Fidelity Worldwide Investment has launched a low-cost US tracker fund as it moves to mimic the success of its UK tracker fund among direct investors.
The Fidelity MoneyBuilder US Index Fund - which has a TER of just 0.3% - tracks the S&P 500, offering investors access to companies including Apple and Google.
The launch means the groups now has an extended range of low-cost MoneyBuilder funds, which include a mix of actively managed and passive funds.
It is the group's first US passive fund. It already has a presence in the US via its active funds, running Fidelity American and Fidelity American Special Situations.
Europe is benefitting from a valuation discount to the US in terms of P/E and dividend yield, as well as an improving outlook overall.
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