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Fidelity Asset Manager Sails Steadily

New manager's tilt toward value likely helped in early 2001.

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If anything, the manager change at Fidelity Asset Manager (FASMX) has probably helped it in early 2001.

Dick Habermann still sets the fund's overall asset allocations, but on February 1, 2001, Chuck Mangum replaced Tom Sprague as the manager of the equity slice of the portfolio. Sprague had always managed the fund with a growth bent, and he typically kept more in technology stocks that Mangum had at his main charge, Fidelity Dividend Growth (FDGFX). It's not yet clear how much Mangum changed the portfolio after taking over, but given his attention to valuations, it's likely that he cut tech and beefed up the fund's financials exposure.

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