The following manager change is effective November 1st. There are no changes to our buy-hold-sell ratings based on this change.
Michael Chren has been named portfolio manager of Fidelity Blue Chip Value Fund, Fidelity Advisor Value Leaders Fund, and VIP Value Leaders Portfolio, succeeding Charlie Hebard. Michael will continue to co-manage Fidelity Series Large Cap Value Fund. Prior to joining Fidelity in 2009, Michael served as senior managing director and senior portfolio manager for Allegiant Asset Management Group from 2004 to 2009. As team leader of the Large Cap Value division, he was responsible for managing both mutual fund and individual institutional accounts. From 2000 to 2003, he was a partner and senior portfolio manager for Invesco Capital Management, Inc. where he led a team of five portfolio managers and analysts within the Fundamental and Concentrated Value Equity division. Michael was a portfolio manager for Deprince, Race and Zollo, Inc. from 1999 to 2000. He was senior vice president and portfolio manager for Eagle Asset Management, Inc. from 1996 to 1998 after joining the firm as a senior research analyst in 1994. Michael conducted fundamental research for institutional and private client accounts as a special situations analyst for Bear Stearns during the summer of 1993. He worked as an institutional arbitrage investment analyst and trader for companies such as Raymond James and Associates, Inc. from 1991 to 1992, Junction Advisors, Inc. from 1989 to 1990 and Mabon Securities from 1986 to 1989.