Fidelity recently announced that the manager of its European Fund, Tim McCarron, will leave the firm early next year to take a break from the industry.
Tim McCarron took over the fund in January 2003 when he inherited the portfolio from investment legend Anthony Bolton. Tim McCarron has continued the fund’s impressive track record and during his tenure the fund has been among the best performers in its sector. We therefore rate Tim McCarron highly.
In his place, Sam Morse will be taking over the fund. We have already had a preliminary meeting with Sam Morse and will conduct another meeting in due course to further discuss his investment approach and outlook on the market. We also need to assess whether or not he has the ability to maintain the fund’s exceptional track record over the longer term.
Until our analysis is complete we have decided to remove the Fidelity European Fund from the Wealth 150, our list of favourite funds in each sector. We will be in touch with investors again with a more detailed update on the fund and whether investors need to take any action. For the time being, however, our view is that investors should continue to hold.
Meera Patel, Senior Analyst
Tim McCarron took over the fund in January 2003 when he inherited the portfolio from investment legend Anthony Bolton. Tim McCarron has continued the fund’s impressive track record and during his tenure the fund has been among the best performers in its sector. We therefore rate Tim McCarron highly.
In his place, Sam Morse will be taking over the fund. We have already had a preliminary meeting with Sam Morse and will conduct another meeting in due course to further discuss his investment approach and outlook on the market. We also need to assess whether or not he has the ability to maintain the fund’s exceptional track record over the longer term.
Until our analysis is complete we have decided to remove the Fidelity European Fund from the Wealth 150, our list of favourite funds in each sector. We will be in touch with investors again with a more detailed update on the fund and whether investors need to take any action. For the time being, however, our view is that investors should continue to hold.
Meera Patel, Senior Analyst
