Fidelity NorthStar® Fund

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Inception††
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Morningstar category

Calendar returns††

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Why invest in this fund?
  • Offers an unconstrained strategy that seeks to invest in the best companies anywhere in the world.
  • Managed by two veteran portfolio managers who are supported by Fidelity’s global resources.
  • Unique co-management approach aims to mitigate downside risk in volatile markets.

Risk measures
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Risk measures are based on 3-year net returns. (All returns are calculated in Canadian currency.)

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Annualized standard deviation
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Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted. Standard deviation does not predict the future volatility of a fund.
Beta
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A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R², which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index
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A measurement of how closely the portfolio's performance correlates with the performance of the fund's primary benchmark index or equivalent. R² is a proportion which ranges between 0.00 and 1.00. An R² of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R² of 0.00 indicates no correlation. Therefore, the lower the R², the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R² value of less than 0.5 indicates that the annualized alpha and beta are not reliable performance statistics. Standard deviation does not predict the future volatility of a fund.
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Risk classification
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The investment risk level indicated is required to be determined in accordance with the Canadian Securities Administrators standardized risk classification methodology, which is based on the historical volatility of a fund, as measured by the ten-year annualized standard deviation of the returns of the fund. Standard deviation is used to quantify the historical dispersion of returns around the average returns over a recent ten-year period. (See definition of standard deviation.)

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Medium
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High

Allocation

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Portfolio managers

Fund information
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Daniel Dupont: the importance of downside risk mitigation and 'aggressive patience'
Portfolio managers Joel Tillinghast and Dan Dupont with Pat Bolland Portfolio managers Joel Tillinghast and Dan Dupont with Pat Bolland
Investing insights from two go-anywhere portfolio managers

April 2015
Joel Tillinghast and Dan Dupont

Portfolio Manager Joel Tillinghast Portfolio Manager Joel Tillinghast
Invest with Joel

Learn more about Joel Tillinghast. 

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