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Changes to Fidelity Allocator fund range

From 27 July 2020 we will be updating the wording of the funds’ investment policies to make it easier for investors to understand how they’re managed. We’re also removing the reference to a benchmark, reflecting the fact that the portfolio manager is selecting the underlying strategies and instruments in order to gain exposure to asset classes within the fund’s fixed asset allocation.

These changes won’t affect the funds’ risk profiles.

You can see the list of funds and revised policy details in the tables below.

Class of Shares ISIN Code 
FID FIFIV - Fidelity Allocator World Fund W-ACC-GBP GB00B9777B62
FID FIFIV - Fidelity Multi Asset Allocator Adventurous Fund W-ACC-GBP GB00B893BN59
FID FIFIV - Fidelity Multi Asset Allocator Defensive Fund A-ACC-GBP GB00B6ZGN502
FID FIFIV - Fidelity Multi Asset Allocator Defensive Fund W-ACC-GBP GB00B8YQD220
FID FIFIV - Fidelity Multi Asset Allocator Growth Fund W-ACC-GBP GB00B9C3GS90
FID FIFIV - Fidelity Multi Asset Allocator Strategic Fund A-ACC-GBP GB00B6ZH3J74
FID FIFIV - Fidelity Multi Asset Allocator Strategic Fund W-ACC-GBP GB00B99P9349

 

Current Prospectus Investment Policy New Prospectus Investment Policy
Fidelity Multi Asset Allocator Defensive Fund

Investment Policy

…Through its investments, the Fund aims to maintain an allocation of 80% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 20% higher-risk assets (including global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio. The Fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider a custom blend of indices*. The Investment Manager has a limited degree of freedom relative to the blended index and may invest outside the blended index, to take advantage of investment opportunities. This means the Fund’s investments and therefore performance may vary from, but is unlikely to be significantly different to, the index. *14% MSCI World, 2% FTSE EPRA/ NAREIT, 2% MSCI Emerging Markets, 2% MSCI World small cap, 48% Bloomberg Barclays Global Governments Total Return and 32% Bloomberg Barclays Corporate Total Return GBP Hedged.

Fidelity Multi Asset Allocator Defensive Fund

Investment Policy

…The Investment Manager will actively select investments for the fund. As part of the investment process, the Investment Manager aims to maintain a fixed allocation of 80% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 20% higher-risk assets (including global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, and will be periodically rebalanced back to its target 80/20 allocation.

As part of the Fund’s asset allocation process, the Investment Manager will aim to maintain an underlying static asset allocation that is designed in-house and based on proprietary capital market assumptions using quantitative research. For the 80% lower-risk assets, the Fund will aim to maintain an allocation of at least 40% in government bonds and over 25% in corporate bonds. For the 20% higher-risk assets, the Fund will aim to maintain an allocation of at least 10% in global equities with the remainder spread across assets including global real estate investment trusts, global small cap and emerging market equities. The Investment Manager rebalances the strategy regularly back to these static asset allocations and has discretion over when to do so. However, the Portfolio Manager does not take relative positions ‘overweight’ or ‘underweight’ versus this static mix. The Fund does not aim to outperform this static asset allocation.

The Fund is managed without reference to a benchmark

Fidelity Multi Asset Allocator Strategic Fund

Investment Policy

…Through its investments, the Fund aims to maintain an allocation of 60% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 40% higher-risk assets (such as global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio.

The Fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider a custom blend of indices*. The Investment Manager has a limited degree of freedom relative to the blended index and may invest outside the blended index, to take advantage of investment opportunities. This means the Fund’s investments and therefore performance may vary from, but is unlikely to be significantly different to, the index. *28% MSCI World, 4% FTSE EPRA/ NAREIT, 4% MSCI Emerging Markets, 4% MSCI World small cap, 36% Bloomberg Barclays Global Governments Total Return and 24% Bloomberg Barclays Corporate Total Return GBP Hedged.

Fidelity Multi Asset Allocator Strategic Fund

Investment Policy

…The Investment Manager will actively select investments for the fund. As part of the investment process, the Investment Manager aims to maintain a fixed allocation of 60% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 40% higher-risk assets (including global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, and will be periodically rebalanced back to its target 60/40 allocation.

As part of the Fund’s asset allocation process, the Investment Manager will aim to maintain an underlying static asset allocation that is designed in-house and based on proprietary capital market assumptions using quantitative research. For the 60% lower-risk assets, the Fund will aim to maintain an allocation of at least 30% in government bonds and over 20% in corporate bonds. For the 40% higher-risk assets, the Fund will aim to maintain an allocation of at least 20% in global equities with the remainder spread across assets including global real estate investment trusts, global small cap and emerging market equities. The Investment Manager rebalances the strategy regularly back to these static asset allocations and has discretion over when to do so. However, the Portfolio Manager does not take relative positions ‘overweight’ or ‘underweight’ versus this static mix. The Fund does not aim to outperform this static asset allocation.

The Fund is managed without reference to a benchmark.

