Fidelity's Roberts: There is no underlying investment case for oil majors

'No investment case for oil majors'

Last year was a difficult year for global funds, many of which suffered due to an overweight to struggling commodities and an underweight to the outperforming US equity market.

The £114m Fidelity Global Dividend fund has managed to buck the trend despite low exposure to the US and a trickier global environment for yield hunters. Launched in early 2012, the portfolio has returned 53% over the three years to 6 February against a 40% return from the IA Global Equity Income sector, according to FE, placing it at the top of its peer group. Here, manager Dan Roberts explains why he does not hedge out currency risk on the portfolio, and how a hefty allocation to healthcare, and the ‘certainty of earnings' theme have helped drive performance over the life of the fund. ...