Fidelity has announced that Michael Clark, co-manager of the Fidelity MoneyBuilder Dividend and Fidelity MoneyBuilder Balanced funds, is retiring at the end of 2022.

Rupert Gifford, who has been Mr Clark’s co-manager on Fidelity MoneyBuilder Dividend since February 2020, will become the lead manager in January 2023.  He has been a member of the Income team since 2015, and part of the broader Fidelity Equity team since 2006.  He has over 20 years of investment experience.

He will also become the co-manager of Fidelity MoneyBuilder Balanced alongside Sajiv Vaid, who runs the fixed income component of this fund.  This fund features around 65% in equities and 35% in bonds, and it resides in the IA Mixed Investment 40% - 85% Shares sector.

Mr Gifford will not alter the distinctive investment philosophy or process that underpins the funds.  Mr Clark has always believed in “safety of income at a reasonable price”, investing in straight-forward, understandable businesses with predictable and consistent cashflows.  As a result, the equity portfolios have always had a defensive character, which is reflected in their risk/return profiles.  Having worked closely with Mr Clark for several years, Mr Gifford is committed to continuing in this vein with the aim of delivering an outcome that is suitable for the more cautious income investor.

We have met Mr Gifford on several occasions as part of our ongoing monitoring of the funds, and, given the continuity of approach, we are retaining both Fidelity MoneyBuilder Dividend and Fidelity MoneyBuilder Balanced on our Recommended list.

We send Mr Clark our very best wishes for a happy retirement.