Oct. 4, 2004 – Fidelity Investments said it will close its Fidelity Diversified International Fund (FDIVX), effective October 25, to new investors.
The company attributed the closing to the fund’s strong growth in cash flows. Assets in the fund grew from $7.1 billion at the end of 2002 to $17.8 billion on Aug. 31, 2004.
Managed by William Bower since April 2001, the fund has gained 20.3% for the 12-month period through August 2004, while the average international equity fund climbed 18.6%. The portfolio is ranked 5 Stars by Standard & Poor’s.
Fidelity also announced that Penelope A. Dobkin has been named portfolio manager of Fidelity Advisor Diversified International Fund/A (FDVAX), succeeding Bower, who will continue to manage the Diversified International Fund.
In addition, William Kennedy has been named portfolio manager of Fidelity International Discovery Fund (FIGRX) [formerly Fidelity International Growth & Income], succeeding Dobkin.
Dale O. Nicholls has been named portfolio manager of Fidelity Pacific Basin (FPBFX), succeeding Kennedy. Nicholls will continue to manage Fidelity Advisor Japan/A (FJPAX), which he has managed since September 2003.
Samuel J. Wald has been named portfolio manager of Fidelity Advisor Real Estate/A (FHEAX), succeeding Steven J. Buller. Buller will continue to manage Fidelity Real Estate Investment (FRESX) and Fidelity International Real Estate Fund (FIREX).
Harlan P. Carere has been named portfolio manager of Fidelity Select Biotechnology (FBIOX) and Fidelity Advisor Biotechnology/A (FBTAX), succeeding Andraz Razen. Carere will continue to manage Fidelity Select Air Transportation (FSAIX) and Fidelity Select Transportation (FSRFX), which he has managed since January 2004.
Contact Bob Keane with questions or comments at: [email protected].