Fidelity International Replaces Bolton as Special Situations Manager

Stephen Harris

15 May 2007

Fidelity International has appointed Sanjeev Shah to succeed Anthony Bolton as the next manager of the £3.2 billion Fidelity Special Situations Fund, the most successful UK mutual fund of the last three decades, according to the company. Mr Bolton will work closely with Mr Shah in the months leading up to the hand-over of portfolio responsibilities at the end of 2007 to ensure a smooth transition for the fund’s shareholders. Mr Bolton will then take on a new full-time role with Fidelity International, working on investment and product strategy as well as acting as a mentor to younger investment professionals. Both managers take a contrarian approach to investing, running against the crowd in pursuit of opportunities among unloved and unfashionable companies, said Fidelity International in a statement. Mr Shah will also take on the management of Fidelity Special Values, the £400 million investment trust, from 1 January 2008. Mr Bolton said: “Having worked closely with Sanjeev for many years, I have no hesitation in recommending him to be only the second manager of Fidelity Special Situations in 27 years. I believe that he has what it takes to sustain the success for the many thousands of investors who have supported me in the past. The Fidelity Special Situations Fund has delivered an annualised return of 20 per cent since inception.