Shah replaced on Fidelity Special Values
Sanjeev Shah has stepped down from managing the Fidelity Special Values investment trust, to concentrate on the open-ended Fidelity Special Situations fund.
Shah will be replaced as manager of the closed-end Fidelity Special Values by Alex Wright, who currently manages the Fidelity UK Smaller Companies fund.
The board of the investment trust claims Wright’s contrarian style and small and medium-sized companies focus was “an ideal fit”.
Fidelity Special Values chairman Lynn Ruddick, says: “The board is keen to take greater advantage of opportunities for capital growth available from dynamic smaller and mid-cap companies and this is an area where Alex has demonstrated considerable success.
“The investment strategy and the company’s benchmark remain unchanged. We are excited at the opportunity for the company to broaden its appeal to a wider group of shareholders who are seeking the security of quality large cap stocks as well as the potentially higher growth of carefully-researched smaller companies.”
She adds: “We respect the wishes of Sanjeev Shah to focus exclusively on his open-ended fund and the board would like to thank him for his diligent management of the portfolio in what has been a particularly challenging period in equity markets.”
The manager change will occur from September 1.
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