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Fidelity’s special situations fund increases exposure to financials

Fidelity’s special situations fund portfolio manager Sanjeev Shah is capitalising on the bottom-up stock picking environment and increasing his exposure to financials.

According to Shah, valuations on many stocks and sectors are looking attractive when compared to those in the 1993 bear market on a price to book basis.

He believes the equities trough has not yet been reached but renains confident in the strength of underlying fundamentals. He says: “In this environment, I’m increasing my exposure to financials with a basket of banking stocks to spread the risk. I also like other non-bank financials such as Provident Financial and I am overweight financials overall.”

Shah is also bullish on consumer services and is overweight in technology stocks. He says: “I am always attracted to potential bid targets and it is likely that merger and acquisition activity will pick up in 2009.”

The £2bn FIF special situations fund remains first decile over Shah’s 11 month tenure to the end of November 2008, according to figures from Morningstar.

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