June 21, 2002 — Fidelity Investments reported that Fergus Shiel has been named to succeed John Muresianu as manager of the $762-million Fidelity Fifty Fund (FFTYX).
Shiel will manage the fund in addition to his current responsibility as manager of the $5.5-billion Fidelity Independence Fund (FDFFX).
Muresianu had managed the Fifty Fund since January 1999. “He told us he is leaving to manage his own account,” according to Anne Crowley, spokeswoman for Fidelity.
Muresianu placed heavy bets on individual economic sectors. According to Fidelity’s website, the Fifty Fund had 29.2% of its assets invested in energy stocks and another 26.4% in materials, as well as a 29.7% cash stake as of April 30.
Year to date through May 31, the Fifty Fund gained 15.1%, versus a 6.0% drop by the S&P 500 Index and a 6.7% decline by the average large-cap blend fund. In calendar 2001, the fund dropped 12.4%, while the Index declined 11.9% and the peer group shed 13.72%