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Wednesday, December 21, 2011

Morningstar Ponders Fidelity's Extra Mandates

News summary by MFWire's editors

Morningstar fund analyst Greg Carlson looks into Fidelity's [profile] new strategy of assigning solo fund managers to manage a second fund with a different mandate, instead of letting a team of managers run a single fund.

The additional responsibilities were handed out April of 2009 when Brian Hogan became president of the equity division of Fidelity Management and Research. Hogan PMed Fidelity Blue Chip Value (FBCVX) from 2003- 2006 and Fidelity Worldwide (FWWFX) from 2002- 2005. He says handling multiple funds at the same time made him a better, well-rounded investor.

Given this new strategy, Fidelity expects to see fewer changes of portfolio-managers at its funds. That could help the firm and investors because fewer manager changes means less strategy shifts. And every time a shift happens, the fund in question suffers from higher transaction costs and bigger capital-gains distributions. 

Edited by: HFD


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