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Shah will cut stocks but stay contrary

Sanjeev Shah says investors will not see any radical changes in the way the special situations fund is run when he takes over from Anthony Bolton.

But Shah says he will reduce the number of stocks within the portfolio from 140 currently to between 85 to 120 as this fits his management style.

Both Bolton and Shah have a contrarian stockpicking approach and invest across the market-cap spectrum.

Shah says: “I tend to see all my holdings within three or four months. This is much more about continuity so don’t expect there to be radical changes. The mainstay of the fund will continue to be long-only investing.”

He says he will focus more on Fidelity’s in-house research and use fewer external analysts than Bolton but will continue his regime of typically visiting three companies a day. He insists any heavy redemptions will not affect how the fund is run as his style lets him manage inflows and outflows.

He adds: “The types of opportunities I am looking for are turn-round and recovery stories, unrecognised growth and hidden jewels while also looking at corporate activity.”

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