Fund choices in retirement

Tom Stevenson's view: "Fidelity manager Eugene Philalithis has a strong track record on the Multi Asset Income Fund and is highly experienced, having spent over twenty years in the investment industry.

"The Fidelity Multi Asset Income fund aims to generate a sustainable income of between 4-6% per annum, with the potential to grow the income stream over time. It does this by investing in a range of asset classes, including equities, bonds and non-traditional asset classes like infrastructure, loans and renewable energy. This helps to diversify sources of income, making the overall yield more sustainable and able to withstand market shocks.

"The fund can also tactically switch between asset classes in order to enhance returns and protect against the impact of market volatility."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.2%. In addition, there will be no service fee applied to any assets held in excess of £1 million. If you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Tom Stevenson's view: "Fidelity manager Eugene Philalithis has a strong track record on the Multi Asset Income Fund and is highly experienced, having spent over twenty years in the investment industry.

"The Fidelity Multi Asset Balanced Income fund aims to generate a sustainable income of between 4-6% per annum, while also aiming to achieve some capital growth.

"While the fund will primarily invest to generate an income, it will also hold a higher weighting in Growth assets like equities in order to grow an investor’s capital over time. It can tactically switch between asset classes in order to enhance returns and protect against the impact of market volatility."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Tom Stevenson's view: "Fidelity manager Eugene Philalithis has a strong track record on the Multi Asset Income Fund and is highly experienced, having spent over twenty years in the investment industry.

"The Fidelity Multi Asset Income and Growth fund aims to generate a sustainable income of between 4-6% per annum, and generate capital growth at the same time.

"The fund will hold a greater weighting in higher risk assets like equities and high yield bonds, which provide the opportunity for higher yields and stronger returns. The fund remains well diversified and can tactically switch to safer asset classes during times of market volatility."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Claire Dwyer's view: "Manager Sajiv Vaid brings over 20 years of bond investing to the fund, joining Fidelity from Royal London Asset Management in 2015.

"In this fund, the manager aims to achieve an attractive level of income from a portfolio primarily invested in sterling-denominated (or hedged back to sterling) fixed interest securities. He has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes and investments may be made in currencies other than the fund’s denominated currency.

"Liquidity is a key consideration in the fund. As such, 10%-15% of assets are held in bonds that can easily be liquidated to give ballast to the portfolio and to allow the active managers to take advantage of weak sentiment and buy good quality bonds."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Claire Dwyer's view: "I run this fund like I run my own money,' says Dan Roberts, manager of the Fidelity Global Dividend Fund.

"I invest in stocks where there is a good margin of safety, providing a degree of capital protection in volatile markets. I aim to deliver a combination of strong long-term returns with lower volatility than the broader market and income growth ahead of inflation.'

"An initial screen selects only stocks which satisfy the relevant criteria; for example, attractive valuations, strong balance sheets or earnings which do not deviate strongly from historic or industry norms. This reduces the universe from around 2,500 stocks to nearer 200.

"Next, fundamental analysis is carried out on the stocks which have made it through the initial filter. Roberts draws heavily upon Fidelity’s global research resource to gain an understanding of industry dynamics, company positioning and how that translates into the financials of the business in question. He also makes use of the global equity and equity income teams to discuss new and existing ideas.

"The aim is to establish the intrinsic value of the company in question. This enables Roberts to consider whether the ‘margin of safety’ is sufficient to compensate for the perceived risks and thereby allows him to evaluate whether or not the stock merits inclusion in the portfolio."

* Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

† The fund manager discount on this fund could come in the form of a rebate from the fund manager or lower annual management charges (AMC). If you receive a rebate outside of an ISA or Pension (SIPP), any rebates you receive are potentially liable to income tax at your marginal tax rate.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Claire Dwyer's view: "The Fidelity Enhanced Income Fund is a core UK equity income fund whose manager, Michael Clark, aims to achieve both capital growth and a high, regular yield of 50 - 100% above that of the FTSE All Share Index, with relatively low volatility versus the index and peer group. The fund makes use of a derivative facility on a carefully selected proportion of its holdings to boost the yield.

"Clark believes that companies which consistently deliver dividend growth will outperform strongly over the long term.

