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Fidelity triples its Isa

Fidelity Investments has unveiled the triple 2002 Isa, which offers three Fidelity funds within a tax-free wrapper.

The Isa is made up of the Fidelity European opportunities fund, Fidelity special situations fund and Fidelity American fund. Together, they provide investors with the ability to diversify across region, industrial sector and companies of all sizes. Investments will initially be divided equally between the three funds, but investors can change the investment split if they want.

The European opportunities fund invests in medium-sized and larger companies based in Europe. These are stocks that look likely to benefit from changing economic conditions and developments within the business arena.

The American fund focuses on large and medium-sized companies. It is managed from Boston by John Muresianu, who takes a themed approach that frees him from having a benchmark index. He has been running the fund for four years.

The Fidelity special situations fund invests in undervalued small to medium-sized UK companies that have fallen out of favour and those that have undergone a change in management. These are companies that the fund manager, Anthony Bolton, feels will be popular again within the next two years. Bolton has managed the fund since he joined Fidelity in 1979.

This Isa could be of interest to investors who want to invest across a range of areas and a greater number of stocks than within a single fund. However, each of the funds carry a higher than average risk compared with more general UK, European and American funds. Some investors with lower-risk profiles might prefer to diversify through a UK fund that focuses on large caps, with smaller amounts going into other regions.

According to Standard & Poor&#39s, the Fidelity special situations, European opportunities and American funds are 1st quartile based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to January 11, 2002.


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