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%.