A Sustainable Global ETF Targeting Market Leadership

Positioned as an active challenger to the passive MSCI World index, the Fidelity Sustainable Research Enhanced Global Equity UCITS ETF USD Acc pursues a dual mandate: applying rigorous sustainability filters while aiming to outperform the global equity market. This strategy involves a pronounced tilt toward technology sectors and a systematic exclusion of traditional energy giants, with portfolio managers currently avoiding prominent names like Tesla.

An Active Approach to ESG and Returns

Classified under Article 8 of the EU’s Sustainable Finance Disclosure Regulation (SFDR), this ETF commits a minimum of 70% of its capital to companies demonstrating strong sustainable characteristics. Its methodology extends beyond simple exclusions of industries like tobacco or fossil fuels. The management team actively evaluates environmental and social criteria, including climate protection, water management, and human rights, with the objective of maintaining a portfolio ESG score consistently above the broader market’s average.

Fidelity’s stated goal is to generate a gross annual return exceeding that of the MSCI World by one percentage point, targeting this outperformance over an investment horizon of at least five years. To achieve this, the fund deliberately deviates from standard index weightings, utilizing the flexibility in security selection to build a differentiated portfolio.

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Portfolio Construction: Betting on Technology and AI

The fund’s active bets are most evident in its sector allocation. As of the end of 2025, the ETF held significant overweights in information technology, healthcare, and communication services relative to its benchmark. Conversely, it maintained a more defensive, underweight stance in utilities and consumer staples.

At the individual holding level, the so-called "Magnificent 7" and other beneficiaries of the artificial intelligence boom feature prominently as core positions. A notable aspect of the portfolio is its underweight in other industry leaders; Tesla and Exxon Mobil were among the most underweighted positions in the fund recently. This active management approach is reflected in the fund’s Net Asset Value (NAV), which stood at USD 10.53 as of March 27, 2026.

With a Total Expense Ratio (TER) of 0.25% per annum, the ETF remains competitively priced within a range typically associated with passive products. Its long-term success will likely hinge on whether its technology-centric sector allocations can consistently offset the structural gaps created by the exclusion of the energy sector. The performance of the AI-related holdings within the portfolio currently represents the most significant lever for achieving its targeted outperformance.

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