Stavis cuts holdings on Fidelity fund

Fidelity Growth & Income fund manager John Stavis has reduced the number of holdings in the portfolio from 112 to 81. Since taking over management of the fund on 14 October, Stavis has trimmed down the tail of the £140m portfolio and is selling companies where he deems the outlook to be less favourable. Initially Sanjeev Shah was to replace Fidelity's previous Growth & Income manager, Fredric Gautier, who was moved to cover pan-European funds at the group. However, when Glen Pratt, manager of the Fidelity UK Aggressive fund, departed for Newton late last year, it was decided that Shah...