Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW
Fidelity portfolio manager resigns

The lead portfolio manager for Fidelity's top-performing $724 million emerging markets fund has resigned.

Alex Duffy will leave the role on May 28.

Replacing Duffy, Fidelity has appointed Singapore-based Amit Goel as the lead portfolio manager and London-based Punam Sharma as the co-portfolio manager.

The strategy invests in 30-50 emerging markets companies and has been running since 2013. In 2018, Fidelity launched an active ETF based on the strategy.

It said the strategy's benchmarks or objectives will not change.

Duffy joined Fidelity in 2004 and has been the lead portfolio manager of the EM strategy since its inception.

It is currently the top-performing EM equities funds, according to the Rainmaker rankings of wholesale managed funds to February end.

Its three-year returns sat at 15.4% per year, more than double the benchmark MSCI Emerging Markets Index's 7% p.a. over the period. The fund also beat the median EM equities fund's returns of 6.4% p.a.

The strategy invests in information technology (23.6% of the portfolio), financials (20%), consumer discretionary (19.5%), materials (11.7%) and others. Stocks listed in China, Taiwan and India account for more than half of the assets.

Its five biggest shareholdings were Taiwan Semiconductor, HDFC Bank, AIA Group, NASPERS and Bank Central Asia.

The fund returned 3.70% p.a. above the benchmark since its December 2013 inception to March end. At March end, 12-month returns were 38% to the benchmark's 27.28%.

Read more: FidelityAlex Duffy