Fidelity Global Equities Fund 'on hold'
Research house Morningstar has placed the Fidelity Global Equities Fund 'on hold' following the company’s announcement about the departure of its portfolio manager, Brenda Reed, and the appointment of Amit Lodha to replace her.
Although existing unit holders might be inclined to stay, Morningstar is advising prospective investors to “steer clear until the new manager settles in and implants his own ideas on the portfolio”.
“We’d suggest growth-seeking unit holders adopt a wait and see approach before deciding whether or not to continue with this vehicle,” the research company added.
Morningstar stated that Lodha’s style-agnostic philosophy was a departure from Reed’s growth leanings and that he was yet to be tested over any lengthy period running broadly-based global funds, which was a risk.
Morningstar confirmed it would review the rating for the Fidelity Global Equities Fund after meeting Lodha later in the year.
AUTHOR
Milana Pokrajac
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