View more on these topics

Fidelity’s Sanjeev Shah quits fund management

Business-Handshake-Meeting-Deal-Low-Angular-700x450.jpg

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 having been manager since 2008, when Anthony Bolton’s Special Situations fund was split in two.

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 role within Fidelity’s academy, focused on developing new investment talent.

Shah’s fund is first quartile over one and five years, retuning 37 per cent and 60 per cent respectively, and second quartile over three years, retunring 46 per cent, 

Wright says: “Sanjeev and I clearly have the same style and I intend to run it in the same way going forward. I very much have the same value-contrarian approach. However, my holding period is shorter and I will not use stop options.”

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.

”It would have been easy for Shah 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. This approach was vindicated and the fund recovered and has performed strongly since.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. it’s not the first time Shah’s bailed on investors – he did great with the UK Aggressive fund before deserting his fans for a period of introspection. He’s performed excellently with the Sp Sits fund too and it’s a shame he’s stepping down.

    Great fund manager, but investors need consistency through thick and thin> He obviously is a restless undependable soul and the industry is likely better off without him

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com