FIDELITY ADDS FAST GLOBAL FUND TO ACTIVE EXTENSION RANGE

Stockholm, October 2, 2013: Fidelity is further expanding its successful range of Fidelity Active STrategy (FAST) funds with the launch of the FAST Global fund today.
FAST Global fund provides a flexible framework which gives portfolio manager Dmitry Solomakhin the opportunity to take both long and short positions to capitalise on stock mis-pricing on both the upside and the downside.

The fund will consist of a high conviction portfolio of 70-110 of the manager’s best long and short ideas from across the world and aims to deliver strong risk adjusted outperformance versus broad global equity indices over time.

Fidelity has run a pilot of FAST Global since January 2012 and, over that period, Dmitry has beaten 99% of peers on both performance and information ratio*. He has also run the Fidelity Funds Global Technology Fund since 2008.  Over his tenure on this fund, he has delivered absolute returns of 124.7%, beating 80% of his peers**.

Richard Lewis, Head of Global Equities at Fidelity Worldwide Investment, comments:
“Global financial conditions continue to encourage equity investment. This positive environment for equities, coupled with the additional toolkit offered by the FAST framework, gives Dmitry the opportunity to deliver significant value to shareholders.”

The fund, aimed at professional investors, adds to the line-up of Fidelity’s active extension products which include FAST European, FAST Japan, FAST UK, FAST Emerging Markets, FAST European Opportunities, FAST Asia and FAST US funds.

Net equity exposure in FAST Global will be in the range of 90%-110% under normal market conditions and the manager also has the flexibility to short unattractive stocks up to a maximum of 30% of the fund’s assets.

* Source: Fidelity, Morningstar Direct, nav-nav, gross income reinvested, in USD, 31 December 2011 to 31 August 2013 vs Morningstar Offshore Global Large-Cap Blend Equity category. While the FAST Global pilot launched in March 2011, the representative track record commences follows a proof of conception phase. While no fees are applied to the GAST Global pilot, its performance has been adjusted from 31 December 2011 to reflect the 206bps predicted ongoing charges figure of the A-ACC-USD share class of the live fund, plus has also been adjusted for an estimation of performance fee had the love fund methodology been applied to the pilot.  Live fund performance may differ from this pilot performance based on the impact of actual expenses associated with live fund administration, transaction costs, shareholder inflows and outflows and performance fees.
** Source: FIL Limited, Morningstar, 31 August 2013, Class A-EUR, nav-nav, gross income reinvested, in EUR, vs Morningstar GIF Sector Equity Technology.

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