Fidelity overhauls Khan and Spreadbury's Global High Yield fund

Fidelity Worldwide Investment has overhauled the remit of Peter Khan and Ian Spreadbury's Global High Yield fund in order to diversify away from the US and increase exposure to emerging markets.

In keeping with most global vehicles, the fund holds a majority of assets invested in US high yield debt, with 55% of its exposure there currently. However, Khan and the team are now moving the fund away from the US and Europe in favour of an approach that will split risk more evenly across four other regions, too: the UK, Latin America, Asia, and Emerging Europe, the Middle East and Africa. Fidelity said the shift aims to create a more diversified fund which should be more flexible and better suited to a wider variety of cycles. As a result, the fund's new benchmark index has much...