MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, November 14, 2002 Fido Shakes Up Funds Fidelity is tweaking its product line-up. The Boston Behemoth said yesterday that it will reopen the Low-Priced Stock Fund to investors next week on November 18. It also named a new manager for Aggressive Growth Fund and Advisor Dynamic Capital Appreciation. The $14 billion Low-Priced Stock fund had been closed to new investors since May 16 of this year. Over that time it has seen its asset base fall by roughly $3.8 billion. Fidelity had said at the time of the closing that it planned to reopen the fund by the end of 2003. Abigail Johnson, president of Fidelity Management & Research, explained that the fund is reopening as fund manager Joel Tillinghast has been able to put the fund's cash position to work. Separately, Fidelity said Rajiv Kaul will take over as manager of the $7.4 billion Aggressive Growth, replacing Robert Bertelson tomorrow (November 15). The move was made in response to falling relative returns in the fund. The fund ranks in the bottom decile of its peer group. Kaul will also keep his assignment as manager of the Adviser Aggressive Growth Fund. Meanwhile, Bertelson moves to manage the equity portion of Asset Manager Income. Finally, Fidelity also said that John Porter is taking the reins at Advisor Dynamic Capital Appreciation as of December 1. He now is portfolio manager for the Select Energy, Select Natural Resources and VIP Natural Resources funds. Printed from: MFWire.com/story.asp?s=3988 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |