Fidelity Worldwide Investment has expanded its Fidelity Active STrategy (FAST) range with the launch of a long/short equity FAST Global fund.
The FAST Global fund will be managed by Dmitry Solomakhin and will take long and short positions in global equity market to capitalise on over- and under-valued stocks.
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Solomakhin, who runs the Fidelity Funds Global Technology fund, has run a pilot version of the FAST Global fund since January 2012.
The fund will invest in between 70-110 stocks on both a fundamental bottom-up basis in both long and short positions without any geographic restraints.
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.
The fund will have an annual management fee of 1% for the (GBP) share class, where the minimum investment is US$1 million and a performance fee of 20% of the out-performance is applicable if the class exceeds the return of the MSCI AC World Index by more than 2% on an annualised basis.
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By GlobalDataRichard Lewis, head of global equities at Fidelity Worldwide Investment, said that the new global fund is aimed at professional investors.
Richard Lewis added: "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."
