Fidelity hands Japan fund to Kim as Rowland steps back

Fidelity's Robert Rowland has retired from portfolio management after 11 years, handing his Japan fund to June-Yon Kim.

Rowland, who has been running the £116m fund since 2004, is staying with the group to work within the Asian research team. New manager Kim is changing the fund's remit, running a more concentrated portfolio. The group says the fund will have a higher concentration in its top 20 holdings in future, although it will retain its large-cap bias. The Japan fund has lagged the IMA Japan sector average over the last three years, delivering 4.8% compared to the average return of 12.7%, according to Morningstar. Kim, who has been at Fidelity since 1997, already runs the group's FAST Japan...