The fund, which has initial assets under management of “just $80m”, will be managed by Hiten Savani and Matt Jones, who are also responsible for the management of the Fidelity FIRST All Country World Fund, which was launched in 2014.
The investment process of the Luxembourg-domiciled SICAV fund is “skewed towards companies with the highest ESG rating”, according to Fidelity.
The fund will exclude companies that derive a “significant portion of business revenue” from activities with negative ESG outcomes, such as the manufacture or distribution of alcohol, weapons, firearms, tobacco, gambling and adult entertainment.
As a UN PRI (Principles for Responsible Investment) signatory, Fidelity also implements the controversial weapons exclusion list.