"He therefore looks to invest in companies which have the strength to withstand tough economic times as well as the ability to generate high cash flows that are sufficient to fund both future growth and that can be used to pay out increasing dividends over time. This investment style can be summarised as ‘safety of income at a reasonable price’ and Clark’s fund holds around 60 stocks.

"The manager joined Fidelity as an equity research analyst in 2003 before becoming a portfolio manager in 2007. Prior to his career at Fidelity, Clark was an equity analyst at JP Morgan, Enskilda and Morgan Grenfell, bringing over twenty years’ experience to the fund."

* Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

† The fund manager discount on this fund could come in the form of a rebate from the fund manager or lower annual management charges (AMC). If you receive a rebate outside of an ISA or Pension (SIPP), any rebates you receive are potentially liable to income tax at your marginal tax rate.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Claire Dwyer's view: "While portfolio managers at Invesco are ultimately responsible for their portfolios and mandates, their research approach is highly collegiate and focuses on sharing ideas and materials.

"We’re all very much tied into one another in the way that we run money, not just as a team but also with other teams across the piece, with the fixed income guys and the global guys, so that valuation focus is a uniting philosophy,” says Stephanie Butcher, who manages the Invesco Perpetual European Equity Income.

"Indeed the collective experience of the manager and her team is an invaluable starting point for the investment process, and idea generation more broadly.

"She and her team members will typically conduct over 400 company meetings each year and while the meetings themselves may not result in an investment in a given company, they often provide interesting insights into suppliers or competitors not previously considered.

"Butcher and her team use screening tools to filter stocks which look attractive from a valuation perspective and which may warrant further investigation. She then looks to build a diversified portfolio of stocks with good dividend prospects."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

* Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Claire Dwyer's view: "The team at Invesco is made up of fundamental stock pickers, taking a long-term view when investing in companies where they see good cash flows with sustainable dividends. Key to their stock picks is valuation and they will look for companies that demonstrate quality.

"The ideas for the bottom-up investment process are generated through the research capability of the regional equity teams. The best ideas are pitched to the group to be debated and challenged. They will consider the investment case, looking at dividend growth potential, relative attraction to existing holdings, geographical alternatives in the same sector as well as the absolute and relative risk/reward opportunities. Analysts will use both qualitative and quantitative measures when assessing companies on items as quality as strength of management.

"The portfolio is monitored carefully to ensure diversification. Each regional fund manager has responsibility for the stocks in their region and is required to monitor it and update its research.

"The fund is run by a team of seasoned fund managers, led by Nick Mustoe. Mustoe has over 30 years’ investment experience and acts as chief investment officer at Invesco."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.

Claire Dwyer's view: "Clive Beagles, the lead manager, has substantial fund management experience, having previously managed the Newton Higher Income Fund. He holds a degree in Economics and is an associate member of the Institute of Investment Management and Research. Beagles is assisted by James Lowen.

"The investment process focuses on dividends, with a strict yield discipline whereby every single stock in the fund must yield more than the market average on a 12-month prospective basis. This fund will have a value bias at all times, but companies will only be bought if they have the ability to grow their earnings, and dividend, over time.

"Beagles is a traditional bottom-up stock-picker, closely scrutinising the fundamentals of individual companies. He is often attracted to high-yielding recovery or turnaround situations. While macroeconomic themes have some bearing on the investment decisions, they are not the primary focus.

"The managers’ yield discipline helps uncover market inefficiencies and undervalued stocks, including unpopular sectors, management and transactions. The managers will buy fundamentally strong companies at a low price, creating growth opportunities as well as relatively high starting yields. The fund will typically hold 50-70 stocks."

*Other charges such as transactions costs may apply. For a full breakdown of fund charges please see the fund factsheet.

** Please note that our service fee is typically 0.35%. If you have more than £250,000 invested with Fidelity Personal Investing across all of your accounts, the fee drops to 0.20%. In addition, there will be no service fee applied to any assets held in excess of £1 million. From December 2015, if you hold less than £7,500 with Fidelity Personal Investing we will charge you the service fee at a flat rate of £45 a year and this drops down to £25 for Junior ISAs and Junior SIPPs. Ongoing fund charges also apply.

Fund factsheet

To use this fund for pension drawdown please call our retirement specialists on 0800 368 6882.