Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

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LU2755903395
Fidelity Funds 2 - Global Discovery Fund

  • Equities
  • Global
  • USD Cash
  • Accumulating
Invest with
USD Cash
Payout type
Accumulating
Risk rating
6
About this fund
Description
The Fund aims to achieve capital growth over the long term. The fund will invest at least 70% of its assets in equities of companies of any capitalisation from anywhere in the world. The fund aims to invest in equities that the investment manager con...
Key information
Annual report
Key fact sheet
Prospectus
Factsheet
Our perspective
Why we think this fund is best-in-class
product
Product
Strong value and quality focus with an opportunistic approach focused on companies across the market cap spectrum, including the small and mid-cap universe of stocks. The fund ‘s investment philosophy and process is based on one of Fidelity’s flagship strategies, which was launched in 1989 and has more than 37bn in assets.
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people
People
Portfolio managers Morgan Peck and Sam Chamovitz have more than 20 years of experience. They are supported by the broader equity research team of more than 140 analysts. Analysts are organised into 7 sectors and each will typically cover 1-3 sectors and 25-40 securities. This is particularly important as it allows them to cover and own smaller companies. Having a large analyst team as a resource is crucial in small cap investing as it is an inefficient segment of the market. Deep coverage is key to understanding both the opportunities and the risks associated with smaller companies.
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performance
Performance
The parent strategy was incepted in 1989 and has outperformed its benchmark since inception as their risk-averse approach with an emphasis on a margin of safety, has historically delivered lower absolute volatility and less downside risk. This has allowed the strategy to produce strong returns across all market cycles as the lower downside capture has helped the fund to compound its returns over the long term. The opportunistic nature has typically led to limited overlap with other strategies, offering potential diversification benefits.
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process
Process
Bottom up process that focuses on Global small and mid-cap companies below average valuation and above average quality. The team has a very strict valuation focus on profitable companies with stable profits, consistent free cash flow generation and high return on capital. The portfolio is segregated into 3 buckets: - Underappreciated compounders bucket that has the higher quality names and accounts for the majority of the portfolio - Special Situations bucket that contains the misunderstood and mispriced names that are facing transient issues - Tail bucket is an opportunistic alpha source with a wider range of possible outcomes. Resulting portfolio is one with between 400 to 650 holdings with holdings across all market capitalisation. The portfolio has an overweight to mid-cap holdings and the large number of holdings allows the fund to hold small uncovered companies.
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cost
Cost
Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.
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selectionCriteria
How it fits in a portfolio
Investors looking for exposure to small and mid cap quality global companies can consider an allocation to this fund. However, investors should note that due to the fund’s overweight to small and mid cap companies, the fund can undergo a prolonged period of underperformance in the short to medium term when small and mid cap companies are out of favour.
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Invest in this fund
Performance
Shows the total return of this accumulating fund, which includes dividends reinvested.
Total returns
All Time
10.50%
YTD
12.91%
1 month
3.93%
6 month
11.58%
1 year
7.37%
As of Aug 2025
Distributions
This is an accumulating fund, so dividends are re-invested at the fund level.
Risk metrics
Max drawdown
-7.05%As of Aug 2025
Volatility
11.87%As of Aug 2025
Calendar returns
YearTotalJanFebMarAprMayJunJulAugSepOctNovDec
2025-4.2%-2.9%-2.2%-0.5%5.6%4.1%0.5%3.9%----
2024---0.0%-2.6%2.3%-1.5%5.5%-0.7%0.6%-3.3%3.3%-5.4%
Top Exposures
Wells Fargo & Co1.15%
TD Synnex Corp0.98%
Performance Food Group Co0.93%
Primerica Inc0.87%
Alimentation Couche-Tard Inc0.82%
Stifel Financial Corp0.74%
Vontier Corp Ordinary Shares0.70%
Raymond James Financial Inc0.70%
TotalEnergies SE ADR0.70%
Ovintiv Inc0.68%
PG&E Corp0.67%
Labcorp Holdings Inc0.66%
Citigroup Inc0.64%
Jones Lang LaSalle Inc0.63%
DCC PLC0.63%
Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.
Fund fees
1.95%1.48% p.a.
Save 24%
Fund facts
ISIN
LU2755903395
Fund house
Fidelity
Fund inception date
13 Mar 2024
Fund class currency
USD
Fund share class
A USD
Oldest share class ISIN
LU2755903395
Oldest share inception date
13 Mar 2024
Pricing frequency
Daily

Warning statements

  • All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
  • Past performance is not indicative of future performance.
  • Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
  • If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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Product Risk Rating Please note that any product risk rating (the “PRR”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.

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