idelity Investments has launched a new fund -- Fidelity Real Estate Income Fund
-- that will invest in a mix of real estate income producing securities and common stocks for higher than average income and capital growth. The fund is available for purchase today.
"The fund will primarily provide exposure to the commercial real estate sector, which historically has had a low correlation to the S&P 500O. Real Estate Income Fund also will be more conservative than our other real estate portfolios and will provide the potential for higher income," said Phil de Cristo
, executive vice president of Fidelity Brokerage Company.
Compared to the existing Fidelity Real Estate Investment Portfolio
, the new fund will have a higher fixed-income allocation and generally greater emphasis on current income. The fund will invest primarily in domestic issuers.
Mark P. Snyderman
will manage the new fund. Since joining Fidelity in 1994, he has served as a senior investment officer for commercial mortgage-backed securities and as a portfolio manager of real estate stock and real estate bond funds and institutional accounts.
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