Evidence and analysis
- Share-class currency
- USD
- ISIN
- LU2755903395
- Hedging status
- Not inferred from currency; consult the exact share-class factsheet.
The fund's base currency, shown in the prospectus description below, can differ from this share class's dealing currency. All benchmark comparisons above use the stated share-class currency.
Benchmark: MSCI World Small Cap (Net)
| Period | Fund | Index | Gap (pp) |
|---|---|---|---|
| 1 year | 11.31% | 15.48% | -4.17 |
| 1-year: Underperforming | |||
| 3 years | Not reported | 63.77% | — |
| 3-year: Unavailable | |||
Gap = fund minus index in percentage points. Returns are cumulative, with dividends reinvested, in the share class currency. Includes ongoing charges; excludes entry/exit fees. Based on Fidelity's rounded comparison table. A negative gap indicates underperformance for that period.
Fidelity Funds 2 - Global Discovery Fund A-ACC-USD
The Fidelity Funds 2 - Global Discovery Fund A-ACC-USD is a global small/mid-cap equity fund that invests in undervalued companies with growth potential across worldwide markets. The fund follows a value-oriented approach, identifying hidden gems before they are widely recognised by the broader market.
Investment Objective
The fund aims to achieve long-term capital growth by investing primarily in equities of small and mid-cap companies from anywhere in the world, including emerging markets.
Key Features
- Launch Date: 13 March 2024
- Asset Class: Global Small/Mid-Cap Equity
- Category: Global Small/Mid-Cap Equity (Morningstar)
- Investment Style: Mid-cap Value
- Domicile: Luxembourg
- Base Currency: USD
- Share Class: A-ACC-USD
- ISIN: LU2755903395
- Fund Size: ~$33.5m (as of 31 May 2026)
- Ongoing Charge: 1.95%
- Max Annual Charge: 1.50%
- Initial Charge: 5.25%
- Portfolio Managers: Morgen D Peck, Sam E Chamovitz (since 13 Mar 2024)
Portfolio Construction
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. The fund is highly diversified, with the top 5 holdings representing only 4.45% of the portfolio.
Top Holdings
| Rank | Holding | Ticker | Weight (%) |
|---|---|---|---|
| 1 | Renesas Electronics Corp. | 6723:TYO | 1.11% |
| 2 | Wells Fargo & Co. | WFC | 0.87% |
| 3 | Performance Food Group Co. | PFGC | 0.87% |
| 4 | Sumco Corp. | 3436:TYO | 0.81% |
| 5 | DCC PLC | DCC:LSE | 0.79% |
Source: Financial Times / Morningstar, as of May 2026. Top 5 holdings = 4.45% of portfolio (highly diversified).
Sector Allocation
| Sector | Weight |
|---|---|
| Financial Services | 18.8% |
| Industrials | 17.1% |
| Consumer Cyclical | 16.3% |
| Technology | 14.0% |
| Health Care | 9.7% |
| Consumer Defensive | 8.9% |
| Basic Materials | 5.5% |
| Energy | 5.4% |
| Real Estate | 2.1% |
| Utilities | 1.6% |
Regional Allocation
| Region | Weight (%) |
|---|---|
| United States | 46.81% |
| Japan | 11.37% |
| Eurozone | 10.80% |
| United Kingdom | 10.04% |
| Europe - ex Euro | 4.77% |
| Other | 13.74% |
Latest Official Fund Data
| Metric | Current official value |
|---|---|
| NAV (USD) | 12.8700 |
| NAV date | 2026-10-23 |
| Daily NAV change | 0.0000 (0.0000%) |
| 1-year performance | 11.3074% |
| 3-year performance | Not reported |
| Performance date | 2026-09-30 |
| Fund type | Equity Fund |
| ISIN | LU2755903395 |
Source: Fidelity Hong Kong mutual-fund directory, retrieved 2026-10-26. Observation dates are shown separately; performance figures are reproduced from the official directory in the share class currency. Historical risk and return analysis below has not been recalculated by this directory refresh.
Risk & Return Metrics
| Metric | Daily | Annualised |
|---|---|---|
| Expected Return | 0.0456% | 12.14% |
| Risk (Std Dev) | 0.9210% | 14.62% |
| Metric | Value |
|---|---|
| First NAV | 9.9700 |
| Last NAV | 12.6000 |
| Total Return (period) | 26.38% |
| Data Points | 569 trading days |
| Period | 2024-03-18 to 2026-06-30 |
| Sharpe Ratio (rf=4.5%) | 0.52 |
Note: The fund launched on 13 March 2024, providing approximately 27 months of historical NAV data.
Performance
Since its launch on 13 March 2024, the fund has generated a total return of +26.38%. The fund’s diversified approach across small and mid-cap value stocks has provided steady performance with moderate risk.
1-Year Change (Financial Times): +14.75% (as of Jul 01 2026)
Key Risks
- Small/Mid-Cap Risk: Small and mid-cap stocks can be more volatile and less liquid than large-cap stocks.
- Equity Market Risk: Fully exposed to global equity market fluctuations.
- Value Style Risk: Value stocks can underperform growth stocks during certain market environments.
- Limited Track Record: Launched in March 2024, less than 2.5 years of history.
- Currency Risk: Non-USD holdings are exposed to foreign exchange fluctuations.
- Concentration by Region: US exposure at 46.81% creates geographic concentration.
Investment Suitability
| Investor Profile | Recommendation |
|---|---|
| Long-term growth (10+ year) | Buy — diversified small/mid-cap exposure |
| Diversified portfolio | Core holding — complements large-cap allocations |
| Conservative investors | Neutral — moderate risk for a small/mid-cap fund |
| Income-focused | Avoid — accumulation share class |
Source
- Fidelity International factsheet (30 April 2026)
- Financial Times / Morningstar data
- Yahoo Finance (ISIN: LU2755903395)
Share class: A-ACC-USD | ISIN: LU2755903395 | Data: yfinance (569 trading days, annualised at 252 days/year)