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Strategies & Market Trends : Fidelity Select Funds

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From: seminole	1/22/2014 9:51:27 AM
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FBIOX The remarkable surge in Intercept Pharmaceuticals’ ( ICPT) stock — 582% this year, at last check — appears to have delivered handy gains to some well-known Fidelity Investments mutual funds. But it may have just missed one of the firm’s most famous funds. The big winner appears to be Fidelity Select Biotechnology ( FBIOX). This mutual fund owned a little over 1.31 million shares as of the end of November, a position valued at $68.9 million back then, according to Fidelity’s most recent disclosure. It’s about 6.8% of the company’s outstanding shares, according to FactSet Research Systems. Assuming manager Rajiv Kaul and colleagues held on, score one for Fidelity’s biotech investors, who look like they’re enjoying the fruits of an outsized bet on a little-known company. This is big even for an $8 billion fund. blogs.barrons.com

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