Fact sheet: Fidelity Inst Eur Hi Yld

Fund information
Fund name
Fidelity Institutional European High Yield Inst Acc EUR
Fund manager company
Fidelity International (FIL In
Fund type
Offshore Fund
Fund managers
  • James Durancesince 30/06/2016
  • Andrei Gorodilovsince 31/03/2011
Fund objective
Aims to provide high current income and capital growth. At least 70% invested into high-yielding, sub investment grade bonds of issuers that have their head office or a main part of their activity in Western, Central and Eastern Europe (including Russia). Has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes. Investments may be made in bonds issued in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The reference currency is the currency used for reporting and may be different from the dealing currency. Can invest in bonds issued by governments, companies and other bodies. The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. The fund may only be acquired by Institutional Investors. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.
Benchmark
  • The BofA Merrill Lynch BB-B Global Non-Financial High Yield European Issuers excluding Russia Constr
Investment style
High Yield
Investment method
Fixed Interest
Quick stats
1 Year return
6.6%
1 Year rank in sector
3/25
Sector
FO Fixed Int - Europe
Yield
4.3%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.73%
Fund size
£58m (£46m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
66
Top in this sector
Fund name1 Year
Robeco Eurpn Hi Yld Bds7.9%
T. Rowe Price EurHiYdBd7.1%
Fidelity Inst Eur Hi Yld6.6%
Babson Capital EnHgYdBd6.2%
Henderson HzEurHighYldBd6.1%
...more in FO Fixed Int - Europe

Performance snapshot

Holdings snapshot

  • Europe23.1%
    Germany21.6%
    UK17.5%
    International17.4%
    France9.2%
  • Communications27.8%
    Cyclical Consumer Goods12.3%
    Capital Goods10.5%
    Money Market8.5%
    Non-Cyclical Consumer Goods8.3%
  • Global High Yield Fixed Interest84.9%
    Money Market8.5%
    Global Investment Grade Fixed Interest4.2%
    Others2.4%
    Foreign Exchange0%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.7%-0.1%3.5%6.6%15%60.8%
Sector-0.8%-0.7%2%2.6%10.7%30.7%
Rank within sector19 / 258 / 264 / 253 / 255 / 183 / 15
Quartile4th2nd1st1st2nd1st
Calendar performance
 YTD - 20162015201420132012
Fund8.3%2.7%2.3%10.5%25.9%
Sector3.8%1.1%5.2%4.2%11.7%
Rank within sector3 / 256 / 2015 / 184 / 173 / 15
Quartile1st2nd4th1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
0.22
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.33
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.29
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
4.4
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
2.68
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.48
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.67
Price movement
52 week high165
52 week low146.2
Current bid price-
Current offer price-
Current mid price162.9
Region
1Europe23.11%
2Germany21.63%
3UK17.48%
4International17.43%
5France9.15%
6USA3.95%
7Latin America2.49%
8Scandinavia2.38%
9Others1.05%
Industry sector
1Communications27.8%
2Cyclical Consumer Goods12.29%
3Capital Goods10.52%
4Money Market8.45%
5Non-Cyclical Consumer Goods8.32%
6Utilities7.67%
7Basic Industries7.23%
8Banks4.27%
9Technology3.81%
Asset type
1Global High Yield Fixed Interest84.86%
2Money Market8.45%
3Global Investment Grade Fixed Interest4.22%
4Others2.43%
5Foreign Exchange0.04%
Individual holdings
1FIDELITY INSTITUTIONAL LIQUIDITY EUR A ACC7.75%
2ALTICE SA 7.25% BDS 15/05/22 EUR100000REG S1.58%
3GLASSTANK BV 8.5% BDS 15/05/19 EUR1000001.03%
4NXP BV/NXP FDG LLC 3.875% BDS 01/09/22 USD2000000.89%
5CROWN EURO HLDGS 3.375 MAY 15 25 REG0.88%
6NXP BV/NXP FDG LLC 4.125% BDS 01/06/21 USD2000000.88%
7UPC HOLDING BV 6.375% BDS 15/09/22 EUR1000 REG S0.88%
8GTH FINANCE BV 6.25% BDS 26/04/20 USD2000000.87%
9EPHIOS AB 6.25% BDS 01/07/22 EUR1000000.86%
Management
Fund manager group
Fidelity
Fund manager company
Fidelity International (FIL In
Fund type
Offshore Fund
Fund objective
Aims to provide high current income and capital growth. At least 70% invested into high-yielding, sub investment grade bonds of issuers that have their head office or a main part of their activity in Western, Central and Eastern Europe (including Russia). Has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes. Investments may be made in bonds issued in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The reference currency is the currency used for reporting and may be different from the dealing currency. Can invest in bonds issued by governments, companies and other bodies. The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. The fund has discretion in its choices of investments within its objectives and policies. Income is accumulated in the share price. Shares can usually be bought and sold each business day of the fund. The fund may only be acquired by Institutional Investors. This fund may not be appropriate for investors who plan to sell their shares in the fund within 5 years. Investment in the fund should be regarded as a long-term investment.
Benchmark
  • The BofA Merrill Lynch BB-B Global Non-Financial High Yield European Issuers excluding Russia Constr
Investment style
High Yield
Investment method
Fixed Interest
Fund managers
NameSinceBiography
James Durance30/06/2016
Andrei Gorodilov31/03/2011Andrei Gorodilov joined Fidelity in 2004 as a Senior Credit Analyst. He was promoted to an assistant portfolio manager in 2009 and finally a portfolio manager in 2011. Prior to Fidelity, Andrei gained experience as a credit analyst as CSFB, and started his career with the European Bank for Reconstruction & Development as a financial analyst in 1994. Andrei has a Diploma with Honours in Russian, World History and Educational Methodology from Khabarovsk State, and a postgraduate Masters degree in International Affairs & International Banking and Finance from Columbia University, New York.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Austria, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Guernsey, Ireland, Iceland, Italy, Jersey, Luxembourg, Malta, Netherlands, Norway, Offshore, Poland, Sweden
Fidelity Institutional European High Yield Inst Acc EUR
Initial charge1%
Annual charge0.6%
Min single investment£500,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.73%
Total expense ratio (TER)0.7%
Bid price-
Offer price-
Mid price162.9
CurrencyEUR
Price updated02/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code0LIO
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