The Fidelity Wealthbuilder fund aims to provide capital growth from investment in a portfolio of Fidelity's OEIC, and more recently SICAV, funds. It is suitable for an investor who requires exposure to world stock markets whilst maintaining a bias towards the UK, with a moderate degree of risk.

Fidelity is the world's largest independent fund management company with over $200 billion under management. The fund has been managed by Richard Skelt since November 1996 and recently underwent a change in benchmark, reducing exposure to the UK and US and increasing exposure to emerging markets, boosting the expected returns of the portfolio. The new benchmark is 30% UK, 70% Rest of the World split: 20% Europe ex UK, 20% US, 20% Asia, 10% Emerging Markets.

This fund does not invest directly in shares and bonds but instead invests in other Fidelity funds. The attraction of this particular fund is the in depth strength of Fidelity's global fund range. The investment process is governed by a three-tier approach separating stock selection, fund selection and asset allocation. The geographic exposure is determined by the Asset Allocation Group within Fidelity, of which Skelt is a member, he then sets the strategy for the fund.

The current geographic asset allocation is shown above and the relative performance of the fund in the table below. Bear in mind that past performance is not a guide to the future, the value of the investments and any income can go down as well as up and you may not get back the amount you invested.