GEM manager departs Fidelity
Alex Duffy, manager of the Global Emerging Markets (GEM) fund at Fidelity is to leave the firm at the end of May.
Announcing on the Australian Securities Exchange (ASX), Fidelity said Duffy would leave after 16 years at the firm in various roles.
He first joined Fidelity as an analyst in 2004 and was currently manager of the Fidelity Global Emerging Markets fund and managed fund, based in London.
Amit Goel and Punam Sharma had been appointed to run the funds as lead manager and co-portfolio manager following Duffy’s departure.
The firm said the mandate and remit of the funds would be unchanged by the move.
“The focus of the funds continues to be identifying companies with quality attributes through a rigorous bottom-up stockpicking approach. Key characteristics of the funds such as concentration, high active share, low turnover and strong ESG credentials will be retained, and in some cases enhanced.”
According to FE Analytics, the GEM fund had returned 41% over one year to 31 March, 2021, versus returns of 32% by the emerging market sector within the Australian Core Strategies universe.
Performance of Fidelity GEM fund versus emerging market sector over one year to 31 March 2021
AUTHOR
Laura Dew
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