Fidelity Investments today announced that Morningstar, Inc.
has named John Carlson, portfolio manager of Fidelity New Markets
Income Fund (FNMIX), its 2011 Fixed-Income Fund Manager of the Year
in the Unites States. Fidelity is one of the industrys leading
global fixed income investment managers with assets under
management in excess of $835 billion1. According to Morningstar,
its annual Fund Manager of the Year award recognizes portfolio
managers who demonstrate excellent investment skill and the courage
to differ from the consensus to benefit investors. To qualify for
the award, managers funds must not only have posted impressive
returns for the year, but they also must have a record of
delivering outstanding long-term risk-adjusted performance and of
aligning their interests with shareholders. The Fund Manager of the
Year award winners are chosen based on Morningstars proprietary
research and in-depth qualitative evaluation by its fund analysts.
In recognizing Carlson, Morningstars Eric Jacobson stated, Carlson
has been skippering this portfolio since 1995, making him among the
categorys most senior and experienced leaders, with several
emerging-markets crises under his belt. Hes also been among the
most successful. Carlson has been emphatic about sticking with his
discipline over the years, and it paid off in 2011 when contrary to
most peer investors, he cut the funds non-dollar and corporate
exposures and increased exposure to long-dated dollar-denominated
debt. On behalf of Fidelity and the funds shareholders, I am truly
honored to receive this recognition from Morningstar, said Carlson.
This award is a result of a lot of hard work by each and every one
of our bond and high income investment professionals around the
globe. In addition to Fidelity New Markets Income Fund, Carlson
manages Fidelity Advisor Emerging Markets Income Fund, Fidelity
Global High Income Fund (retail and Advisor Classes) and Fidelity
Total Emerging Markets Fund (retail and Advisor Classes).
Morningstars criteria -- excellent investment skill and courage --
are the hallmarks of Johns 16 years at Fidelity, during which time
he has delivered consistently solid results on behalf of our
clients and shareholders, said Ronald P. OHanley, president of
Fidelity Asset Management. Not only does this award recognize John
for his incredible stewardship on the fund, but, just as
importantly, it recognizes the tremendous fixed income organization
we have assembled, an organization that is positioned to help us
meet the rapidly evolving fixed income needs of our retail and
institutional clients. In Morningstars Fixed-Income category for
the 2011 Fund Manager of the Year award, three of the five
finalists for this years award are from Fidelity. In addition to
Carlson, Bill Irving, Franco Castagliuolo and Fidelitys
Taxable-Bond Management Team (Fidelity GNMA Fund) and Jamie
Pagliocco and Fidelitys Municipal Bond Management Team (Fidelity
Tax-Free Bond Fund) were nominated for the award. Fidelity
Continues to Expand Global Fixed Income Capabilities Fidelity
continues to make significant investments in expanding and
strengthening its global fixed income capabilities. Earlier this
year, the company launched several new fixed income funds including
Fidelity Global High Income Fund, Fidelity Conservative Income Bond
Fund and Fidelity Defined Maturity Funds, a series of four
diversified open-end mutual funds that invest primarily in
investment grade municipal bonds, clustered around the funds
maturity date. The firm also launched Fidelity Total Emerging
Markets Fund, lead managed by Carlson, which offers investors
exposure to both emerging markets equities and emerging markets
debt through a single investment. Fidelity also continued to expand
its London fixed-income office with the appointment of the companys
first London-based fixed income portfolio manager, Jamie Stuttard,
and three fixed income analysts. This continues an expansion
program that has seen Fidelity double its fixed income investment
professionals in London over the past three years to more than 20
today. About Fidelity Investments Fidelity Investments is one of
the worlds largest providers of financial services, with assets
under administration of $3.4 trillion, including managed assets of
$1.5 trillion, as of November 30, 2011. Founded in 1946, the firm
is a leading provider of investment management, retirement
planning, portfolio guidance, brokerage, benefits outsourcing and
many other financial products and services to more than 20 million
individuals and institutions, as well as through 5,000 financial
intermediary firms. For more information about Fidelity
Investments, visit www.fidelity.com. Before investing, consider the
funds investment objectives, risks, charges and expenses. Please
visit www.fidelity.com or advisor.fidelity.com for a prospectus or
if available, a summary prospectus, containing this information.
Past performance is no guarantee of future results. Diversification
does not ensure a profit or guarantee against loss. The securities
of smaller, less well-known companies can be more volatile than
those of larger companies. In general the bond market is volatile,
and fixed income securities carry interest rate risk. (As interest
rates rise, bond prices usually fall, and vice versa. This effect
is usually more pronounced for longer-term securities.) Fixed
income securities also carry inflation risk and credit and default
risks for both issuers and counterparties. Unlike individual bonds,
most bond funds do not have a maturity date, so avoiding losses
caused by price volatility by holding them until maturity is not
possible. Foreign debt can be more volatile than U.S. dollar
denominated debt due to the impact of currency fluctuations as well
as risks of adverse issuer, political, regulatory, market or
economic developments. These risks may be more pronounced in
emerging markets, which may be subject to greater social, economic,
regulatory, and political uncertainties. Investments in debt
denominated in a foreign currency involve exchange rate risk, which
is the risk that a decline in the value of the local foreign
currency relative to the U.S. dollar will have an adverse impact on
the value of your investment once principal and interest payments
are converted back to U.S. dollars. The municipal market can be
affected by adverse tax, legislative or political changes and the
financial condition of the issuers of municipal securities. Any
fixed income security sold or redeemed prior to maturity may be
subject to loss The municipal market is volatile and can be
significantly affected by adverse tax, legislative, or political
changes and the financial condition of the issuers of municipal
securities. As the fund approaches its liquidation date, the fund's
securities will mature and the fund may reinvest the proceeds in
money market securities with lower yields than the securities
previously held by the fund. Although money market funds seek to
maintain a stable NAV of a $1.00 per share, this is not guaranteed
and they may in fact lose money. In addition, the amount of the
fund's income distributions will vary over time and the breakdown
of returns between fund distributions and liquidation proceeds will
not be predictable at the time of your investment resulting in a
gain or loss for tax purposes. A portion of fund distributions may
be subject to state or federal income taxes, AMT, or taxable as
capital gains. Fidelity Brokerage Services LLC, Member NYSE,
SIPC900 Salem Street, Smithfield, RI 02917 Fidelity Investments
Institutional Services Company, Inc.,100 Salem Street, Smithfield,
RI 02917 603657.1.0 2011 FMR LLC. All rights reserved. 1 As of
September 30, 2011.
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