In our bulletin of 28 September 2023, we communicated the news that Jeremy Podger, manager of the Fidelity Global Special Situations fund, would be stepping back from full-time portfolio management, effective 31 March 2024.
Fidelity has since announced that Tom Record (formerly Liontrust and Baillie Gifford) and Christine Baalham (formerly Ninety One and Schroder Investment Management) will replace Mr Podger as equal co-portfolio managers on this fund. Mr Record and Ms Baalham each bring circa 20 years of portfolio management experience, having both managed global equity portfolios.
Fidelity has indicated that there will be no changes to the fund’s investment objective and philosophy, which remain anchored in the belief that markets can misprice the future potential of a company. However, given Mr Podger’s key role in the investment process and the significance of the team changes, we feel it is appropriate to remove the fund from The Adviser Centre.
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