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Fidelity’s Sanjeev Shah quits fund management


Fidelity Special Situations fund manager Sanjeev Shah is to step down from fund management.

Shah will be replaced by Alex Wright on the £2.7bn portfolio after having been manager of the fund since 2008.

Wright is also portfolio manager of the Fidelity Special Values investment trust and co-manager of the Fidelity UK Smaller Companies fund alongside Jonathan Winton.

Fidelity says Shah will take on a new role within Fidelity’s PM Academy, focused on developing new investment talent.

Fidelity Global chief investment officer Dominic Rossi says: “We would like to take this opportunity to thank Sanjeev for the tremendous contribution he has made to the firm and our clients’

Hargreaves Lansdown head of investment research Mark Dampier comments: “Although it has been a bumpy ride, investors should be pleased with the results. While 2010 and 2011 were particularly difficult years for the fund; as its holdings in banks and other economically sensitive areas fell as the euro crisis worsened, we stuck with the fund and it remained on the Wealth 150 list.

”Sanjeev Shah faced criticism and it would have been easy for him to cave in and change his approach. However, he stuck to his guns, using share price falls to top-up his favoured holdings in unloved areas of the market, where he felt there was scope for a transformation in fortunes. This approach was vindicated and the fund recovered and has performed strongly since.”


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Mukesh Chhatralia 3rd September 2013 at 12:19 pm

    Just as when Sanjeev was performing really. This may in the long run be either a loss for Fidelity in actual fund management talents or that Alex ( the right obvious choice ) will continue to perform. Hopefully Sanjeev will add value to growing other fund managers of great stature.

  2. Did he jump or was he pushed? The fact is that no matter how hard he tried to emulate the strategies his illustrious predecessor, he just doesn’t have Anthony Bolton’s Midas touch when it comes to picking the right stocks at the right time and, unfortunately for Fidelity, Mr Bolton seems to have come a cropper with his Chinese venture. As for Jorma Korhonen, the less said about him, the better ~ disasters all round.

    Very soon after Shah took over, I swiftly moved all my clients out of both the UK Special Sit’s funds and never went near the China Special Sit’s IT.

    I’ve had no cause since to regret that advice.

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