I made a premature move into nat. gas and am out again. Lots of churning and handwringing in the gas and oil sector. I remain firmly in FSAGX and it was my best performer last year. It has remained in Julius' strong list more often than not. There is a huge battle over what the role of gold will be going forward.
At this point, if I were going to ignore Julius's lists, which one does at ones own peril, I would go with FSESX for the year.
Re: Manager Changes I personally don't think too much about the revolving management door at Fido's Select funds. They are a training ground and people either perform and move up or are shown the door. If you are following the advice to only invest in funds with stable managment, Selects are not for you. The concept of the select funds is that it is more important to be in the right sector of the market than the actual stocks themselves. The cycles for sector rotation have been more like a spinning top in the past two years as our investing and political world has been turned upside down. Strong sectors one week are at the bottom the next. I really want to be in the pharma select but it has been a slow boat to nowhere. Anyway, here is the info from Morning*.
Here's a cut & paste from Morningstar:
Christopher Zepf's resignation caused Fidelity to rearrange the management at a handful of its Select funds again. (In a recent edition of Fund Times, we outlined other changes to Fidelity's sector-fund management.) The company announced Thursday that Telis Bertsekas replaced Zepf as manager of Fidelity Select Technology FSPTX, Fidelity Advisor Technology FATEX, and a technology sector fund available exclusively to Canadian investors. According to Fidelity, Bertsekas also will serve as sector leader of the technology equity research group and will continue to manage Fidelity Select Computers FDCPX, which he has managed since June 2001.
Shep Perkins will succeed Zepf at Fidelity Advisor Developing Communications FDMAX. Perkins will continue to manage Fidelity Select Developing Communications FSDCX and Fidelity Select Wireless FWRLX. Perkins has managed Select Wireless since the fund's inception in September 2000, and began managing Select Developing Communications in June 2001.
On February 1, Samuel M. Peters will take the reins from Brian J. Hanson at Fidelity Select Electronics FSELX. Peter Hirsch will take over Peters' charge, Fidelity Select Banking FSRBX, which Peters has managed since February 2000.
Hanson, meanwhile, will succeed Steven C. Calhoun as manager of Fidelity Select Retailing FSRPX on February 1. Calhoun will remain at the helm of Fidelity Select Medical Equipment and Systems FSMEX, which he took over from Christine Schaulat earlier this month." |
