Fidelity Fds - Europ. Growth: Qual. Rating Issued
Despite a manager change in 2007 and subsequent significant outflows suffered by the fund, we have confidence in its ability to add value in the long term.
"Alexander Scurlock took the reins of this fund in 2007 after previous manager Graham Clapp's departure. Since taking over, Scurlock has significantly pared back the number of holdings, partially because he's focused more on large caps than his predecessor, who had included more mid-cap positions in the portfolio. However, even though Scurlock is fond of large stocks at the moment, his investment style is generally quite flexible, so investors here shouldn't assume this fund will always maintain a large-cap bias. Scurlock could increase holdings again if small and mid caps become more interesting to him . . ."
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