Change coming to Fidelity's U.S. all-cap strategy

Seasoned portfolio manager will step in to take the reins, says investment fund giant

Change coming to Fidelity's U.S. all-cap strategy

The Fidelity U.S. All Cap Fund, Fidelity U.S. All Cap Class, and Fidelity U.S. All Cap Currency Neutral Class will undergo adjustments starting on September 30, 2022.

Fidelity Investments Canada ULC has announced that Matt Friedman, a seasoned portfolio manager at the firm, will take over portfolio management duties for the funds as of September 30, 2022. John Roth, who currently manages the funds and will be succeeded by Friedman, will continue to oversee strategies for American investors.

The funds' investment goals will remain the same under Friedman and will continue to invest predominantly in equity securities of American firms to generate long-term capital growth. He will use fundamental, bottom-up research to choose investments, much like the funds' present strategies.

Roth's primary strategy is to invest in businesses of all sizes with a focus on medium- and large-sized businesses. In comparison, Friedman will strive to achieve the funds' objectives by employing a value-oriented investment style and investing in businesses of all sizes, emphasizing medium-sized companies.

There will be adjustments made to the funds' holdings to reflect changes in investment objective and style. At year's end, this can lead to capital gains distributions to both current and new fund investors. The distribution of capital gains, if any, from the Fidelity U.S. All Cap Class and the Fidelity U.S. All Cap Currency Class will be postponed by one year and is subject to market fluctuations.

Fidelity U.S. All Cap Currency Neutral Class's risk rating will also move from "medium" to "medium to high," following the CSA's established risk categorization. Both Fidelity U.S. All Cap Fund and Fidelity U.S. All Cap Class continue to have "medium" risk ratings.

For more than 20 years, Matt Friedman has managed a variety of U.S. equities strategies, bringing a wealth of experience to the table. Among the CAD$29 billion in assets that he oversees for American investors, Friedman is responsible for the Fidelity/Fidelity Advisor Value Strategies Portfolio, Fidelity/Fidelity Advisor Value Fund, Fidelity/Fidelity Advisor Series Stock Selector Large Cap Value Fund, Fidelity/Fidelity Advisor Stock Selector Large Cap Value Fund, Fidelity VIP Value Strategies Portfolio, and Fidelity Flex Mid Cap Value Fund.

Before taking on his present duties, Friedman oversaw various investment strategies at Fidelity, served as sector head for the industrials and energy research divisions, and tracked companies in the specialty and generic drug industries as well as in the media, cable, and satellite industries.

He graduated with an accounting-related Bachelor of Business Administration from Emory University and a Master of Business Administration from the University of Chicago before beginning his career in the financial sector in 1994.

Friedman is also a Certified Public Accountant (CPA) and a CFA charterholder.