blackmerlin,
The only reference to BMY I saw in that article was this, referring to Fidelity Select Biotechnology (historically one of the less stellar biotech funds around):
What's in a "conservative" biotech fund? A sizable stake in pharmaceutical companies, with Bristol-Myers Squibb (BMY) currently among the largest holdings. Notably, though, these companies have held back the fund's performance in the past few years.
BMY in fact doesn't appear in the current top 10 of Fidelity Select at all:
Top Ten Stocks as of August 31, 2001
% of fund's net assets
Amgen, Inc. 11.1
IDEC Pharmaceuticals Corp. 6.7
Gilead Sciences, Inc. 5.9
Medimmune, Inc. 5.1
Millennium Pharmaceuticals, Inc. 4.8
ImClone Systems, Inc. 4.6
Biogen, Inc. 4.6
Human Genome Sciences, Inc. 4.0
Genzyme Corp. - General Division 3.5
Cephalon, Inc. 2.9
Incidentally, I've never understood why Fidelity rotates people through their Select Funds so quickly, and why they believe someone without biotech investing experience can manage a biotech fund. I don't know anything about Younger (he's been there for about a year) but the last person in the job came straight from managing a portfolio in a totally unrelated field.
(I'm not objecting to Fidelity's current holdings, just venting about their general policy).
Peter |
