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Focus on Fidelity fund flows: biggest inflows and outflows

Citywire Selector compares the three-year returns of major AM firms’ funds with their popularity among investors.

Flows vs. performance

Clever marketing and a good long-term track record can often convince investors to put back certain funds, while, equally important, changes in portfolio management, wider market movements and poor performance can cause assets in a fund to drop as investors consider their options. But, how much does long-term performance influence short-term flows?

In this series, Citywire Selector examines the link between the three-year performance of a fund against its Citywire-assigned benchmark and compares it with the amount of money it attracted between January 2017 and the end of June 2017.

Using Citywire data, this gallery highlights which funds at Fidelity International saw the biggest inflows and outflows in the first half of this year. Keep reading to find out if a fund’s popularity mirrors its performance.

Note: Flows figures based on Citywire data to the end of June 2017. Performance based on Lipper data compared to a Citywire-assigned benchmark over the three-year period covering August 2014-August 2017.

Fund: Fidelity Funds – GI MA Income

Net flows: €1.78 billion ($2.13 billion)

The $7.5 billion Fidelity Funds –GI MA Income fund has had the highest inflow of assets at Fidelity International. The fund is outperforming its benchmark and performance has risen sharply since January 2016, which could contribute to growing investor interest in recent months.

Performance is one factor behind investor interest, but the fund could be benefitting from the popularity of the sector. The mixed assets – flexible USD sector has seen assets jump 13% between January 2017 and the end of June 2017.

The fund has been managed by Eugene Philalithis since March 2013, while George Efstathopoulos joined him on the fund in May 2013. Nick Peters was also appointed co-manager in March 2014.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

Fund: Fidelity Funds – Global Technology

Net flows: €741 million ($886 million)

The €2 billion Fidelity Funds – Global Technology fund has the second largest inflows of the funds at Fidelity and is the best performing fund in absolute terms in this line up.

As well as performance, flows into the fund could be due to the popularity of the technology sector. Across all asset managers, technology equity funds have seen flows increase by 25% over the first half of the year.

The fund has been managed by HyunHo Sohn since March 2013. The top holding in the fund is US technology conglomerate Alphabet, which makes up 8.6% of the fund, while semi-conductor manufacturer Intel makes up 5.8% of the fund.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

Fund: Fidelity Funds – America

Net flows: - €1.89 billion (-$2.26 billion)

The $7.5 billion Fidelity Funds – America fund has seen the largest outflows of all the funds on offer at Fidelity International in the 2017 figures. It has underperformed the benchmark over the past three years, with a tough 12 months adding to this. Over the year from July 2016-July 2017, the fund is ranked 1721 out of 1847 funds in the US equity sector.

The fund has been managed by Angel Agudo since June 2014. The largest holding in the fund is software firm Oracle which makes up 5.9% of the fund.

In terms of sectors, financials is the largest allocation at 25%, which is overweight against the benchmark exposure of 14.5%. Agudo is underweight consumer discretionary stocks, with just 2% here compared to the benchmark of 12.3%.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

Fund: Fidelity FAST Europe

Net flows: -€885 million (-$1billion)

The €512 million Fidelity FAST Europe fund has seen the second highest outflows of the cross border funds at Fidelity and is the worst performing fund in this gallery in absolute terms.

The European equity sector has seen assets drop by 11% over the first half of 2017 and this could explain some of the outflows. The fund has underperformed its benchmark significantly over the past three years and is ranked 810 out of 877 funds, suggesting investors are looking for better opportunities in the European equity space.

Fidelity has recently made changes to who is responsible for the fund. Anas Chakra managed the fund between December 2006 and July 2017, when he retired from the fund management industry. Citywire AAA-rated Fabio Riccelli was appointed lead manager on the fund with Karoline Eichelberg acting as co-manager.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

Related Fund Managers

George Efstathopoulos
George Efstathopoulos
103/197 in Mixed Assets - Flexible USD (Performance over 3 years) Average Total Return: 13.27%
HyunHo Sohn
HyunHo Sohn
10/121 in Equity - Technology (Performance over 3 years) Average Total Return: 75.90%
Angel Agudo
Angel Agudo
839/1235 in Equity - US (Performance over 3 years) Average Total Return: 23.33%
Fabio Riccelli
Fabio Riccelli
25/596 in Equity - Europe (Performance over 3 years) Average Total Return: 50.81%
Nick Peters
Nick Peters
257/596 in Equity - Europe (Performance over 3 years) Average Total Return: 28.84%
Anas Chakra
Anas Chakra
Karoline Eichelberg
Karoline Eichelberg
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