moving away from its star manager culture?
Christopher Davis, senior fund analyst for Morningstar
recent embrace of multi-manager funds "represents a significant move away from the star manager culture."
The firm's new strategy divvies up portfolios among sector specialists and keeps sector weightings aligned with a market benchmark. Each manager reportedly runs its sleeve independent of the others.
The analyst is skeptical of the multimanager mode not just because of
the strategy, but also because it marks "a major shift in Fidelity's
investment culture." Davis wrote that the firm's best managers have been successful in their careers because partly, they had the freedom to
"think broadly and were given a lot of room to roam."
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