Fidelity closes Sustainable Water & Waste OEIC

Luxembourg-domiciled SICAV version to remain open

Top view or Aerial view of Water Treatment tank, Water Treatment production for Purify Water, drinking water production and distribution

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Fidelity closed its UK-domiciled Sustainable Water & Waste OEIC on 15 August, less than five years after its December 2019 launch.

The Luxembourg-domiciled SICAV version of the fund is still available to investors and returned 9.35% in the year to 30 June, slightly trailing the sector average return of 9.74%. It has been managed by Velislava Dimitrova and Cornelia Furse since February 2021.

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At the announcement of the OEIC version’s closure on 14 May, the fund held £10m.

“We regularly review our range of products and we believe the Fund has become too small to manage cost-effectively. As a result, no new investments will be accepted into the Fund after midday on 8 August,” Fidelity stated in a note to investors.

Fidelity launched the OEIC version of the fund in 2019 after the SICAV reached near $1bn in assets a year after launch.