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Fund Times

Fidelity Star Manager to Take Short Leave

Fidelity Low-Priced Stock's Tillinghast plans fourth-quarter leave.

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Fidelity today said Joel Tillinghast, the longtime and hugely successful manager of  Fidelity Low-Priced Stock (FLPSX), would be taking a leave of absence beginning Sept. 6, 2011. Tillinghast plans to be back at the fund's helm in January 2012.

In the interim,  Fidelity Advisor Small Cap's  (FSCTX) Jamie Harmon will become the temporary lead manager and will have a five-member supporting cast each with sector specialties. This group, which includes Rayna Lesser, Shadman Riaz, Cathy Buck, John Mirshekari, and Justin Bennett, manages sector-focused sleeves in either  Fidelity Stock Selector Small Cap (FDSCX) or  Fidelity Large Cap Value (FSLVX). According to Fidelity's equity fund chief Brian Hogan, Tillinghast handpicked each member of this team.

Christopher Davis does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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