The FSA Spy market buzz – 22 November 2024
Dimensional excludes the Middle Kingdom; JP Morgan’s optimistic outlook; Household wealth is rocketing; Schroders is thinking about privates; Ninety One’s pithy AI; German woes and much more.
HEAD-TO-HEAD: Fidelity versus Ninety One
FSA compares two global equity products: the Fidelity World Fund and the Ninety One Global Strategic Equity Fund.
Conclusion
The Fidelity strategy has a higher Morningstar rating than the Ninety One strategy.
“The key differentiator here is that we have a higher opinion of the process for the Fidelity fund,” said Parekh.
“The Ninety One fund is typically more volatile and tends to perform less well around inflexion points, meaning we have a slightly lower conviction,” he said.
“On the other hand, Podger at Fidelity has been able to deliver more consistent performance both in his current role and on funds he has previously managed,” according to Parekh.
“As long as he continues to get his macro calls right we may expect this to continue,” he said.
“Nevertheless, we believe the Ninety One strategy remains a strong global-equity offering thanks to its long-standing manager, its considerable analytical resources, and a highly consistent approach,” said Parekh.
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