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Friday, January 13, 2012

Tillinghast Returns

News summary by MFWire's editors

Fund manager Joel Tillinghast is back at the helm of the $32-billion Fidelity Low-Priced Stock Fund. Tillinghast took a four-month leave, which he spent writing a book and mentoring some new analysts of the firm.

Morningstar covered his return in this week's Fund Times column.

During his absence, Jamie Harmon, Justin Bennett, Katherine Buck, Rayna Lesser, John Mirshekari and Shadman Riaz co-PM'd the fund. Upon his return, Fidelity announced that they will still manage 5 percent of the assets, which amounts to roughly $1.6 billion.

The largest slice out of the 5 percent will be managed by Harmon, who assumed the leadership in Tillinghast's absence, and also manages the $4.3 billion Fidelity Advisor Small Cap Fund.

Morningstar reports:
There is no evidence that Tillinghast is on his way out--indeed, he plans to manage the fund for several more years. However, Fidelity did say this was part of the succession plan at this offering.

Edited by: HFD

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