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Rating:New Fido Fund Makes a Mega Splash Not Rated 2.0 Email Routing List Email & Route  Print Print
Thursday, February 21, 2008

New Fido Fund Makes a Mega Splash

News summary by MFWire's editors

Fidelity has added another fund to its family of advisor funds. The Fidelity Advisor Mega Cap Stock Fund (formerly known as Fidelity Growth & Income II Portfolio) has been managed by veteran Fidelity manager, Rick Mace. "We launched the Fidelity Advisor Mega Cap Stock Fund to give advisors the ability to provide their clients with dedicated mega cap exposure that can complement the broader large cap exposure they're currently invested in," said Marty Willis, executive vice president, Fidelity Investments Institutional Services Company.


Company Press Release

Fidelity Investments today announced the availability of Fidelity Advisor Mega Cap Stock Fund (Class A, T, B, C and Institutional), providing financial advisors and their clients access to a fund with dedicated mega cap exposure. With the addition of this fund, Fidelity now offers advisors at institutions such as brokerage firms, banks, and insurance companies access to a family of more than 115 Advisor funds.

The fund seeks high total return through a combination of current income and capital appreciation. Managed by Rick Mace, the fund normally invests at least 80 percent of its assets in common stocks of companies with mega market capitalizations, defined for purposes of this fund as companies whose market capitalization is similar to companies in the Russell Top 200® Index or S&P 100® Index.

"We launched the Fidelity Advisor Mega Cap Stock Fund to give advisors the ability to provide their clients with dedicated mega cap exposure that can complement the broader large cap exposure they're currently invested in," said Marty Willis, executive vice president, Fidelity Investments Institutional Services Company. "The addition of Fidelity Advisor Mega Cap Stock Fund further reinforces Fidelity's commitment to providing advisors with the industry's broadest advisor-sold fund family."

"What makes this fund different -- beyond its dedicated mega-cap mandate -- is that we build the portfolio from the bottom up using four distinctly different inputs into the stock selection process," said Mace. "The process integrates Fidelity's traditional fundamental analysts' research, insights from Fidelity's technical research, a suite of quantitative models adapted specifically for use with mega-cap stocks, and a macro or top-down perspective."

Mace began managing Fidelity Mega Cap Stock Fund (formerly known as Fidelity Growth & Income II Portfolio) in November 2007. He joined Fidelity in 1987 as an equity research analyst intern covering the appliance industry and, in 1988, became a full-time analyst. As an analyst, he followed a number of sectors and managed several of Fidelity's sector funds including Fidelity Select Transportation Portfolio, Fidelity Select Industrial Materials Portfolio, and Fidelity Select Chemicals Portfolio. Mace also managed Fidelity International Value Fund from 1994 to 1999 and Fidelity International Growth & Income Fund from 1994 to 1996. In 1996, he assumed group leader responsibilities for the International Group and began managing Fidelity Overseas Fund, Fidelity Advisor Overseas Fund, and Fidelity Global Balanced Fund, all of which he managed until 2005. Mace managed Fidelity Worldwide Fund from 2001 to 2005 and co-managed Fidelity Global Opportunities Fund from 2004 to 2005. He also managed Fidelity Aggressive International Fund, Fidelity Advisor International Capital Appreciation Fund and VIP International Capital Appreciation Portfolio from September 2005 until December 2005.

Fidelity VIP Emerging Markets Portfolio

Fidelity also introduced VIP Emerging Markets Portfolio to its line up of Variable Insurance Products (VIP) portfolios. VIP portfolios are investment options available exclusively through insurance companies' variable products.

Managed by Robert von Rekowsky, VIP Emerging Markets Portfolio seeks capital appreciation, normally invests primarily in common stocks, and normally invests at least 80 percent of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. VIP Emerging Markets Portfolio will be benchmarked against the MSCI Emerging Markets IndexSM (MSCI EM).

Von Rekowsky will continue to manage Fidelity Emerging Markets Fund and Fidelity Advisor Emerging Markets Fund, for which he assumed responsibilities in 2004. He also manages several emerging markets strategies available exclusively to institutional, Canadian and overseas investors. Von Rekowsky joined Fidelity's Fixed-Income Division in 1989 and served as a global research associate and municipal bond trading administrator. In 1995, he joined Fidelity's High-Income Division and served as a sovereign debt analyst until 1998, when he moved to London to work as an equity analyst for Fidelity International, Ltd. (FIL). In 2002, he became an associate portfolio manager overseeing the European, Middle Eastern and African equities within Fidelity Emerging Markets Fund. He also began managing several emerging markets funds available exclusively to Canadian and overseas investors. He served as an equity research analyst covering emerging markets stocks from 1998 to 2003.

VIP Emerging Markets Portfolio gives insurance companies additional choice and opportunity when allocating their clients' assets among international funds.

"We've found that advisors are taking a long-term view with emerging markets investments," said Willis. "They recognize not only the growth in the economies and consumer sectors of many these countries, but also the volatility inherent in emerging-markets investing. By allocating a portion of their clients' portfolios in a dedicated emerging markets fund, advisors can help their clients realize the potential for increased returns and the benefits of a more diversified portfolio of international investments."

About Fidelity Investments Institutional Services

Fidelity Investments Institutional Services Company provides investment management services through investment professionals at financial institutions nationwide, including wirehouses, regional and independent broker/dealers, banks, trust companies and insurance companies. The company offers Fidelity Advisor Funds®, Variable Insurance Product (VIP) Portfolios, systematic investment plans, institutional money market funds and a comprehensive line of retirement products and services. Fidelity Investments Institutional Services Company's total assets under management were $298.2 billion as of January 31, 2008. For more information, advisors may visit https://advisor.fidelity.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $3.3 trillion, including managed assets of more than $1.5 trillion as of January 31, 2008. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.
 

Edited by: Erin Kello


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