Fidelity Global Dividend Fund (GB00B7778087) did not outperform its benchmark, MSCI AC World index, or the Investment Association (IA) Global Equity Income sector average in 2016 or 2017. This was because the market was being driven by cyclical shares, and tech shares and the US were doing particularly well – sectors that global equity income funds typically don't invest in a lot. At the end of October, Fidelity Global Dividend had 29.2 per cent of its assets in the US in contrast to MSCI AC World index's 55.6 per cent weighting to that market.
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