Fidelity International's Fidelity Active Strategy, or Fast, funds range has been converted to Ucits III and is now being made more readily available to investors across Europe.
Previously the two funds in the range – Fidelity’s Fast Europe and Fast Japan regional equity funds – were available to investors only on a private placement basis since their launch in October 2004.
This limited Fidelity’s ability to market them, as well as the interest of some clients in them, a Fidelity spokeswoman said.
Both the funds are Luxembourg-domiciled and are aimed at institutional investors and high net worth individuals, with a minimum investment of $50,000 (£25,400).
Described in Fidelity’s marketing materials as ‘turbo-charged’, the Fast funds make use of derivative-based leverage and synthetic shorting in order to boost investment returns, and are the most aggressive equity funds in Fidelity’s stable.
The Fast funds may also invest up to 30% of their portfolios outside their respective benchmarks, which for the Fast Japan fund is the MSCI Japan index and for the Fast Europe fund is the MSCI Europe index.
Since its launch, the €484m (£381.1m) Fast Europe fund has delivered a return of 96.3%, net of fees, compared with the MSCI Europe index’s 44.1% return, according to Fidelity.
Over the same period, the ¥43bn (£202.75m) Fast Japan fund has produced a return of 50.3% compared with the MSCI Japan index’s 35.6% return, Fidelity said.
The funds became Ucits III compliant earlier this year following a vote by their shareholders. They are now in the process of obtaining local market registration, which is necessary in order for them to be marketed.
So far they have been registered in the UK, Austria, France, Italy, Luxembourg, Ireland, Norway, Sweden, Finland, Germany and the Netherlands.
Registration in the other European countries to which Fidelity markets is expected by the end of the summer.
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