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By Daniel ROBERTS, Fidelity International*
The Fidelity Funds Global Dividend Fund celebrated its five year anniversary on 30 January 2017. Performance over its life has been very strong despite some pressures in the last year. Portfolio manager, Dan Roberts, explains why the ‘indiscriminate’ nature of the aggressive style rotation that occurred in global equity markets in 2016 has acted as a headwind to the fund, which has a permanent bias toward higher-quality, dividend-paying stocks. Dan now believes the fund is well positioned to benefit from improving company fundamentals and a (re)closing of the valuation gap between defensive quality stocks and cyclicals.
Why do you describe the rotation as ‘indiscriminate’?
Midway through...
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