Fidelity, JPMorgan Shuffle Fund Managers

It's always important to keep a close watch on the fundamentals and performance of each of your mutual funds. But it's also important to know about the wizard behind the curtain pulling on the strings and running your investment.

That's why TheStreet.com Ratings monitors the manager changes going on at the mutual funds we track. Below are three recent manager changes.

Fidelity

On June 1, Vincent Montemaggiore took over the portfolio management duties of the Fidelity Select Banking Portfolio(FSRBX - Cramer's Take - Stockpickr) from Ramona Persaud.

Montemaggiore joined Fidelity as an intern in 2004 covering supply-chain technology companies, and was promoted to the equity research department to study advertising and publishing companies in 2005 with the addition of industrial conglomerates in 2006. This led to his term as portfolio manager of the Select Industrial Equipment Portfolio(FSCGX - Cramer's Take - Stockpickr) beginning in 2007.

Management at the Industrial Equipment fund has now been turned over to Jonathan Kasen, who has researched industrial distribution, machinery, and electrical products as an equity analyst for Fidelity since 2006.

Top holdings of Wells Fargo(WFC - Cramer's Take - Stockpickr), Wachovia(WB - Cramer's Take - Stockpickr), Fannie Mae(FNM - Cramer's Take - Stockpickr), SunTrust Banks(STI - Cramer's Take - Stockpickr), and Freddie Mac(FRE - Cramer's Take - Stockpickr) have resulted in FSRBX losing more than half its net asset value in the last year.

JPMorgan Funds

As of May 30, Vice President, Susan Bao, CFA, who has been with JPMorgan since 1997, is the new portfolio manager of the JPMorgan Tax Aware US Equity Fund(JTEAX - Cramer's Take - Stockpickr) and its other various share classes.

This is an additional responsibility on top of co-managing JPMorgan U.S. Equity Fund(JUEAX - Cramer's Take - Stockpickr), JPMorgan US Select 130/30 (Luxembourg), JPMorgan Tax Aware Core Equity Fund(JTCEX - Cramer's Take - Stockpickr), and JPMorgan U.S. Large Cap Core Plus Fund(JLPSX - Cramer's Take - Stockpickr).

The JPMorgan Tax Aware U.S. Equity Fund attempts to minimize capital gain distributions and seeks undervalued large- and mid-cap stocks. Some of the top largest holdings include Exxon Mobil(XOM - Cramer's Take - Stockpickr), Norfolk Southern(NSC - Cramer's Take - Stockpickr), Cisco Systems(CSCO - Cramer's Take - Stockpickr), Microsoft(MSFT - Cramer's Take - Stockpickr), and Procter & Gamble(PG - Cramer's Take - Stockpickr).