Fidelity cuts tech exposure

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Fidelity has shifted to an underweight position in technology stocks in its US Oeic and moved to ove...

Fidelity has shifted to an underweight position in technology stocks in its US Oeic and moved to overweight cyclical companies. Fidelity American, which is managed by John Muresianu, has cut back its overweight exposure to technology, which dragged on the fund's short term performance after the correction in the sector in March and April. The fund is last out of 88 funds in the North American sector over three months, bid to bid, and is 76 out of 88 over one year on an offer to bid basis. Back in June 1999 the fund was ranked one out of 91 over one year, on returns of 91.5%. Muresianu h...

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