Posted inHead To Head

HEAD-TO-HEAD: Fidelity vs NNIP

FSA compares the Fidelity Global Property Fund and the NN (L) Global Real Estate Fund.
by Francis Nikolai Acosta
Manager review

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The portfolio manager for the Fidelity fund is Dirk Philippa, who started managing the fund in October 2013. Although he is the sole portfolio manager of the fund, he can tap for support other members of the firm’s global real estate securities research team, which consists of four analysts and six associates.

The lead portfolio manager of the NN Fund is Michael Lipsch, who has been managing the fund since 2014. He is supported by co-manager Andrej Antonijevic. Both have been working together since 2004. Financial analyst Frank Onstwetter provides additional research support.

Van Genderen does not have any major concerns about the fund managers, as they are very experienced and skilful. However, he is concerned over the resources of both teams.

Fidelity’s Philippa is supported by around 10 analysts, who rotate as the firm uses a rotational system for analysts to switch coverage from time to time. The team underwent such a period of staff turn-over two to three years ago.

“That’s not a positive, I must say,” Van Genderen said.

For the NN fund, he says the team is “not the largest team that we have seen in this space”, adding that the analyst who supports the managers is not fully dedicated and is part of a broader team.

“In terms of resources, I must say that Fidelity makes a better impression as it is a far better team,” he said.

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