Toronto-based Fidelity Investments Canada ULC announced on Wednesday the launch of Fidelity North American Equity Class, an investment product offering the opportunities in the Canadian and U.S. equity markets.
Managed by Darren Lekkerkerker, the new fund aims to invest in high-quality companies located primarily in Canada and/or the U.S. and aims to achieve long-term capital growth for investors.
“Darren Lekkerkerker is one of Fidelity Canada’s most successful portfolio managers. His investment approach with Fidelity Canadian Balanced Fund has been outstanding, and this new solution will take Darren’s successful approach and expand it — offering the best opportunities in U.S. and Canadian equities to investors,” says Rob Strickland, president, Fidelity Canada, in a statement.
Lekkerkerker focuses on companies that have solid business models and shareholder-oriented management teams and that are trading at attractive valuations.
With this new fund, he has the ability to be flexible and aims to invest in the best opportunities across Canada and the U.S. He will concentrate on mid- and large-cap companies that have a competitive advantage over peers, according to Fidelity’s announcement.
Generally, the fund will invest no more than approximately 50% of its net assets in Canadian equity securities and may invest up to 90% of the Funds’ assets in U.S. equity securities. It may invest up to approximately 20% of its net assets in equity securities of companies located outside of Canada and/or the U.S.
Fidelity Canada also announced the introduction of a currency neutral version of one of its most popular funds, the Fidelity Global Intrinsic Value Class, effective today.
“Launching a currency neutral version of this popular investment solution will give clients more options in managing exchange rate fluctuations between the Canadian dollar and foreign currencies,” says Strickland.
Managed by Fidelity portfolio manager, Joel Tillinghast, Fidelity Global Intrinsic Value Currency Neutral Class is an opportunistic global equity strategy that can invest in companies across the market cap spectrum with a particular emphasis on small- and mid-cap stocks.
Backed by Fidelity’s worldwide research resources, Tillinghast searches for companies undervalued by the market by using bottom-up fundamental analysis and an intrinsic value investment philosophy that he has employed for a number of years. He is supported by portfolio manager Salim Hart, who uses quantitative analysis to help identify global investment opportunities.