Sanjeev Shah's appointment as heir to Anthony Bolton on the Fidelity £3.2bn Special Situations fund is not a surprise. He has topped the list of potential candidates ever since Bolton announced his decision to step down. But what do we know about the man who will take over the most high profile job in fund management?
1996: joined Fidelity as a research analyst after acquiring an MBA from INSEAD and an MA in Economics from Cambridge University. Spent time as an assistant to Fidelity European manager Tom McCarron.
August 2002: made a portfolio manager
October 2002-August 2005: manager of the Fidelity UK Aggressive fund. Over the period delivered 77.77pc compared with benchmark return of 49.73pc.
August 2005 to the present: manager of the Fidelity Funds European Aggressive fund.
June 1 2007: will hand over European Aggressive to Mario Frontini.
January 1 2008: will assume total ownership of the Fidelity Special Situations fund and Special Values investment trust.
Investment process: Focuses on bottom up stock picking with a contrarian approach. Very driven by fundamental analysis and will look across market caps. Uses a filtering process to help select key stocks. Makes use of Fidelity analysts and a select number of sell side brokers. Uses quantitative and qualitative methods. Aims to meet three companies a day. Looks for turnaround stocks, as well as unrecognised growth opportunities and hidden jewels.
Plans for the Special Situations fund: no radical changes made to the portfolio when he assumes control in the New Year. There will be an overseas (mainly European component) and he would like to make uses of derivatives in the UCITs III compliant portfolio.
In the last 12 months he has moved from small and mid caps towards larger cap names and 55pc of the European Aggressive fund is in companies over €10bn. He has found it difficult to find opportunities in the financials sector and has been favouring media and pharmaceutical names.IFAonline
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