No other growth fund at Fidelity has a precious metals holding in its top 10.
This move reflects the fact that Fidelity, while not directly acknowledging it, is tacitly admitting what we all know: that the fund business is maturing, while the other two areas affected by today's announcements, namely the venture capital side and retirement services, have long-term prospects for significant growth.
I don't think it's a big deal at all, unless you're invested in high yield.
The majority of Fidelity growth and growth & income funds remained underweight technology - some by inches, and some by miles.
It's almost a pure reflection of market volatility.
I don't know what it is, I would rather see him go to 20 percent cash if he's looking for a defensive place.
It makes great strategic sense.
He may not have had a choice. If Peter had control over it, he wouldn't have sold. His loyalty is very deep. It's not a vote of no-confidence.
Their single best investment wasn't Microsoft. It was cold, hard cash.
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