but we see a parallel with the 1990s when developed equities climbed a wall of emerging market worry.

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Fidelity Worldwide Investment wins prestigious awards in Norway and Finland

Pressmeddelanden   •   2014-02-28 10:12 CET

Stockholm, 28 February 2014– At the Morningstar awards ceremonies in Helsinki and Oslo earlier this week, it was announced that Fidelity Worldwide Investment won several awards including the prestigious house awards. The house awards recognize fund management companies that have delivered sustained outperformance on a risk-adjusted basis across their fund line-ups. In addition, the company also received several fund awards in the emerging markets and US equities categories. The category winners recognize those funds that have added the most value over the longer term. The methodology emphasizes the one-year period, but funds must also have delivered strong three- and five-year risk-adjusted returns and have been in the top half of their category in at
least three of the past five calendar years. – We are extremely proud and grateful for these awards. It’s important and encouraging that our active management approach has delivered value to our investors, says Petter Edwinson, Head of Marketing and Business Development at Fidelity. Below is the list of Morningstar awards won by Fidelity in the Nordics:

Norway

  • Best Fund House - Equity 
  • Best Fund House - Fixed Income
  • Best Fund House - Multi Asset 
  • Best Global Emerging Markets Equity Fund - FF Emerging Markets Fund A USD

Finland

  • Best Fund House - Larger Equity
  • Best Fund House - Multi Asset 
  • Best Global Emerging Markets Equity Fund - FF Emerging Markets Fund A USD
  • Best US Equity Fund - FF America Fund A Acc USD

For further details, please contact Petter Edwinson, Head of Marketing and Business Development, at +46 (0)8 505 257 03.

About Fidelity Worldwide Investment
Fidelity Worldwide Investment is a global leader in asset management, providing investment
products and services to individuals and institutions in the UK, continental
Europe, the Middle East and Asia Pacific. Established in 1969, the company has
over 6,000 staff in 24 countries and manages assets of US$270.4 billion. The
company’s fund managers receive research from one of the largest proprietary
research teams, based in 12 countries around the world. Fidelity Worldwide
Investment is an independent and privately owned asset management company.

Data as at 31 December 2013

Stockholm, 28 February 2014 – At the Morningstar awards ceremonies in Helsinki and Oslo earlier this week, it was announced that Fidelity Worldwide Investment won several awards including the prestigious house awards. The house awards recognize fund management companies that have delivered sustained outperformance on a risk-adjusted basis across their fund line-ups.

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Emerging market troubles

Nyheter   •   2014-02-24 14:33 CET

Slower Chinese growth and the gradual unwinding of Fed QE is causing the most pronounced period of emerging market underperformance since the mid-1990s. We think the spill over into developed markets will be short-lived with emerging market policy makers taking action to restore confidence.

Kontaktpersoner 1 kontaktperson

  • Presskontakt
  • Senior Marketing Manager
  • gvbymarxriyrgnzjgpa.zachrisszduxnsdxoniv@fileiokxb.com
  • +46 (0)8 505 257 05
  • +46 (0)8 505 257 00

Om Fidelity Worldwide Investment

The currency of investing

Fidelity Worldwide Investment is one of the largest independent mutual fund managers. We have offices in 25 countries around the world and manage investments worth more than US$215 bn.
Fidelity was founded in 1969 and has over over 5 500 employees. We have over 7 million cients - both institutions and larger companies, but also private clients. Since 1996 we have had a presence and supported clients in the Nordic region.
We manage more than 740 funds and with more than 280 analysts and portfolio managers across the globe, we have a unique loval presence but also global expertise. Fidelity is a privately owned company.

Adress

  • Fidelity Worldwide Investment
  • Luntmakargatan 18
  • 111 37 Stockholm
  • Vår hemsida