Before investing in any mutual fund or exchange traded fund, you should consider its investment objective, risks, charges and expenses. Contact Fidelity for a prospectus, offering circular or, if available, a summary prospectus containing this information. Read it carefully.
ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry.
Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk.
Past performance is no guarantee of future results.
* Represents the five companies in this sector with the largest market capitalizations, as of 1/31/2021.
Fidelity Real Estate Income is losing its longtime manager to retirement, but it will still be in good hands under his veteran deputy. We’re downgrading the Morningstar Analyst Rating of the I, Z, and no-load shares to Bronze from Silver, while the A and M shares remain Bronze, and the C shares remain Neutral.
Mark Snyderman, who has managed this fund since its 2003 inception and developed the strategy behind it, will retire as of June 30, 2021. The loss of his experience and track record definitely stings, but it helps that Bill Maclay is sticking around and taking over lead manager duties. Although Maclay was only named comanager of this fund two years ago, he has worked with Snyderman for the past 20 years, gradually assuming more responsibilities over time. For the past decade, he has also managed Fidelity Real Estate Opportunistic Income, an institutional fund with a similar strategy and a solid track record.
Nothing will change about this fund's distinctive strategy, which aims to take advantage of the entire real estate capital structure. As of early 2021, only about one third of the portfolio is in REITs; the rest consists of real estate corporate bonds, REIT preferreds, and commercial mortgage-backed securities, depending on which of those are most attractively priced and promise the best future returns. For security selection, the managers are aided by other strong teams at Fidelity, from both the equity and fixed-income side, that run funds such as Gold-rated Fidelity Total Bond FTBFX and Bronze-rated Fidelity Mortgage Securities FMSFX. Fidelity is one of the few firms with the resources to pull off such a wide-ranging strategy.
This isn't a typical real estate fund and shouldn't be looked at like one. The managers aim to generate a better yield than ordinary REIT funds and most bond funds but with less volatility and interest-rate sensitivity. They have done a fine job of achieving those goals over time. As of Feb. 28, 2021, the fund's 12- month yield of 4.64% was 2 percentage points higher than the real estate Morningstar Category average.
|Portfolio Style||Real Estate|
|Fund Family||Fidelity Invest|
|Fund Inception||February 4, 2003|
The Fund seeks higher than average income, and growth of capital as a secondary objective, by investing primarily in the securities of companies in the real estate industry and other real estate related investments.
|Max. redemption fee||0%|
|Total expense ratio||0.73%|
|Fund Return||Category1||Index (S&P 500)||% rank in category||Quintile rank|
- 1Real Estate Funds
- 23, 5 and 10 Year Returns are Annualized
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- Upper Valley
- Hanover, NH
- Norwich, VT
- Lyme, NH
- Thetford, VT
- Hartford, VT
- Lebanon, NH
- Hartland, VT
- Enfield, NH
- Canaan, NH
Estate fidelity real
AWE Leader Profile
Alicia Sundberg is a high-energy executive who takes a multidisciplinary approach to solving complex business problems. She is a big picture thinker, known for her ability to build strong teams and design and implement innovative solutions and systems. Her experience in finance, business strategy, brokerage, operations, real estate, and financial services coupled with her ability to communicate vision and the plan for execution motivates her clients and associates to exceed their goals and objectives.
Currently, she is Head of Fidelity Real Estate Company (FREC), a unit of Fidelity Investments. Alicia leads the organization responsible for providing the full range of corporate real estate strategy and services to Fidelity’s business units both nationally and internationally. She oversees a portfolio and strategy of 11 million square feet including mission-critical data centers and more than 190 retail Investor Centers. Additionally, she oversees campus and data center operations, project design and delivery, the art curator, and campus amenities from food and beverage to the campus fitness centers. She unites her team under the vision to provide places and create spaces that encourage associates, business, and customers to thrive.
Alicia has been with Fidelity for 23 years and has held several roles including Senior Vice President of Strategic Planning, Vice President of Client Service and Support and Vice President of Finance for Operations and Service Group. Prior to being appointed to Head of Fidelity Real Estate in March 2016, she led the Domestic Operations and Strategic Solutions Division, and was responsible for laying the foundation for the operations and service center of the future in Settlements, Stock Loan, Buy-ins, and Security Master/Pricing, while piloting new technology and new ways of working. Before Fidelity, Alicia specialized in strategy and financial decision making at Citibank and Bank Leumi.
Alicia sits on the advisory board of Fidelity’s Women’s Leadership Group and the governance board for the Wall Street Women’s Alliance (WSWA), both of which give her the experience and skills needed to build diverse teams and equip them with the tools to be ambassadors of change. She is also an active member of Advancing Women Executives – an organization aimed at accelerating the careers of women in business to improve the global economy.
When she is not in the office, Alicia can be found surrounded by her loved ones – family is her muse. Her husband of 25 years and their three amazing children ages 15, 18, and 20 bring balance, joy and inspiration to her life. When they are together, they enjoy strong family traditions and traveling the world – most recently visiting Yellowstone, Glacier, and Banff National Parks, Scotland, Ireland, England, Alaska, Hawaii, and the Mediterranean.
Alicia holds an MBA in International Finance from Hofstra University and a BS from Boston University, with a double major in Finance and International Business.
Published: September 10, 2018
More ProfilesSours: https://inawe.com/leader-profiles/alicia-sundberg-head-of-fidelity-real-estate-company-at-fidelity-investments/
Business free from any legacy issues
Unlike the majority of our competitors, our team is not distracted by legacy issues such as tenant insolvencies, over-priced assets or refinancing. The team is fully focussed on today’s market, taking advantage of favourable pricing opportunities in the core markets of the Eurozone and the UK.
In-depth risk management supporting focussed stock picking
Fusing qualitative market research with proprietary quantitative tools, our real estate research analysts contribute to our in-depth due diligence and risk analysis. By focussing on well-diversified, high quality portfolios, our clients benefit from a competitive risk / return profile which avoids a ‘benchmark’ hugging approach.
Experience managing through several property cycles
With an average of 25 years' experience, our senior management team has first-hand knowledge of working through several property cycles, across the full range of lot sizes. In challenging market environments, clients benefit from their good judgement and strong risk-management skills, with effective negotiation on deals for our clients.
Closer alignment of interests and an investor-centric management style
Our approach to real estate investment involves co-investment wherever possible and practical. This aligns our interests with those of our clients, which results in superior outcomes.
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