Investment objective
To achieve returns in excess of the MSCI All Country World Index NR over the medium to long term.
Invests globally in companies involved in the design, manufacture, or sale of products and services in connection with the water and waste management sectors.
Uses a rigorous bottom-up stock selection process to select companies that exhibit quality and growth, with an emphasis on sustainable investments.
Uses an exclusion framework and ESG screening so that at least 70% of the portfolio is invested in companies exhibiting sustainable characteristics, and 30% are showing improving, or potential for improving, characteristics.
Key facts
Sustainable characteristics
The Fund is part of Fidelity's Sustainable Fund Family which adheres to a transparent sustainability framework that leverages Fidelity's proprietary ESG research.
ESG integration
We invest at least 70% of the fund in companies exhibiting sustainable characteristics and 30% into companies that are showing improving, or potential for improving, characteristics.2 We engage with all companies, and we set milestones, timelines, and influence change via a proactive engagement plan, particularly for lower-rated holdings.
Exclusion
The Fund seeks to avoid investing in companies that can cause harm or undermine a more sustainable economy. We use an exclusion policy when making investment decisions which incorporates norms-based screening and negative screening of certain sectors, companies or practices.
The Fund will not invest in companies involved with:
- Tobacco
- Controversial weapons
- Conventional weapons
- Semi-automatic weapons
- Thermal coal
- Nuclear generation and nuclear-related activities
- Evidence of coal reserves
- Genetic engineering
- Violators of UN Global Compact
- Conventional/non-conventional oil and gas/
arctic oil and gas and oil sands
See the PDS for full details.
Fund performance3
Chart as at: 30 April 2023
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: MSCI All Country World Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Net returns as at 30 April 2023
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (01/06/20) % pa |
|---|---|---|---|---|
| Fund | 5.25 | - | - | 7.32 |
| Benchmark | 9.75 | - | - | 11.45 |
| Active return | -4.50 | - | - | -4.13 |
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: MSCI All Country World Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
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: MSCI All Country World Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Sectors, holdings and distributions
As at 30 April 2023
As at 30 April 2023
| % total net assets | |
|---|---|
| SERVICE CORP INTERNATIONAL INC | 5.8% |
| STERIS PL | 4.8% |
| SEVERN TRENT PLC | 4.5% |
| AMERICAN WATER WORKS CO INC | 4.4% |
| VEOLIA ENVIRONNEMENT SA | 4.4% |
| EBARA CORP | 3.9% |
| EVOQUA WATER TECHNOLOGIES CO | 3.7% |
| ARCADIS NV | 3.6% |
| TETRA TECH INC NEW | 3.4% |
| WASTE MANAGEMENT INC DEL | 3.2% |
As at 31 March 2023
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| SERVICE CORP INTERNATIONAL INC | 5.5 | 0.0 | 5.5 |
| EBARA CORP | 4.9 | 0.0 | 4.9 |
| STERIS PL | 4.7 | 0.0 | 4.6 |
| SEVERN TRENT PLC | 4.3 | 0.0 | 4.2 |
| AMERICAN WATER WORKS CO INC | 4.3 | 0.0 | 4.2 |
As at 31 March 2023
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| APPLE INC | 0.0 | 4.4 | -4.4 |
| MICROSOFT CORP | 0.0 | 3.4 | -3.4 |
| ALPHABET INC | 0.0 | 2.0 | -2.0 |
| AMAZON.COM INC | 0.0 | 1.6 | -1.6 |
| NVIDIA CORP | 0.0 | 1.1 | -1.1 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 0.0000 | N/A |
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.
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.
2Determined by Fidelity research.
3Total 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.
Why this fund
Access a unique fund that invests globally into companies across the water and waste value chains.
A theme supported by global mega-trends including urbanisation, increasing regulation and health needs and a growing middle class and consumption.
Access our experience in identifying opportunities in these under-researched sectors leveraging our global network of investment professionals.
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.
2Determined by Fidelity research.
3Total 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.
