Fidelity expands FAST range with UK fund

Fidelity International has launched a long/short fund for Aruna Karunathilake after expanding its Fidelity Active Strategy (FAST) range.

The FAST UK fund will mimic Karunathilake's existing UK Aggressive fund in terms of stock selection, while providing him with the additional flexibility to place up to 30% of the portfolio in short positions. Net market exposure will be between 90-110%, with the fund holding around 40-55 long positions. Ben Waterhouse, head of UK retail sales at Fidelity, says: "A key difference between FAST UK and a traditional long-only fund is the ability to improve its information ratio by accessing additional alpha sources without a commensurate increase in tracking error. "Two ways this can b...