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Fidelity completes American special situations fund transition

Fidelity American special situations fund manager Bob Haber has completed his three month transition of the fund by reducing the number of stocks from 200 to 54.

Haber has also increased the fund’s large cap bias although it still has a bigger weighting to companies smaller than the S&P 500, and has made the portfolio more sector neutral.

Haber took over the management of the fund from Neal Miller on July 1 2006 and says he has reshaped the fund to his investment style which is bottom up, and will utilise more in-house technical research and draw on his own quantitive screening model.

The fund has seen financials stock weightings rise from 7.4 per cent to 17.9 per cent over the last three months, while healthcare has increased from 5 .2 per cent to 12.2 per cent.

Industrial stocks have dropped from 23.9 per cent to 9.6 per cent and utilities increased from 0.1 per cent to 4 per cent over the same period to the end of September.

Biggest individual stocks are now Hewlett Packard at 4.8 per cent followed by Quest Communications and Motorola at 4.5 per cent each.

Initial charges on the fund will be reduced to 3.5 per cent next week.

Haber looked at companies bigger than $100m and employed his quants model to rank stocks based on issues such as valuations, trends, margins, buy-backs and debt issuance.

Haber says: “At the end of the process I have around 200 names to choose from. I then look at technical research analysis. This research doesn’t care what a company does but instead looks at what the market is saying about price, volume and sentiment.”

“Finally I take a second look at the fundamantal research on each stock to understand the investment themes and this leaves me with what I believe to be the best 50 or so stocks for my portfolio. I review the output of these three aspects every day and update the portfolio accordingly.”

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