For some time, multi-manager funds have offered an attractive investment solution to many investors. Multi-managers who can successfully identify and blend high-quality underlying funds into a single, well-diversified investment fund are able to optimise returns for investors. Investors can also benefit from the multi-manager's fund research and portfolio construction capabilities.

However, a combination of growing investor specialisation and increasingly sophisticated portfolio construction tools has given rise to a number of different investment approaches within the multi-manager sector. Investing in multi-manager is no longer a straightforward, black and white decision - investors must now distinguish between different types of multi-manager provider, ranging from 'risk managers' to 'alpha-generators' to 'aggressive asset allocators'.

Fidelity MultiManager SICAV

The launch of Fidelity MultiManager SICAV offers investors a comprehensive suite of core and specialised funds which aim to deliver superior risk-adjusted returns. With nearly 20 years' experience in constructing and managing multi-fund portfolios, we have developed a unique investment philosophy founded on key Fidelity strengths:

Experience

The Fidelity MultiManager investment team is among the most experienced in the industry with an average of 14 years' investment experience.

Commitment to research

We apply the same rigour and discipline to Fidelity MultiManager funds as we do to our single manager funds. In fact, many Fidelity MultiManager analysts have previously researched individual securities, giving them a deep understanding of the factors that drive fund performance.

Global resources

Fidelity's network of global resources enables our investment professionals to focus on research and portfolio construction while leveraging Fidelity's best investment ideas across the world.

Performance focus

Fidelity MultiManager SICAV funds aim to outperform the index with an appropriate level of risk. Of Fidelity's existing multi-fund portfolios, 80% have achieved 1st quartile performance (vs. peer groups) over 10 years, while 67% have achieved 1st quartile performance over 5 years¹.

We believe that an innovative approach to multi-management combined with our proven research and fund management expertise, provides Fidelity MultiManager with a distinct advantage and the potential to deliver superior risk-adjusted returns over the long term.

¹Source: Standard & Poor's and Fidelity. OEIC performance calculated bid to bid, net income reinvested excluding initial charge, in GBP. SICAV performance calculated NAV to NAV, gross income reinvested in fund currency, net of initial charges. As at 30 June 2006. 10 year statistics relate to the performance of 4 SICAVs and 1 unit trust. 5 years statistics relate to the performance of 12 SICAVs and 3 unit trusts. Past performance is not a guide to future returns. The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested