July 16, 2003 — Fidelity Investments named two portfolio managers to replace mutual fund manager David Glancy, who is leaving the company.
Thomas Soviero took over Fidelity Leveraged Company Stock (FLVCX) and Fidelity Advisor Leveraged Company Stock/A (FLSAX). Mark J. Notkin succeeded Glancy on Fidelity Capital & Income (FAGIX).
Glancy is stepping down to “pursue another business opportunity,” a Fidelity spokesman said.
The $720 million Leveraged Company Stock fund Glancy managed, which invests in companies with high debt levels or that issue high-yield bonds, returned 50.4% this year through June, while its peer funds were up 14.4%.
The $4.2 billion Capital & Income fund, which invests in high-yield, or junk bonds, gained 27.4% through the first half of the year, while the average low-quality bond fund rose 14.6%.
Soviero, who continues to oversee Fidelity Advisor High Income/A (FHIAX), joined Fidelity in 1989 as an analyst and became an assistant portfolio manager on the Capital & Income fund in 1991. He was named director of high-yield research in 1991 and in 1996 became portfolio manager of the Fidelity High Income (SPHIX), which he piloted until June 2000.
Notkin has been running the a Fidelity variable insurance product that invests in high-yield bonds since October 2001. He joined Fidelity in 1994 as a high-yield analyst.
Glancy’s departure was reported today by The Wall Street Journal.