Fidelity adds European fund to fast range
Fidelity Worldwide Investment has added to its Fidelity active strategy (fast) range with the addition of the fast European opportunities fund.
The fund is managed by Steffen Winnefeld, who has been the assistant portfolio manager of the fast Europe fund since March 2010.
The fund will sit alongside this sister Europe fund, managed by Anas Chakra, within the fast range, which has neared capacity and could be soft closed.
Fidelity product manager Toby Gibb says the fund would offer an alternative to investors if the fund were to soft close, as the two managers have a similar style.
Gibb says there will be differences to the two portfolios with Winnefeld able to consider companies that the larger European fund may not be able to because of its size.
The fund is benchmarked against the MSCI Europe index and will have the ability to short unattractive stocks to a maximum of 30 per cent of total net assets.
The new launch will also be able to invest up to 30 per cent of the fund’s total net assets in non-European equities.
The minimum investment is £31,517.
The move comes after the asset manager recently announced it would add a fixed income fund to the range.
Fidelity will also convert its £15.3m retirement income fund to a multi asset income fund next week.
From February 13, the fund will be jointly managed by Richard Skelt, co-head of multi asset investment at Fidelity, and Eugene Philalithis, manager of the Multi Manager income fund.