There are new hands at the helms of six
sector funds, and included in that group is
Fidelity Select Biotechnology, the heavyweight champ of the hot biotech funds.
The Boston fund titan, which announced the changes in a Thursday statement, typically uses its sector funds as a training ground for analysts to learn the ropes of portfolio management. Though dependent upon market sentiment on their given sector, the funds generally have built solid records, even though their managers-in-training rarely stay put for more than a year or two.
Brian Younger has replaced Yolanda McGettigan at the helm of Fidelity Select Biotech, the largest pure biotech fund out there with $4.9 billion in assets. McGettigan had run the fund for only seven months. It's up more than 48% since Jan. 1, which matches its average peer, according to
Younger has covered biotech stocks since joining the firm two years ago, but the company's statement doesn't note any previous fund management experience. McGettigan will continue running
Fidelity Select Health Care and
Fidelity Advisor Health Care.
Timothy Cohen is the new manager of the
Fidelity Select Telecommunications fund,
Fidelity Advisor Telecommunications & Utilities Growth fund and
Fidelity Utilities fund. Each fund is underwater so far this year and trailing its average peer, according to Morningstar.
Cohen joined Fidelity as an analyst is 1996 and had run
Fidelity Select Insurance since last year. That fund has trounced other financial sector funds and the
S&P 500 during his brief tenure.
Cohen replaces Peter Saperstone, who will become an associate manager on
Fidelity Convertible Securities fund.
Forrest Fontana has taken Cohen's place running the Fidelity Select Insurance fund. Fontana only joined the shop last July. Before that he spent the past seven years working as an analyst and co-manager at crosstown rival
Lastly, Jennifer Nettesheim is now running the
Fidelity Select Brokerage and Investment Management fund, which has ridden a wave of consolidation to the top of its category this year. She joined the firm three years ago, covering consumer industries as an analyst before switching to brokerage and asset management stocks earlier this month. She also doesn't appear to have any previous experience running a fund.
She replaces Ted Orenstein, who will be covering semiconductor companies in Fidelity's recently raided ranks of tech-sector analysts and managers.