Fidelity pilots global long/short equity fund

Fidelity is running a pilot global long/short portfolio which may be released to professional investors later in an expansion of the group's FAST fund range.

The group, which has a range of FAST (Fidelity Active Strategy) products covering the UK, Europe and Japan, has seeded the pilot with its own money to test the strategy. A global FAST fund is the natural next launch for the group following the recent unveiling of a UK strategy for Aruna Karunathilake. Karunathilake, also manager of the £265m Fidelity UK Aggressive fund, will be able to have up to 30% of the FAST UK portfolio in short positions, with normal net market exposure running at between 90% and 110%. The long-only portion of FAST UK is a replica of the Aggressive fund's hol...