Fidelity to close Global High Yield and Long Bond funds

Fidelity International is set to close its Global High Yield and Long Bond funds, due to dwindling assets. 

A spokesperson said the firm regularly reviews its range of products and believes these funds "have become too small to manage cost-effectively". 

The Global High Yield and Long Bond funds will no longer be available to investors on any platforms or through any distribution channels from 16 October and 10 October, respectively. 

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Launched in March 2012, the Global High Yield strategy currently holds £119m in assets and is managed by Peter Khan, Andrei Gorodilov, James Durance, Tae Ho Ryu and Terrence Pang. 

According to data from FE fundinfo, the fund has underperformed the IA Sterling High Yield sector over a one-, three- and five-year period. 

The Fidelity Long Bond fund, launched in July 1995, currently holds £22m in assets and is managed by Ian Fishwick and Tim Foster. In the last three and five years, the fund is down 35.4% and 50.9%, respectively.