Please note the following portfolio manager appointments effective June 1, 2009. The departure of Derek Young from actively managed funds to actively managed people does affect the holdings in our some of our portfolios. We own Asset Manager 85% in our G&I portfolio, and AM60% and AM85% in our income portfolio. However, our Buy-Hold-Sell ratings have not changed based on these new manager appointments.
Geoffrey D. Stein has been named portfolio manager of the Asset Manager Funds, VIP Asset Manager Portfolio and VIP Asset Manager Growth Portfolio, succeeding Derek Young. He also has been named co-portfolio manager of Global Balanced with Ruben Calderon and co-portfolio manager of Fidelity Series Broad Market Opportunities with Christopher L. Sharpe, succeeding Young on both funds. Stein joined Fidelity in 1994 as director of portfolio management for Strategic Advisers, Inc. (SAI), overseeing asset allocation strategy, mutual fund and portfolio construction in discretionary programs for retail investors, including Fidelity Portfolio Advisory Service and Private Portfolio Service. Prior to this role, Stein served as director of the Portfolio Analysis Group for Fidelity Management & Research Company, responsible for analyzing and communicating equity fund investment performance and strategies for senior management, institutional clients and retail shareholders.
Christopher Sharpewill join Joanna Bewick as co-portfolio manager of the Fidelity, Advisor and VIP Strategic Income Funds, Strategic Real Return, and Strategic Dividend & Income, succeeding Derek Young. He will join Geoff Stein as co-portfolio manager of Fidelity Series Broad Market Opportunities Fund, succeeding Henry Jaung. He will also join Andrew J. Dierdorf as co-portfolio manager of Four-In-One Index, succeeding William Hall. Sharpe will continue to manage the Fidelity Freedom Funds, Fidelity Advisor Freedom Funds, VIP Freedom Funds, VIP Investor Freedom Funds, Fidelity Freedom K Funds and the Fidelity 529 college savings plan for New Hampshire, Massachusetts,Delaware,Arizona and California. Sharpe joined Fidelity in 2002 as an asset allocation director in the Structured Investment Group and has been a portfolio manager since 2005. Prior to joining Fidelity, Sharpe was investment policy officer in the Investment Strategy Group with John Hancock Financial Services, Inc., in Boston. From 1990 to 2000, he was a consultant and investment actuary with Mercer Human Resources Consulting, Inc., in Boston.
Andrew Dierdorf will join Jonathan A. Shelon as co-portfolio manager of the Fidelity Income Replacement Funds, succeeding Sharpe. He will continue to co-manage Four-in-One Index, Fidelity’s 529 College Savings Plans, and Dynamic Strategies Fund. Prior to joining Fidelity in 2004, Dierdorf worked for CIGNA, where he held various actuarial and investment positions.
These appointments will allow Derek Young to complete his transition to the role of Chief Investment Officer (CIO) of Fidelity’s Global Asset Allocation Group (GAA), which he assumed in February 2009. The appointments are consistent with the approach at Fidelity to generally have managers either manage assets or people. This will allow Derek to focus on the strategic direction of the products and develop the talent of GAA. In addition, the appointments will allow shareholders of these funds access to a number of experienced and skilled investment professionals including Geoff Stein, Chris Sharpe and Andrew Dierdorf.