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Haber slashes Fidelity special sits stocks

Fidelity American special situations manager Bob Haber has slashed the fund’s number of holdings from 200 to 54 stocks in his first three months at the helm.

Haber, who took over from Neal Miller in July, has also shifted the fund’s bias towards more large cap stocks, with a greater emphasis on quantitative screening.

In a bid to make the fund more sector-neutral, the funds weighting in financials has been raised from 7.4 per cent to 17.9 per cent while healthcare is up 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. Haber’s biggest individual holdings are now Hewlett Packard at 4.8 per cent followed by Quest Communications and Motorola at 4.5 per cent each.

The initial charge on the fund will be reduced from 5.25 per cent to 3.5 per cent next week, reflecting the fact that the vehicle is no longer soft-closed.

Haber says he looks at companies bigger than $100m and employs his quants model to rank stocks based on issues such as valuations, trends, margins, buybacks and debt issuance.

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