Word: mutually
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Dates: during 1990-1999
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Much as the portfolio managers may share information, they run their funds solo. The company has never favored investment committees like those at banks and at most other mutual funds; it prefers young, cocky managers and gives them independence. The classic Fidelity approach is, "Here's some money; now be a genius." Typically, a new hire out of college or business school starts as an analyst and is also given a "small" fund--something in the range of $100 million--to run. Within a few years, the analyst should become a full-time manager, overseeing a moderate-size fund that...
...Fidelity sputtering? Says George Vanderheiden, senior vice president of Fidelity Management & Research Co., which oversees all the firm's mutual funds: "In the past, we've done very well in up markets and underperformed in down markets, because we're fully invested. But over the life of the cycle, we've beaten the market." This explanation raises a question, however: If Fidelity does exceptionally well in bull markets, why didn't it show spectacular returns in 1995, which was one of the best years the market had in this century...
...under the mattress, locked into low-interest savings accounts. That money is becoming unlocked--and Fidelity wants a piece. In December, Fidelity became the first U.S. company to launch a yen-dominated investment trust in Japan. In Britain defined-contribution plans similar to 401(k)s, as well as mutual funds, are just beginning to take off, and the company is investing heavily...
...what should you do with your money? While Fidelity still has plenty of chart toppers and more mutual-fund dollars than any of its competitors, there are today hundreds of other companies running 6,085 funds tailored to every investing whim imaginable. This staggering number of funds--which continues to grow almost daily--is both a blessing and a curse. Let no one ever say he can't find a fund that matches his investing goals. But on the other hand, how in the world do you ever decide which fund...
...mutual-fund business, biggest is very often best. Not only will well-established outfits like the Vanguard Group, American Funds and broker Merrill Lynch probably still be in business when you retire, but they also offer a plethora of funds and a wide range of services--from retirement planning to checking accounts. Says Dan Wiener, editor of Independent Advisor for Vanguard Investors, which tracks funds managed by the Vanguard Group: "There is a desire to be all things to all people. It's the supermarket approach...