Portfolio Manager
Cornelia Furse, Alexander Laing
The Fidelity Funds - Water & Waste Fund page has been refreshed from Fidelity Funds’ April 2026 Hong Kong Extract Prospectus. The PDF fund description is for Water & Waste Fund.
Investment Objective
The fund aims to achieve capital growth over the long term.
Investment Policy
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets. The fund aims to make investments in companies that are involved in the design, manufacture, or sale of products and services used in connection with the water and waste themes. The water theme includes those companies involved in water production, treatment, purification, transport and dispatching of water, the use of water for power generation, as well as solutions helping to reduce water needs. The waste theme includes those companies involved in the collection, recovery, sorting, disposal and recycling of waste as well as businesses helping to improve efficiency and reduce waste production. The waste theme also includes those companies specialising in the treatment of wastewater, sewage, solid, liquid and chemical waste and any consulting or engineering services in connection with these activities. The fund may also invest in money market instruments on an ancillary basis. The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
Investment Process
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. A minimum of 80% of the fund’s investments are used to meet the environmental or social characteristics promoted by the fund, as described in the fund’s investment policy. In addition, the Investment Manager may consider ESG ratings and other ESG criteria when assessing investment risks and opportunities and may invest in securities of issuers with low but improving ESG profiles. The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers based on their ESG characteristics. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
SFDR Product Category
Article 8 (promotes environmental and/or social characteristics) – ESG Target.
Derivatives and Techniques
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%. Repos/reverse repos Expected 0%; maximum 30%.
Benchmark
MSCI ACWI IMI Water Filtered Index.
Base Currency
USD.
Main Risks
- China
- Concentration
- Counterparty and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
Risk Management Method
Commitment.
Fidelity Hong Kong Website Data (as of 11/06/2026)
Morningstar Rating: ★★★★☆ (4/5)
Risk Rating: 4/5 (Medium to High)
Fund Facts (Fidelity HK):
- Fund Size: US$828.45 million (30/04/2026)
- NAV: US$14.6400 (11/06/2026)
- Daily Change: -0.75% (-US$0.1100)
- Annual Management Fee: 1.50%
- Max Sales Charge: 5.25%
- Launch Date: 07/11/2018
- 3-Year Standard Deviation: 16.18%
- ISIN: LU1892829315
- Bloomberg Ticker: FSWWAAU LX
- PhoneXpress Fund Code: 1774
Annual Performance (Total Return %)
| Year | Fund | MSCI ACWI IMI Water Filtered Index | MSCI ACWI Index |
|---|---|---|---|
| 2025 | 9.7% | 14.5% | 22.3% |
| 2024 | 0.1% | 6.1% | 17.5% |
| 2023 | 17.3% | 24.0% | 22.2% |
| 2022 | -28.8% | -21.7% | -18.4% |
| 2021 | 22.5% | 31.8% | 18.5% |
| 2020 | 9.8% | 12.6% | 16.3% |
| 2019 | 29.9% | 35.0% | 26.6% |
| 2018 | -7.3%# | -9.6%# | -8.7%# |
| 2017 | - | - | - |
| 2016 | - | - | - |
Cumulative Performance (31/05/2026)
| Period | Fund | MSCI ACWI IMI Water Filtered Index | MSCI ACWI Index |
|---|---|---|---|
| YTD | 0.1% | -0.2% | 12.1% |
| 6 Months | 0.1% | -1.3% | 13.3% |
| 1 Year | 5.6% | 1.2% | 30.3% |
| 3 Years | 23.3% | 39.8% | 82.9% |
| 5 Years | -0.8% | 33.1% | 72.0% |
Top 10 Holdings (31/05/2026)
| Holding | Weight |
|---|---|
| SEVERN TRENT PLC | 5.51% |
| WASTE MANAGEMENT INC DEL | 4.70% |
| AALBERTS NV | 4.09% |
| VEOLIA ENVIRONNEMENT SA | 4.06% |
| TETRA TECH INC NEW | 3.78% |
| SANEAMENTO BASICO DE SP (CIA) | 3.75% |
| IDEX CORPORATION | 3.59% |
| VERALTO CORP | 3.53% |
| CLEAN HARBORS INC | 3.52% |
| INTERPUMP GROUP SPA | 3.37% |
| Total | 39.90% |
ESG Metrics (31/05/2026)
- MSCI ESG Fund Rating: A
- Weighted Average Carbon Intensity: 205.7 tCO2e/$M Revenue (Fund) vs 125.7 (Index)
- SFDR Classification: Article 8
MSCI ESG Ratings Distribution (31/05/2026)
| Rating | Fund | Index |
|---|---|---|
| AAA | 18.9% | 21.1% |
| AA | 26.5% | 29.9% |
| A | 24.4% | 38.3% |
| BBB | 12.5% | 6.0% |
| BB | 11.8% | 4.7% |
| B | 4.8% | 0.0% |
| CCC | 0.0% | 0.0% |
| NR | 0.4% | 0.0% |
Volatility Measures (30/04/2026)
- 3-Year Standard Deviation: 16.18%
- Risk Rating: 4/5 (Medium to High)
- R-Squared: -
- Beta: -
- Alpha: -
Charges and Expenses
- Max. Sales Charge: 5.25%
- Annual Management Fee: 1.50%
Source
- Fidelity Funds, April 2026 Hong Kong Extract Prospectus:
data/fidelity/pr.ff.HK-en.HK.pdf