Fidelity fund has top-down advantage

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Tim McCarron, manager of the Fidelity European fund, argues his increasing use of top-down analysis ...

Tim McCarron, manager of the Fidelity European fund, argues his increasing use of top-down analysis is giving him a competitive edge in the market. Since taking over the vehicle in January 2003 from Anthony Bolton, McCarron has made greater use of industry consultants and moved away from brokers in order to generate ideas that others are missing. The other area he has focused on is using top-down analysis as a risk control method. This is primarily used to ensure he is not running stocks exposed to the same macro circumstances, such as those seen in the aftermath of the terrorist attack...