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Fidelity Revamps Equity-Income Funds

European-stock funds come out winners this month, and more.

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Fidelity is overhauling its equity-income funds in an attempt to boost income. The firm is giving new managers, new mandates, and a more distinctive look to  Fidelity Equity-Income (FEQIX) and  Fidelity Equity-Income II (FEQTX).

Stephen Petersen, who managed Fidelity Equity-Income for more than 18 years, is being replaced by a three-manager team of James Morrow, Adam Kramer, and Ramona Persaud. Morrow will serve as lead manager, with Kramer running a high-yield and convertible sleeve and Persaud running a global equity sleeve.

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