Fidelity AMC was set up in July 2004 but has managed quite a following in these few years. It is also very focussed on equity.
Based on the brand equity of the Fidelity name, Fidelity Equity, its first fund, started off with a corpus of Rs 1,460 crore in April 2005. It has gone up over the years to over Rs 2,500 crore. While it impressed in 2006, it dipped in 2007 but in the recent slump has held on quite well.
This has even been observed in its other domestic equity funds. The funds may be average performers when the market is on a roll, but they don't slump terribly in a downturn. The AMC has just five equity funds. One, Fidelity Tax Advantage, is an Equity Linked Savings Scheme (ELSS) and two (Fidelity International Opportunities and Fidelity India Growth) have a global tilt. Of these, only the former has actually started investing abroad-about 10 per cent of its holdings are outside India.
The fund house does not have a huge and diverse product offering. Neither does it chase the NFO route. This year it has only come up with FMPs, no debt or equity offerings.
The investment strategy of the fund is based on their global investment philosophy of bottom-up stock picking. It also aims at spreading the investment across a broad range of successful businesses. As a result, you could find anywhere from 75 to 100 stocks in the portfolio at any given time.
The AMC was also the only one in India to declare its portfolio just once in six months, strictly in line with SEBI regulations. Unlike all the other players which did so every single month. Finally in March 2007, it changed its stances and began to do so every month. But with a caveat: the portfolio revealed has a time lag of one month.
Explanation of the data tables and graphs