Fidelity MMs drop Shah's Special Sits from Select List

Fidelity's multi-manager team has dropped Sanjeev Shah's £2.4bn Fidelity Special Situations fund from its Select List of preferred funds.

The quarterly report, aimed at direct investors, lists about 90 funds the multi-manager team has picked for their long-term prospects. In their February update to the list, multi-managers Eugene Philalithis, Ayesha Akbar and Stephen Gibson said they were concerned by the continued underperformance of Shah's fund. “While we feel that the manager has a strong process and discipline around analysing and selecting stocks for his portfolios, the fund has performed less consistently than its peers over a rolling three-year period. We will continue to monitor the fund closely,” they said. ...