A diversified portfolio of 40-70 small-to mid-cap Australian companies.
Uses a rigorous bottom-up stock selection process that focuses on finding attractively valued companies with strong competitive positioning and sound company management.
A strong emphasis on building a diversified and balanced portfolio that aims to deliver more consistent returns through different market cycles.
Seeks to capture Australian large-caps of tomorrow, today.
An actively managed portfolio of 40-70 small to mid-cap Australian shares.
Offers investors a unique approach to portfolio construction which aims to deliver consistent returns through different market cycles.
James talks about what drives his passion for investing in Australian small and mid-caps, his investment philosophy, and where he is finding opportunities for the Fund.
James Abela, portfolio manager of the Fidelity Future Leaders Fund, talks about how he uncovers the future leaders of tomorrow through the Fund's tried and tested approach.
The Australian Future Leaders Fund had a good year this year, and that continued into the third quarter of 2024.
That was driven by a number of things. Three key ones were Pinnacle, which is capital markets. So that has been quite strong and that has done well. Also Hub and Net Wealth, so the fintech sector and also the resources sector through Evolution Mining gold holding. That has done quite well as well.
Some of the detractors have been companies that delivered weak results, which also led to multiple declines. So things like Audinate and also PWR Holdings have been weaker and also ALQ was weaker during the quarter.
So two observations, valuations have got quite strong in quality and momentum names
but the broadening of the universe is starting to occur in the Australian market. So what I'm doing is now trimming in the quality names that have been very strong performers with now some very high multiples in that universe of quality and moving towards transition names so companies that are self-help, where there is management in control of the earnings outlook and where multiple expansion can occur because there are milestones being delivered by a management team.
That's what I'm moving towards in a market that has got quite expensive and it has been quite a narrow leadership market but that is broadening out.
Want to stay up to date with the latest from the Fidelity Future Leaders Fund?
Join Portfolio Manager James Abela as he provides an update on markets, looks at the main contributors and detractors to Q3 fund performance and how he's positioning the portfolio given his recent market observations.
You can get more information about the Fund's top holdings here.
See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity Future Leaders Fund in July 2013 compared with $10,000 invested in the S&P/ S&P/ASX Mid Small Index.
Chart as at: 28 February 2025
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: S&P/ASX Mid Small Index.
Net returns as at 28 February 2025
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (22/07/13) % pa |
|---|---|---|---|---|---|---|
| Fund | 14.54 | 8.24 | 7.86 | 8.56 | 10.19 | 11.31 |
| Benchmark | 8.65 | 5.13 | 8.61 | 6.89 | 8.51 | 9.27 |
| Active return | 5.89 | 3.11 | -0.75 | 1.67 | 1.68 | 2.04 |
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: S&P/ASX Mid Small Index.
Net as at 28 February 2025
| 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (22/07/13) % pa |
|
|---|---|---|---|---|---|---|
| Total return | 14.54 | 8.24 | 7.86 | 8.56 | 10.19 | 11.31 |
| Growth | 13.61 | 5.89 | 6.28 | 6.80 | 8.43 | 9.57 |
| Income | 0.93 | 2.35 | 1.58 | 1.76 | 1.76 | 1.73 |
Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: S&P/ASX Mid Small Index.
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 31-Dec-24 | 10.4319 | $29.1548 |
CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed.
As at 28 February 2025
As at 28 February 2025
| % total net assets | |
|---|---|
| EVOLUTION MINING LTD | 4.8% |
| REA GROUP LTD | 4.6% |
| PINNACLE INVESTMENT MANAGEMENT GROUP LTD | 4.5% |
| ALS LTD | 4.5% |
| SGH LTD | 4.5% |
| PRO MEDICUS LTD | 4.4% |
| ORICA LTD | 3.8% |
| BREVILLE GROUP LTD | 3.8% |
| HUB24 LTD | 3.6% |
| FISHER & PAYKEL HEALTHCARE CORP | 3.6% |
As at 28 February 2025
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| PINNACLE INVESTMENT MANAGEMENT GROUP LTD | 4.5 | 0.7 | 3.8 |
| BREVILLE GROUP LTD | 3.8 | 0.6 | 3.2 |
| ALS LTD | 4.5 | 1.4 | 3.1 |
| SIGMA HEALTHCARE LTD | 3.5 | 0.7 | 2.7 |
| SGH LTD | 4.5 | 1.8 | 2.6 |
As at 28 February 2025
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| WASHINGTON H SOUL PATTINSON & CO LTD | 0.0 | 1.5 | -1.5 |
| VICINITY CENTRES | 0.0 | 1.5 | -1.5 |
| DEXUS | 0.0 | 1.4 | -1.4 |
| QUBE HOLDINGS LTD | 0.0 | 1.2 | -1.2 |
| ENDEAVOUR GROUP LTD/AUSTRALIA | 0.0 | 1.1 | -1.1 |
| Organisation | Rating / Recommendation |
|---|---|
| Lonsec |
Recommended4
The Lonsec report is only available to financial advisers, please contact us for a copy
|
| Morningstar | Silver5 |
| Zenith | Highly Recommended6 |
This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1Management costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.
2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed.
