Fidelity's 'youth' policy must succeed

Despite Edinburgh Investment Trust's criticism of John Stavis in its latest results, few would have ...

Despite Edinburgh Investment Trust's criticism of John Stavis in its latest results, few would have expected the Fidelity manager to announce a 'sabbatical' the very next week. Fidelity runs the Edinburgh trust on an outsourced basis and the board said his portion of the mandate has not met expectations. His open-ended funds, Income Plus and Growth + Income are also both distinctly average in performance terms, sitting in the middle of their respective sectors over three years. As everyone knows, few managers ever return from sabbatical and the group has already made it clear that if ...