Three Fund Managers Leave Fidelity

Jan. 14, 2005 — Three fund managers are leaving Fidelity Investments, including Beso Sikharulidze, who oversaw the $9.1 billion Fidelity Mid Cap Stock (FMCSX).

Adam Segal and Ian Gutterman, who piloted Fidelity sector funds, are also stepping down. The three men are leaving to “pursue new opportunities,” and their departures are not related, a company spokesman said.

Shep Perkins succeeded Sikharulidze on the Mid Cap Stock fund. Perkins has been running the $8.1-million Fidelity OTC (FOCPX) since April 2003, and previously ran other Fidelity funds that invest in selected industries.

Steven Calhoun was named an associate portfolio manager of the Mid Cap Stock fund. Previously, he oversaw a stock portfolio for institutional investors.

Sonu Kalra replaced Perkins on the OTC fund. James Morrow succeeded Kalra on the $2.2-billion Fidelity Select Technology (FSPTX). Morrow continues to manage Fidelity Select Electronics (FSELX) and Fidelity Advisor Electronics/A (FELAX), which he took over in February 2004.

Yun-Min (Charlie) Chai replaced Kalra as manager of Fidelity Advisor Technology/A (FADTX). He and Kalra succeeded Kalra as leaders of the company’s technology equity research group. Chai continues to manage Fidelity Select Networking & Infrastructure (FNINX), Fidelity Select Developing Communications (FSDCX) and Fidelity Advisor Devel Communication/A (FDMAX).