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Fidelity Skipper Mangum's Hot Streak Continues

Contrarian nature, good stock-picking key his funds to strong returns.

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Charles Mangum is still setting the standard in the large-blend category.

Mangum's handling of Fidelity Dividend Growth's (FDGFX) and Advisor Dividend Growth's (FDGTX) tech stakes this year illustrates how well he has implemented his mildly contrarian, valuation-conscious strategy. When tech stocks sold off sharply in March, Mangum brought his formerly tech-shy funds' exposure to the sector back in line with the S&P 500's. The valuation-conscious Mangum then sold during the tech rally of April and early May, according to figures provided by Fidelity. The sector subsequently stumbled again, and Mangum resumed buying. By June 30, the funds' tech weights again equaled that of the index.

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Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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