A Fidelity Global Fund That Brings Together Distinct Styles and Top Talent

Fidelity Global Equity+ F is little more than two years old, but it has older components, combining four existing Fidelity strategies. The managers’ experience, skill, and access to Fidelity’s vast research teams set this strategy apart, earning it a High People rating. Its blend of complementary styles gets it an Above Average Process rating. Its ETF version (FGEP) gets the same ratings.

Key Morningstar Metrics for Fidelity Global Equity+ F

• Morningstar Medalist Rating: Silver
• Process Pillar: Above Average
• People Pillar: High
• Parent Pillar: Above Average
• Morningstar Category: Global Equity
• Fund Size: C$7.4 billion

Each manager oversees about a third of the portfolio, which is regularly rebalanced. Mark Schmehl manages the Fidelity Global Innovators portion, focusing on companies driving innovation and benefiting from positive change. Hugo Lavallée runs the Fidelity Greater Canada sleeve, using a contrarian approach to find overlooked opportunities. Daniel Dupont splits his allocation between Fidelity Canadian Large Cap and Fidelity Global Value Long Short, emphasizing undervalued stocks. The Global Value Long Short fund can also bet against stocks he thinks are overpriced. Fidelity Global Equity+ has more than 290 holdings and no strict sector limits, allowing each manager to express their investment style.

The strategy’s structure is unconventional. By including two Canadian-focused funds, it always holds at least 28% in Canadian stocks—much more than the Morningstar Global Markets Index, which has historically held less than 5% in Canada. This might help when the country leads, but it makes the fund vulnerable when the US and other international markets outpace Canada.

It’s also unusual for a global equity strategy to include alternatives like Fidelity Global Value Long Short, which can benefit when selected stocks fall. It adds diversification but makes this strategy more complex, and it hasn’t been around as long as the others.

In its first two years from November 2023 through November 2025, the Fidelity Global Equity+ F series gained 24.6% annualized, outpacing the average global equity peer by 2.5 percentage points while trailing the Global Markets Index by 2.0 points. Since launch, the strategy’s returns have been less volatile than both the index and its peer group.

Schmehl’s portion was well-positioned in AI-related winners and drove much of the strategy’s early success. Dupont’s value-oriented approach, which tends to shine in down markets, has lagged during the broad rally in technology since 2023. His use of short positions helps reduce downside risk but can limit gains when his style is out of favor. Lavallée’s contrarian bets, especially in industrials, have yet to pay off, causing his sleeve to underperform since 2024.

Fidelity Global Equity+ stands out for its mix of top managers and distinct investment styles, aiming to deliver steadier returns. A clear risk is its heavy Canadian tilt, which means less international diversification and the risk of lagging its peers and index when Canadian stocks underperform. For investors willing to accept this tradeoff, the strategy offers access to some of Fidelity’s best stock pickers and could deliver superior long-term returns.