~ Fidelity Investments Canada launches new U.S. equity fund and brings a top-performing portfolio manager to Canadian investors ~
TORONTO, Jan. 30, 2013 /CNW/ - With an increasingly positive outlook for the U.S. economy and the U.S. equity markets, Fidelity Investments Canada ULC today announced the launch of Fidelity U.S. All Cap Fund, a new mutual fund for Canadian investors seeking U.S. investment exposure. This fund is also being launched in a corporate class version.
Bruce Herring, Chief Investment Officer for Fidelity Investment's equities group is upbeat on the long-term prospects for the U.S. equity markets. In a recent interview*, Mr. Herring said that U.S. equity markets are now supported by several positive drivers: the housing market appears to be recovering, corporate earnings are improving, valuations seem reasonable, U.S. companies are globally competitive, natural gas is currently cheap and, perhaps most importantly, investors are beginning to take a longer-term view to U.S. investing as fiscal policy uncertainty has begun to clear.
"The U.S. market can offer Canadian investors great diversification benefits, particularly when you consider how much exposure the Canadian equity market has to economically sensitive cyclical sectors such as materials and energy. While Canada continues to be a great market to invest in, investors should consider the opportunities that the world's largest equity market can offer," said Rob Strickland, president, Fidelity Investments Canada ULC.
Fidelity U.S. All Cap Fund joins Fidelity's strong line-up of funds focused on U.S. investing, including the popular Fidelity Small Cap America Fund, Fidelity U.S. Dividend Fund, Fidelity U.S. Monthly Income Fund and Fidelity Growth America Fund (to be renamed Fidelity U.S. Focused Stock Fund on February 1st, 2013).**
Fidelity U.S. All Cap Fund
Managed by John Roth, a top performing Fidelity U.S. equity portfolio manager, Fidelity U.S. All Cap Fund targets investment opportunities across all market capitalization ranges and investment styles to find the best opportunities for investors.
Roth has had a strong track record of managing funds for U.S. investors and employs a bottom-up, fundamental approach to stock selection, utilizing Fidelity's long-term investing process and teams of research analysts.
"The massive size of the equity market in the U.S. can make it extremely difficult for many investors to uncover the full range of opportunities that are available. Investors can benefit from Fidelity's extensive experience managing U.S. equity mandates and the worldwide reach of Fidelity's research capabilities. On top of that, having an experienced manager like John Roth could make this an attractive holding for investors seeking more U.S. exposure," said Strickland.
With this launch Fidelity offers Canadian investors a robust and diverse lineup of U.S. equity and U.S focused balanced mutual funds. Fidelity has over 65 years of experience managing U.S. equity portfolios, backed by teams of research analysts and traders who focus on uncovering opportunities for investors.
- Fidelity Growth America (to be renamed Fidelity U.S. Focused Stock Fund) - Effective February 1st 2013, this fund will be managed by Steve DuFour, also a top-performing Fidelity U.S. equity portfolio manager. This fund will be managed in a concentrated manner that employs a high-conviction approach to fundamental research and stock selection to seek to achieve long-term capital growth.
- Fidelity Small Cap America Fund - Managed by Steve MacMillan, Fidelity Small Cap America Fund is a concentrated portfolio of typically 35 to 45 stocks, in the small- and mid-cap areas of the U.S. market. Macmillan focuses on growth and downside risk mitigation.
- Fidelity U.S. Monthly Income Fund - Launched in November 2012, Fidelity U.S. Monthly Income Fund joined Fidelity Investments Canada's existing suite of monthly income funds, including Fidelity Monthly Income Fund and Fidelity Global Monthly Income Fund. The fund is managed by Geoff Stein and Mariana Egan.
- Fidelity U.S. Dividend Fund - Managed by James (Jim) Morrow, the fund focuses on high-quality, dividend-paying equities. Fidelity U.S. Dividend Fund leverages the depth and breadth of Fidelity's fundamental research coverage to identify high-quality U.S. dividend paying equities. The fund is designed as a core holding that provides Canadian investors the potential for capital appreciation and income. The asset class and the U.S. dollar exposure that the Fund provides offer great diversification benefits for Canadian investors.
* Fidelity's Herring offers a bright long-term forecast, Boston Globe, January 27, 2013
** Effective February 1, 2013, Fidelity Growth America Fund will be renamed Fidelity U.S. Focused Stock Fund to reflect corresponding to the fund's portfolio manager and investment strategies changes.
About Fidelity Investments
Fidelity Investments Canada ULC is part of the Fidelity Investments organization of Boston, one of the world's largest providers of financial services. Recipient of the 2012 Morningstar Advisors' Choice Fund Company of the Year, Fidelity Canada manages a total of $70 billion in mutual fund and institutional assets. This includes $14 billion in assets for institutional clients including public and corporate defined benefit pension plans, endowments, foundations and other corporate assets on behalf of clients across Canada.
Fidelity Canada provides Canadian investors a full range of domestic, international and income oriented mutual funds, as well as asset allocation and managed solutions and the high net-worth program, the Fidelity Private Investment Program. Fidelity funds are available through a number of advice-based distribution channels including financial planners, investment dealers, banks, and insurance companies. Fidelity is a proud supporter of the Boys and Girls Clubs of Canada and we are dedicated to helping young Canadians realize their full potential as productive, responsible and caring citizens.
SOURCE Fidelity Investments Canada ULC
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