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Friday, February 26, 2010

Fund Managers Buy in Europe

by: Daniel Tovrov

As the Euro weakens, largely thanks to the Greek credit crisis, U.S. mutual fund companies are snatching up shares of European companies, The Wall Street Journal's Fund Track reports Friday.

Franklin Templeton's director of portfolio management, Cindy Sweeting, for example, has been buying European multinationals such as Siemens AG, SAP AG and Telefónica SA.

Other fund managers are staying away from countries on the Euro, looking instead to Scandinavian countries and Switzerland.

"One of the advantages of Switzerland -- they're not going to get the bill for Greece," David Winters, portfolio manager of Wintergreen Fund, told The Journal's Jane Kim.

In an unrelated note, Fund Track also picked up on Fidelity's shareholder update, in which the company reported a revenue decline of 11 percent in 2009, but an operating income rise of 5.2 percent. Fidelity also laid off 3,000 employees between late 2008 and early 2009. 

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