Will This Fidelity Experiment Work?
Some managers are juggling multiple mandates.
In recent years, Fidelity has tried a few approaches to fund management that aren't in keeping with its long history of focusing on star managers such as Peter Lynch. For example, some of its stock funds are now run by teams of half a dozen or more portfolio managers who control separate chunks of assets (a practice American Funds has used with great success for decades).
Another trend at Fidelity that's gaining steam is a move in the opposite direction: Rather than sharing the load at a single fund, solo fund managers are increasingly being given a second fund to run with a different mandate. Most of the additional assignments among current Fidelity equity-fund managers have been doled out since Brian Hogan was named president of the equity division of Fidelity Management & Research in April 2009. He's a big believer in this approach; he managed large-value offering Fidelity Blue Chip Value (FBCVX) from 2003-06 and Fidelity Worldwide (FWWFX) from 2002-05 and says the multiple mandates made him a better, more well-rounded investor.
Greg Carlson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.