Brass changes 80% of fund in pro-cyclical move

New Fidelity American Special Situations manager Adrian Brass has turned over 80% of the portfolio i...

New Fidelity American Special Situations manager Adrian Brass has turned over 80% of the portfolio in the weeks after assuming control of the fund. Brass, who also manages the group's £1bn offshore FF America vehicle, replaced Fidelity Investment Canada CIO Bob Haber on the £187m Special Sits fund in March and immediately implemented a more pro-cyclical stance. The manager made additions in selected financials, materials and media stocks - at the expense of pharmaceuticals, food retailers and telecoms. He also took the number of holdings up from an average 45 to upwards of 70 and effe...