The Top Ranked Fidelity Fund Manager Resigns...
biz.yahoo.com
Yet, he was UP about 10% ytd and had a huge cash position AND a large position in NEM....=)
<<...The roughly $762.7 million Fidelity Fifty, which generally holds only about 50 or 60 stocks compared with more than 100 for the average mutual fund, is much smaller than some other Fidelity funds, including the roughly $72 billion Fidelity Magellan portfolio (Nasdaq:FMAGX - News) and the $32 billion Growth & Income fund (Nasdaq:FGRIX - News).
But Muresianu has far outperformed those portfolios recently amid large bets on mining and oil and gas stocks that have surged.
The fund is up about 10.1 percent year to date, putting it at the top of its large-company blend fund peers this year, according to research service Morningstar Inc. Fidelity Fifty is up an average 10.3 percent for each of the past five years, beating 98 percent of its rivals, according to Morningstar.
"He's had two bets on the table -- one on energy, one on mining stocks. Both have panned out tremendously well for him," said Jim Lowell, editor of Fidelity Investor, an independent newsletter. "He's actually been able to maneuver in a very agile manner, and secure both good long term returns but also even in the short term."
The fund's biggest holdings, as of March 31, were gold mining company Newmont Mining Corp. (NYSE:NEM - News), which is up about 50.9 percent so far this year, and energy company Burlington Resources Inc. (NYSE:BR - News), up about 4.2 percent.
The fund also had a large cash stake -- keeping about 29.7 percent of its assets in cash at the end of April, up from 18.5 percent a month earlier, according to Fidelity data...>> |
