Notification of Closure of Fidelity Global Property Funds

31 Oct 2022

  • P78 Fidelity Global Property (USD)
  • P80 Fidelity Global Property (GBP)

(the “Affected Mirror Funds”)

We have been notified by the board of directors of Fidelity Funds (the “Company”) that Fidelity Funds Global Property Fund (the “Merging Underlying Fund”), the underlying fund of the Affected Mirror Funds (in both USD and GBP currency variants), will merge into Fidelity Funds Sustainable Global Dividend Plus Fund (the “Receiving Underlying Fund”) with effect from 12 December 2022 (the “Underlying Fund Merger Effective Date”), as part of the Company’s fund review programme.


The Affected Mirror Fund is now closed to new investors and switches-in until 5 December 2022 when the merger has completed. Existing unitholders can continue to invest in the Affected Mirror Fund, however, please refer to the Merging Period details below.

As the Receiving Underlying Fund is not part of the FPIL mirror fund range, we have therefore taken the decision to switch holdings and redirect future regular premiums from the Affected Mirror Funds into alternative mirror funds in the range. Please see the table below for the selected Default Replacement Mirror Funds:

Affected Mirror FundDefault Replacement Mirror Fund
P78 Fidelity Global Property (USD)P82 Schroder Global Cities (USD)
P80 Fidelity Global Property (GBP)P84 Schroder Global Cities (GBP)

We select the Default Replacement Mirror Funds based on various factors which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.  Please refer to the Appendix in the Sample policyholder letter opposite for comparative information between the Affected Mirror Funds and the Default Replacement Mirror Funds. 

Unless we receive alternative instructions by, regular premiums will be redirected and/or current holdings will be switched into the selected Default Replacement Mirror Fund(s) on 30 November 2022. We will stop accepting any instructions to switch in, or request to increase regular premium payments, to the Affected Mirror Funds with immediate effect. 

If you are happy to invest in the Default Replacement Mirror Fund, you do not need to do anything.  However, you can choose to switch your current holdings, and/or redirect your regular contributions if applicable, into a different fund in the FPIL range should you wish. You can do this at any time, but if you want to override the transfer of your existing holding to the Default Replacement Mirror Fund, you must provide us with alternative instructions by 3pm UK time on 28 November 2022 

No FPIL charges will arise from these transactions.

Whilst appropriate due diligence has been carried out on the Default Replacement Mirror Fund we do not accept any liability for the future performance of this, or any other FPIL fund.  We recommend that you seek the advice of your usual financial adviser before making any investment decisions. 

Should you have any questions regarding these changes, please contact the Investment Marketing team.