Fidelity Fund Performance Review

• The review analysed 81 Fidelity funds using Yodelar’s data, assessing performance and sector rankings over 1, 3 and 5 years across funds classified within IA sectors.

• Just 7 funds (8.6%) achieved a 4 or 5-star Yodelar Rating, highlighting how uncommon sustained high sector rankings have been across the range.

• In contrast, 55 Fidelity funds (67.9%) received a 1 or 2 star rating, reflecting prolonged periods of weaker performance when compared with their respective sector averages.

• The article identifies 10 Fidelity funds that ranked consistently above their sector averages across 1, 3 and 5 years, using sector rankings rather than short-term performance.

• Fidelity Japan and Fidelity UK Smaller Companies both achieved a 5 star Yodelar Rating.

Fidelity is one of the most widely used fund managers in UK investor portfolios, with funds commonly held across ISAs, pensions and workplace schemes. Its range spans multiple asset classes and regions, with funds classified across a broad selection of Investment Association sectors. As a result, performance across the Fidelity range varies significantly between individual funds.

In this review, we analyse the performance, sector ranking and Yodelar Rating of 81 Fidelity funds over the past 1, 3 and 5 years. From this analysis, we feature 10 Fidelity funds that have ranked more consistently towards the upper end of their respective sectors across the periods analysed.

Fidelity Fund Performance Summary

The summary below shows how the 81 Fidelity funds are distributed across Yodelar’s rating bands.

Our analysis identified that 7 funds (8.6%) achieved a 4 or 5-star Yodelar Rating, indicating that consistent performance above sector averages has been relatively uncommon across their range.

In contrast, 55 Fidelity funds (67.9%) received a 1 or 2-star Yodelar Rating, indicating that returns fell below their sector average across multiple periods analysed.

Overall, the data shows that performance across the Fidelity range has been mixed, with only a small portion of consistent top performing funds in their range. This reinforces the importance of assessing funds individually rather than making fund decisions based on brand name alone.

Top Performing Fidelity Funds

The table below highlights 10 Fidelity funds that delivered more consistent results when compared with their sector averages. Inclusion is based on sector rankings across 1, 3 and 5 years. 

Each of the featured funds ranked above the sector average across the periods analysed, with several consistently among the higher-ranking funds within their respective sectors.

Fidelity Multi Asset Open Adventurous Fund

The Fidelity Multi Asset Open Adventurous fund sits within the IA Flexible Investment sector and aims to provide long-term growth by investing in a diversified range of asset types. The portfolio targets global exposure across equities, bonds, alternatives and other asset classes, and seeks to achieve an average annual return after charges over a typical market cycle of several years.

Over 1 year, the fund returned 13.92% growth, ranking 48th out of 159 funds in the sector, ahead of the sector average of 11.81%. Over 3 years, growth of 34.11% ranked 70th out of 148, above the sector average of 31.58%. Over 5 years, the fund delivered 44.97% growth, ranking 32nd out of 132, placing it among the higher-ranking funds in the sector over the longer period.

Fidelity Index World Fund

The Fidelity Index World fund sits within the IA Global sector and is a passive fund designed to track the performance of global equity markets. The portfolio provides broad exposure to large and mid-sized companies across developed markets, with holdings weighted in line with the underlying index.

Over 1 year, the fund delivered 12.06% growth, ranking 183rd out of 537 funds in the sector, ahead of the sector average of 10.27%. Over 3 years, growth of 60.86% ranked 86th out of 474, while 5-year growth of 83.10% ranked 56th out of 409, placing the fund higher in the sector when viewed over longer periods.

Fidelity Allocator World Fund

The Fidelity Allocator World fund is classified within the IA Global sector and follows a multi-asset strategy, investing across equities, bonds and other asset classes. The portfolio is diversified by geography and asset type, with allocations adjusted over time.

Over 1 year, the fund returned 11.87% growth, ranking 195th out of 537 funds, above the sector average. Over 3 years, growth of 49.88% ranked 184th out of 474, while 5-year growth of 65.23% ranked 150th out of 409, placing the fund in the upper half of the sector over longer periods.

Fidelity Japan Fund

The Fidelity Japan fund sits within the IA Japan sector and invests in Japanese equities. The portfolio is actively managed and typically holds a focused selection of companies, resulting in greater differentiation from the wider market.

Over 1 year, the fund delivered 31.78% growth, ranking 3rd out of 98 funds in the sector. Over 3 years, growth of 61.41% ranked 7th out of 91, while 5-year growth of 80.04% ranked 7th out of 84, placing the fund consistently among the highest-ranking options across all periods analysed.

Fidelity Multi Asset Open Defensive Fund

The Fidelity Multi Asset Open Defensive fund is classified within the IA Global Mixed Bond sector and invests across a range of asset classes with a lower allocation to equities. The portfolio includes bonds and other defensive assets alongside equity exposure.

