Fidelity in US rebalance

Fergus Shiel has transformed the £1.25bn Fidelity American into a more mainstream US equity fund, slashing the number of positions and taking off its heavy gold and cash bets. Shiel, who took over running the portfolio earlier this year, from John Muresianu, does not believe there will be a double-dip recession in the US, particularly as job losses have not been high and liquidity is plentiful. He has built positions in financials, which have begun to bounce back, and tobacco, two sectors Muresianu had avoided. Shiel said: 'When I took over, the fund had a heavy position in gold and ...