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Sporting chance

I am a great fan of Fidelity and have supported it for over 20 years. I enjoyed its recent Investment Forum but I have given up pestering it to consider using its wonderful research capability to launch a range of ethical and socially responsible funds.

The distasteful part of investment seminars is the enjoyment of making profit by investing in ethically-compromised industries such as tobacco and gambling. The return the fund makes is at the expense of a lung cancer victim or a gambling suicide.

Therefore, it is with mixed feelings that I read about how much money Fidelity, New Star and the rest have lost as Sportingbet, PartyGaming and 888 shares halve in value. Investors, several stages removed from the direct holding, will see their value penalised. Hopefully, fund managers will realise that in the long term there are better ways to invest and enjoy a return and extract their funds from these holdings.

For a while, until the economic cycle brings tobacco and the like back into favour, we can enjoy the better returns enjoyed by those managers who look further ahead and with a greater sense of responsibility.

David Flowers


Flowers McEwan, Leeds


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