Over 1 year, the fund returned 7.10% growth, ranking 6th out of 73 funds in the sector, ahead of the sector average. Over 3 years, growth of 21.08% ranked 25th out of 69, while 5-year growth of 16.11% ranked 15th out of 63, showing consistently high sector rankings across the periods analysed.

Fidelity Multi Asset Open Strategic Fund

The Fidelity Multi Asset Open Strategic fund sits within the IA Mixed Investment 40–85% Shares sector and invests across equities and other asset classes. The portfolio maintains a higher equity exposure than defensive variants, while retaining diversification across asset types.

Over 1 year, the fund delivered 9.96% growth, ranking 38th out of 193 funds. Over 3 years, growth of 26.77% ranked 71st out of 173, while 5-year growth of 26.98% ranked 44th out of 162, placing the fund above the sector average over longer periods.

Fidelity US Equity Research Enhanced UCITS ETF

The Fidelity US Equity Research Enhanced ETF is classified within the IA North America sector and invests in large US-listed companies. The portfolio follows a systematic approach informed by fundamental research, while maintaining broad market exposure.

Over 1 year, the fund returned 17.84% growth, ranking 98th out of 245 funds in the sector. Over 3 years, growth of 64.45% ranked 41st out of 233, while 5-year growth of 95.40% ranked 47th out of 203, showing stronger sector rankings over the longer periods analysed.

Fidelity Index UK Fund

The Fidelity Index UK fund is classified within the IA UK All Companies sector and tracks the UK equity market. The portfolio holds a broad range of UK-listed companies, with weightings aligned to the underlying index.

Over 1 year, the fund returned 23.53% growth, ranking 55th out of 207 funds. Over 3 years, growth of 44.84% ranked 57th out of 201, while 5-year growth of 71.49% ranked 35th out of 193, showing higher sector rankings over longer periods.

Fidelity Special Situations Fund

The Fidelity Special Situations fund sits within the IA UK All Companies sector and is actively managed with flexibility to invest across the UK market. The portfolio focuses on a selective group of companies rather than tracking the index.

Over 1 year, the fund delivered 25.18% growth, ranking 29th out of 207 funds. Over 3 years, growth of 54.63% ranked 13th out of 201, while 5-year growth of 90.62% ranked 10th out of 193, placing the fund among the strongest performers in the sector across all periods analysed.

Fidelity UK Smaller Companies Fund

The Fidelity UK Smaller Companies fund is classified within the IA UK Smaller Companies sector and invests in smaller UK-listed businesses. The portfolio is actively managed and typically holds a more concentrated selection of companies than large-cap funds.

Over 1 year, the fund returned 8.58% growth, ranking 8th out of 44 funds. Over 3 years, growth of 25.31% ranked 6th out of 43, while 5-year growth of 55.43% ranked 1st out of 42, placing the fund at the top of the sector over the longer period.

Summary

Our analysis of 81 Fidelity funds shows a wide spread of performance across the range. While a small number of funds delivered consistently strong results relative to their sector averages, the majority ranked close to, or below, their sector average across the periods analysed.

Only 7 funds (8.6%) achieved a 4 or 5-star Yodelar Rating, indicating that sustained high sector rankings have been relatively uncommon within the range. In contrast, 55 funds (67.9%) received a 1 or 2-star rating, reflecting returns that fell below their sector average across multiple periods.

The review also shows that Fidelity’s stronger-performing funds are spread across different sectors and strategies rather than concentrated in a single area. This reinforces the importance of assessing funds individually, rather than making assumptions based on fund house name alone.

Why Portfolio Context Matters

Fund performance in isolation does not show how holdings interact within a portfolio. Many portfolios are built gradually, with funds added over time based on familiarity or recent performance. This approach can lead to unintended concentration, overlapping exposures, and risk levels that differ from what investors expect.

The analysis also highlights that no fund management group delivers consistently strong results across every strategy it offers. Higher-ranking funds can be found across a wide range of fund houses, while weaker-performing funds also appear within all of them. As a result, fund selection and portfolio structure often matter more than brand selection.

Looking at performance in portfolio context helps address more practical questions. Are holdings genuinely diversified across regions, sectors and styles. Are multiple funds exposed to the same underlying drivers. Does the portfolio rely too heavily on a small number of dominant companies or market themes to deliver growth.

Ensure Your Portfolio Is Performing Efficiently

This is where a structured portfolio analysis adds value. Rather than reviewing funds in isolation, it assesses how the portfolio has performed as a whole, how each holding contributes to overall results, and whether diversification is being achieved in practice or only on the surface.

A Yodelar Portfolio Analysis provides an independent, evidence-based review of how existing holdings have performed when compared with their sector averages. This includes identifying funds that have historically lagged behind similar alternatives, highlighting duplication within portfolios, and assessing whether the overall structure remains aligned with intended risk levels.

Investors can upload their portfolio securely to receive a detailed breakdown of historic performance and charges. This review helps provide clarity on whether current holdings remain efficient and whether changes may be worth exploring with a qualified adviser. 

Past performance is not a guide to future returns. This article is based on analysis of past performance and does not constitute personal advice.