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.
Apparently the Egyptian queen Cleopatra was so monumentally peeved about her boyfriend, Antony, dying and the prospect of being ruled by the invading Augustus Caesar she committed suicide by allowing some poisonous asps to bite her.
Gerry O’Brien has been promoted to the role of managing director at Home of Choice.O’Brien moves to the position made vacant in February, after Richard Coulson was promoted to chief executive, from his previous role as sales director at the firm.Simon Thomas moves from his role as business development director to replace O’Brien as sales […]
Scottish Widows has signed a deal with FundsNetwork, which will allow Widows retirement accountholders to access over 800 funds.
Is stakeholder still an important part of your pension offering? Yes “I have a lot of clients in the garage trade and it is useful for them if they are moving in and out of employment.” Martin Cox, Freeman and Associates No “I have not done an individual pension for three years. Most of my […]
So are the new Pension Freedoms being used? The answer to this appears to be a very clear ‘yes’. Figures from the Financial Conduct Authority (FCA) this week provides firm evidence of such usage.
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Support service provider SimplyBiz has signed a third new deal for defined benefit transfer advice work after its original partner pulled out of the marketplace. In an email to members seen by Money Marketing, compliance director Gary Kershaw apologises for any inconvenience caused by Crowborough-based advice firm CFPML’s decision to exit the DB transfer marketplace. […]
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The Budget will lay out Government plans to help build 300,000 new homes a year, according to Chancellor Philip Hammond. The plans will include fasttracking developments with planning permission. Hammond said the Government would use “powers of state” to get homes built on these sites, according to the BBC. The Government will also unveil plans to […]