Fidelity announced the opening of Fidelity Tax Managed Stock Fund, which will seek long term growth while attempting to reduce the impact of federal taxes on shareholders' returns.
The fund will be managed by Timothy E. Heffernan. He also manages the tax-sensitive Fidelity Congress Street Fund and Fidelity Exchange Fund and has managed separate accounts for tax-sensitive institutional investors for five years. Fidelity Tax Managed Stock Fund will carry a one percent redemption fee on shares held less than two years. The minimum initial investment will be $10,000.