Fidelity Multi Asset Allocator Growth Fund

Investment Policy

…Through its investments, the Fund aims to maintain an allocation of 40% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 60% higher-risk assets (including global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio. The Fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider a custom blend of indices*. The Investment Manager has a limited degree of freedom relative to the blended index and may invest outside the blended index, to take advantage of investment opportunities. This means the Fund’s investments and therefore performance may vary from, but is unlikely to be significantly different to, the index. *42% MSCI World, 6% FTSE EPRA/ NAREIT, 6% MSCI Emerging Markets, 6% MSCI World small cap, 24% Bloomberg Barclays Global Governments Total Return and 16% Bloomberg Barclays Corporate Total Return GBP Hedged.

Fidelity Multi Asset Allocator Growth Fund

Investment Policy

…The Investment Manager will actively select investments for the fund. As part of the investment process, the Investment Manager aims to maintain a fixed allocation of 40% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 60% higher-risk assets (including global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, and will be periodically rebalanced back to its target 40/60 allocation.

As part of the Fund’s asset allocation process, the Investment Manager will aim to maintain an underlying static asset allocation that is designed in-house and based on proprietary capital market assumptions using quantitative research. For the 40% lower-risk assets, the Fund will aim to maintain an allocation of at least 20% in government bonds and over 10% in corporate bonds. For the 60% higher-risk assets, the Fund will aim to maintain an allocation of at least 35% in global equities with the remainder spread across assets including global real estate investment trusts, global small cap and emerging market equities. The Investment Manager rebalances the strategy regularly back to these static asset allocations and has discretion over when to do so. However, the Portfolio Manager does not take relative positions ‘overweight’ or ‘underweight’ versus this static mix. The Fund does not aim to outperform this static asset allocation.

The Fund is managed without reference to a benchmark.

Fidelity Multi Asset Allocator Adventurous Fund

Investment Policy

… Through its investments, the Fund aims to maintain an allocation of 20% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 80% higher-risk assets (such as global equities, global emerging market equities, globalsmaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lowerrisk assets, may change according to prevailing market conditions and the efficient management of the portfolio.

The Fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider a custom blend of indices*. The Investment Manager has a limited degree of freedom relative to the blended index and may invest outside the blended index, to take advantage of investment opportunities. This means the Fund’s investments and therefore performance may vary from, but is unlikely to be significantly different to, the index. *56% MSCI World, 8% FTSE EPRA/ NAREIT, 8% MSCI Emerging Markets, 8% MSCI World small cap, 12% Bloomberg Barclays Global Governments Total Return and 8% Bloomberg Barclays Corporate Total Return GBP Hedged.

Fidelity Multi Asset Allocator Adventurous Fund

Investment Policy

…The Investment Manager will actively select investments for the fund. As part of the investment process, the Investment Manager aims to maintain a fixed allocation of 20% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash)and 80% higher-risk assets (including global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, and will be periodically rebalanced back to its target 20/80 allocation.

As part of the Fund’s asset allocation process, the Investment Manager will aim to maintain an underlying static asset allocation that is designed in-house and based on proprietary capital market assumptions using quantitative research. For the 20% lower-risk assets, the Fund will aim to maintain an allocation of at least 8% in government bonds and the remainder in corporate bonds. For the 80% higher-risk assets, the Fund will aim to maintain an allocation of at least 45% in global equities with the remainder spread across assets including global real estate investment trusts, global small cap and emerging market equities. The Investment Manager rebalances the strategy regularly back to these static asset allocations and has discretion over when to do so. However, the Portfolio Manager does not take relative positions ‘overweight’ or ‘underweight’ versus this static mix. The Fund does not aim to outperform this static asset allocation.

The Fund is managed without reference to a benchmark.

Fidelity Allocator World Fund

Investment Policy

…Through its investments, the Fund aims to maintain an allocation of 100% in higher-risk assets (such as global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio.

The Fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider a custom blend of indices*. The Investment Manager has a limited degree of freedom relative to the blended index and may invest outside the blended index, to take advantage of investment opportunities. This means the Fund’s investments and therefore performance may vary from, but is unlikely to be significantly different to, the index. *70% MSCI World, 10% FTSE EPRA/ NAREIT, 10% MSCI Emerging Markets, 10% MSCI World small cap.

Fidelity Allocator World Fund

Investment Policy

…The Investment Manager will actively select investments for the fund. As part of the investment process, the Investment Manager aims to maintain a fixed allocation of 100% in higher-risk assets (such as global equities, global emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, and will be periodically rebalanced back to its target allocation.

As part of the Fund’s asset allocation process, the Investment Manager will aim to maintain an underlying static asset allocation that is designed in-house and based on proprietary capital market assumptions using quantitative research. For these higher-risk assets, the Fund will aim to maintain an allocation of at least 70% in global equities with the remainder spread across assets including global real estate investment trusts, global small cap and emerging market equities. The Investment Manager rebalances the strategy regularly back to these static asset allocations and has discretion over when to do so. However, the Portfolio Manager does not take relative positions ‘overweight’ or ‘underweight’ versus this static mix. The funds do not aim to outperform this static asset allocation.

The Fund is managed without reference to a benchmark.