Fidelity Investments is offering a new fund that invests in the Canadian and American equity markets. It has also launched a currency neutral version of its Fidelity Global Intrinsic Value fund.
The Fidelity North American Equity Class is managed by Darren Lekkerkerker and invests in high-quality companies located primarily in Canada and the United States. It is meant for investors looking for long-term capital growth.
Fidelity says Lekkerkerker has the flexibility to invest in the best opportunities and will concentrate on mid- and large-cap companies that have a competitive advantage over their peers. The fund will invest no more than half of its net assets in Canadian equity securities, and it has the freedom to place up to 90% of its assets into US equities. The fund may also invest up to about 20% of its net assets in the shares of companies that are located outside of North America.
As for the Fidelity Global Intrinsic Value Currency Neutral Class, it became available on October 28. The fund is managed by Joel Tillinghast and the company says it uses an "opportunistic" global equity strategy that can invest in companies across the market cap spectrum with a particular emphasis on small- and mid-cap stocks.
"Fidelity understands that advisors and investors appreciate choice in our core line-up of funds and that is why we are launching Fidelity Global Intrinsic Value Currency Neutral Class," comments Fidelity president Rob Strickland. "Launching a currency neutral version of this popular investment solution will give clients more options in managing exchange rate fluctuations between the Canadian dollar and foreign currencies."