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Fidelity Juggles Sector Fund Managers

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May 4, 2004 — Fidelity Investments named new portfolio managers this month for four of its mutual funds that focus on selected industries.

Valerie Friedholm, who has run Fidelity Select Home Finance (FSVLX) since last year, took over Fidelity Select Food & Agriculture (FDFAX). She succeeded Jeffrey Feingold, who was recently named co-director of research.

John Roth, who has overseen Fidelity Select Chemicals (FSCHX) for two years, replaced Matthew Friedman on Fidelity Select Multimedia (FBMPX).

Friedman was named manager of Fidelity Select Cyclical Industries (FCYIX). He succeeded Matt Fruhan, who continues to run Fidelity Select Financial Services (FIDSX), and was also named leader of Fidelity’s finance equity research group.

Friedman also replaced Roth on Fidelity Select Chemicals (FSCHX). In addition, Friedman was named to lead Fidelity’s cyclicals equity research group.