Fidelity Long/Short Alternative Fund (FLSA)
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FLSA: Preferable To KSA, But Not A Good Time To Pursue
Saudi equities, while still down this year, have underperformed emerging markets and outperformed global markets. We examine how FLSA, a little-known ETF that covers Saudi equities, stacks up against its larger peer- KSA, and find that the former, while hardly flawless, does pretty well. Saudi's prospects are still heavily reliant on oil, and conditions here don't look too alluring.
Fidelity Long/Short Alternative Fund (FLSA) FAQ
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Fidelity Long/Short Alternative Fund Profile
| NEO-L Exchange | US Country |
Overview
The described company operates as an investment fund, focusing primarily on investing in Saudi Arabian large- and mid-capitalization stocks. The fund's investment strategy is guided by the FTSE Saudi Arabia Index, indicating a targeted approach towards the Saudi market. By allocating at least 80% of its assets in the index's component securities and in depositary receipts representing these securities, the fund aims to mirror the performance of the index. Given its investment concentration, the fund is classified as non-diversified, which means it may invest more heavily in fewer sectors or industries compared to diversified funds. This strategic focus on the Saudi Arabian market highlights the fund's specialization in tapping into the potential growth and performance of large- and mid-cap companies within the kingdom.
Products and Services
- Component Securities Investments
The fund commits a significant portion of its assets, specifically at least 80%, to investing directly in the component securities that make up the FTSE Saudi Arabia Index. This strategy is enacted to closely track and reflect the performance of the index, thereby primarily targeting large- and mid-capitalization Saudi Arabian stocks.
- Depositary Receipts Investments
Alongside direct investments in component securities, the fund also invests in depositary receipts that represent the securities of the index. This approach provides additional flexibility and access to the Saudi market, potentially enhancing the fund's ability to mirror the index's performance through different types of investment instruments.
- Industry Concentration
The fund's investment strategy involves concentrating its investments in particular industries or groups of industries, mirroring the concentration levels of the FTSE Saudi Arabia Index. This approach indicates a strategic alignment with the index's performance, leveraging industry-specific growth and development trends within the Saudi Arabian market.
