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Strategies & Market Trends : Fidelity Select Sector funds
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To: Carolyn S. who wrote (1202)11/12/1998 5:38:00 PM
From: gregor  Read Replies (1) of 4916
 
Hi Carolyn:

Would you please explain why you chose FSMEX over FSPHX. I notice that FSPHX is now back to it's July high and FSMEX is below it's July high. ( is this part of the reason ? ) Also FSMEX's manager is new and the fund has a very short track record while FSPHX has a great track record and a seasoned manager.

The following is dated back to Oct 20 but explains some of what Fidelities new Peter Lynch is doing Charles Mangum. Thought you might tell me what you think the financial sector looks like for the next six months; that will probably be my next move but I have not made up my mind for sure. Thanks, gregor

FYI-------""As usual, Fidelity wouldn't let us talk to Mangum (you think they don't like us?). But we don't have to talk to him to see that Mangum is cooling in a meaningful way on health care, the sector that put him on the top of the charts.

After months of having health care as his No. 1 holding, weighted at nearly twice the S&P average, Mangum slashed his health-care holdings last month to 14.1% of his fund from 20.3%, according to Fidelity's Mutual Fund Guide. Finance now is his top holding and the health-care money appears to have gone into technology stocks.

This is worth noting because Mangum clearly knows health care, having managed both Fidelity's Se lect Health Care (Nasdaq:FSPHX - news) and Select Medical Delivery. Mangum also is very conscious of valuations, say those who know him, and appears to have decided that now is the time to take some money off the table in the sector.""
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