Manager Changes

Vincent Montemaggiore has been named portfolio manager of Fidelity Overseas Fund (FOSFX), succeeding Ian R. Hart. He joined Fidelity in 2005 as an equity research analyst following the media industry. Montemaggiore subsequently took on additional research coverage of industrials in 2006 and managed Select Industrial Equipment Portfolio from 2007 until 2008. Most recently, Montemaggiore assumed coverage of the regional bank sector in 2008 and began managing Select Banking Portfolio in 2008, where he will continue as co-manager.

John S. Sheehy has been named co-manager of Select Banking Portfolio (FSRBX), joining Vincent Montemaggiore. Sheehy joined Fidelity as an equity research analyst in 2007, responsible for following companies in the paper, forest products and packaging industries. He managed Select Paper and Forest Products Portfolio from 2008 to 2009. He began managing Select Defense and Aerospace Portfolio in 2009, where he will continue as co-manager.

Daniel E. Kelley has been named portfolio manager of Fidelity Trend Fund (FTRNX), Fidelity Large Cap Growth Fund (FSLGX), Fidelity Advisor Strategic Growth Fund and VIP Growth Stock Portfolio, succeeding Jeffrey S. Feingold, who will focus his portfolio management responsibilities on Fidelity Magellan® Fund. Kelley joined Fidelity in 2005 as a research analyst in the Real Estate group. He began managing Select Construction and Housing Portfolio in 2007, where he will continue as co-manager. 

Holger Boerner has been named co-manager of Select Construction and Housing Portfolio (FSHOX), joining Daniel Kelley. Boerner joined Fidelity in 2008 in the Equity Research department and is responsible for primary research coverage of 30-40 real estate investment trusts (REITs) and working directly with REIT portfolio managers.

Sean Gavin has been named portfolio manager of Fidelity Value Discovery Fund (FVDFX) and Fidelity Advisor Equity Value Fund, succeeding Scott Offen, who will focus his portfolio management responsibilities on Fidelity Equity-Income II Fund and the equity portion of Fidelity Strategic Dividend and Income Fund. Gavin joined Fidelity in 2006 as a research analyst in the Domestic Equity group, where he served as a diversified analyst supporting the Value team. He began managing Select Transportation Portfolio and Select Air Transportation Portfolio in 2010, where he will continue as co-manager.

Matthew Friedman has been named portfolio manager of VIP Value Portfolio, succeeding Scott Offen, who will focus his portfolio management responsibilities on Fidelity Equity-Income II Fund and the equity portion of Fidelity Strategic Dividend and Income Fund. Friedman joined Fidelity in 2000, responsible for following specialty pharmaceuticals and generics stocks. During his tenure with the firm, he also has covered the media, cable and satellite industries. Friedman managed Select Multimedia Portfolio from 2003 to 2004, when he assumed management responsibilities for Select Chemicals Portfolio, which he managed until 2006. Friedman managed Fidelity Advisor Industrials Fund, VIP Industrials Portfolio and Select Industrials Portfolio, and served as sector leader of both the Industrials and Energy research groups, from 2004 until 2005. He managed Select Energy Portfolio, Fidelity Advisor Natural Resources Fund, Select Natural Resources Portfolio and VIP Natural Resources Portfolio from 2004 until 2006. Friedman managed Select Natural Gas Portfolio in 2005, and co-managed VIP Energy Portfolio, Select Natural Resources Portfolio and Fidelity Advisor Energy Fund during 2006. He served as interim manager of Fidelity Value Fund, Fidelity Advisor Value Fund and VIP Value Portfolio during 2007. In 2007, Friedman was appointed to the Stock Selector Large Cap Group and began managing the materials sub-portfolio of VIP Contrafund Portfolio until 2011. He co-managed Fidelity Balanced Fund, Fidelity Advisor Balanced Fund and Fidelity Series All-Sector Equity Fund from 2008 to 2011. Friedman managed Fidelity Value Strategies Fund, Fidelity Advisor Value Strategies Fund and VIP Value Strategies Portfolio from 2006 to 2010. He assumed co-management responsibilities for Fidelity Value Fund and Fidelity Advisor Value Fund in 2010, and for Fidelity Stock Selector Large Cap Value Fund and Fidelity Advisor Stock Selector Large Cap Value Fund in 2011. 

Matt Moulis has been named co-manager of Select Air Transportation Portfolio (FSAIX) and Select Transportation Portfolio (FSRFX), joining Sean Gavin. Moulis joined Fidelity in 2007 as a research analyst, covering education services and alcoholic beverages as part of the Consumer team, and transitioned to covering alternative energy with the Energy team. 

Douglas Scott has been named co-manager of Select Defense and Aerospace Portfolio (FSDAX), joining John Sheehy. Scott joined Fidelity as an associate equity research analyst in 2007, responsible for following multi-industrial companies. He was promoted to analyst in 2009, covering the paper, forest products and packaging industries. Prior to joining Fidelity, Scott served in the U.S. military from 1998 until 2005.

Ali Y. Khan has been named co-manager of Select Communications Equipment Portfolio (FSDCX) and Fidelity Advisor Communications Equipment Fund (A Shares: FDMAX; B Shares: FDMBX; C Shares: FDMCX; T Shares: FDMTX), joining Charlie Chai. Khan joined Fidelity in 2008 in the equity division. From 2008 to 2011, Khan served as equity research associate, where he was responsible for covering the semiconductor and hard disk sectors.