Fidelity launches Euro Special Sits fund

The FF European Special Situations fund will be run by portfolio manager Fehim Sever; a former research analyst who has been with Fidelity for almost seven years. For the past 12 months, he has run a similar fund for Canadian investors, delivering an 18.1% return compared with a fall of 3.4% for his benchmark index. The new fund will be a high conviction, concentrated portfolio of between 35 and 50 holdings, using a blend of thematic and bottom up stock picking opportunities. It will be unconstrained with a broad remit and an expected tracking error of between 8% and 12%. Sever will loo...