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Triple opportunity from Fidelity

Fidelity Investments has unveiled the triple 2002 Isa, which offers three Fidelity funds within a tax-free wrapper.

The Isa is made up of the Fidelity European opportunities fund, Fidelity special situations fund and Fidelity American fund. Together they provide investors with the ability to diversify across region, industrial sector and companies of all sizes. Investments will initially be divided equally between the three funds but investors can change the investment split if they want.

The European opportunities fund invests in medium-sized and larger companies. These look likely to benefit from changing economic conditions. The American fund focuses on large and medium-sized companies. It is managed by John Muresianu, who takes a themed approach that frees him from having a benchmark index.

The special situations fund invests in undervalued small to medium-sized UK companies that have fallen out of favour and those that have undergone a change in management.

Each fund carries a higher than average risk compared with more general funds. Investors with lower-risk profiles might prefer to diversify through a UK fund focusing on large caps, with smaller amounts in other regions.

According to Standard & Poor&#39s, the special situations, European opportunities and American funds are first quartile, based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to January 11, 2002.

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