The fund, which is an open-ended investment company established in Luxembourg as a Sicav, aims to offer clients exposure to the newly-reformed GICS (Global Industry Classification Standard) Communications Services sector.
The firm will “actively identify the very best investment opportunities from across the world”, including emerging markets.
It will be managed by Sumant Wahi. Recently appointed as portfolio manager, Wahi has 18 years’ experience, initially working in technology companies and, more recently, as a research analyst covering technology, media and telecommunication (TMT) companies.
Wahi said: “In recent years, the way people communicate, access entertainment content and other information has changed considerably; due to the evolution and subsequent integration between internet, media and telecommunications companies.
“Communication services act as ‘a connective tissue’ across sectors and geographies providing unique and attractive opportunities in different regions of the world.”
Wahi joined Fidelity in 2014 as a senior equity analyst.
International Adviser recently reported that Faang (Facebook, Apple, Amazon, Netflix and Google – now Alphabet) stocks were among the biggest losers with an average loss of 2.2%, after the bell rang to open the market for 2019 on 2 January in the US.