Fidelity ups exposure to financial and retail areas

Anthony bolton's £1.9bn special situations fund invests 54% in financials and services

Anthony Bolton's £1.9bn Fidelity Special Situations fund is more than 54% invested in the financials and cyclical services sectors. Sector allocation is very much driven by stock selection, but Bolton has been building strong weightings in non-life insurance, support services and food and drug retailing sectors, over the course of the year. At the same time he has been underweighting banks, oil and gas and pharmaceuticals stocks. Bolton said: 'I began to find more opportunities in aggressive areas such as technology and biotechnology. However, this was the product of stock selection ...