A number of multi-managers are excluding or running low weightings to Fidelity funds because of the ...
A number of multi-managers are excluding or running low weightings to Fidelity funds because of the group's portfolio reporting.
Premier does not pick Fidelity funds while Insight, Isis and Artemis state a perceived lack of transparency inhibits them from picking the group's product.
Fidelity issues detailed information on its portfolios once a quarter, including attribution analysis and sector reports but many fund of funds managers feel they need more than this.
Raj Hallen, fund of funds manager at Premier, said: 'There is nothing wrong with Fidelity's performance but why should we go out of our way to try and get information that we can get from other groups more easily?'
Aidan Kearney, investment director of Artemis' Premier Funds Service, said: 'We have attended meetings with Fidelity where the fund manager has turned to his minder to ask if he is allowed to answer a question.'
Joanne Roddan, associate director at Fidelity Investments, said: 'The paramount challenge we face is to provide information on our funds while protecting the ideas that drive our performance results. Revealing more detailed or more frequent holdings data other than on a quarterly basis may allow others to front run our investment decisions, hampering the ability of our fund managers to transact at the best prices.'
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