Fidelity renames UK Opportunities fund

Fidelity is to rename its top performing UK Opportunities fund to better reflect its investment policy.

The fund, run by Alex Wright, is changing its name to the Fidelity UK Smaller Companies fund next month. The group said the new name will more clearly communicate its mandate as a small-cap investment vehicle. The fund is one of the best performing in the UK Smaller Companies sector over three years, delivering 72% compared to the average return of 28%. Short-term performance is also above the sector average, but despite this the fund has failed to attract investor interest, with assets of just £15m. The group said the fund will retain its investment approach and management styl...