Fidelity International has launched a global communications Sicav to take advantage of the newly formed MSCI sector, which includes names like as Facebook, Alphabet and Netflix.
In an announcement, the firm said the growth and impact of the communications services firms was an opportunity for active investment managers to harness the change and innovation of the sector.
The Global Communications Fund will be managed by newly-appointed portfolio manager Sumant Wahi. Wahi has been at Fidelity since 2014 where he was most recently senior equity analyst.
On the launch, Wahi said the way people communicated, accessed content and other information had changed considerably as a result of the integration between internet, media, and telecommunications firms.
“Communication services act as ‘a connective tissue’ across sectors and geographies providing unique and attractive opportunities in different regions of the world,” he said.
In November 2018, MSCI reshuffled their equity indexes to introduce the communications services sector. The underlying index is now called the MSCI USA IMI Communication Services 25/50 Index, which represents the performance of the communication services sector in the U.S. equity market.