Fidelity International has launched a US small-cap fund, aiming to capitalise as investors seek to diversify their US market exposure. The strategy targets businesses with a local focus which stand to benefit amid increased trade tensions. The fund will invest at least 70% of its assets in smaller companies that are either listed or do most of their business in the US. See also: Fidelity partners with ebi for launch of ESG index fundThe fund is sub-managed by portfolio manager Forrest St. Clair from the US-based Fidelity Investments. Dennis Pellerito, head of wholesale, UK, at Fidelity International, said: “This new fund provides a differentiated avenue to access the US market through a complementary approach to large cap investments, potentially enhancing risk-adjusted returns within client portfolios.”