Fidelity Investments announced today the launch of the Fidelity Select Pharmaceuticals Portfolio, which will seek to benefit from the potential growth of the pharmaceuticals and drug industry.
The fund, which is available for purchase beginning today, will invest at least 80% of its assets in securities of both foreign and domestic companies that are principally engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals, according to Fidelity. The new fund is the 41st, sector fund offered through Fidelity's Select Portfolios product line, according to the company. Fidelity already offers Select funds specializing in the overall health care, biotechnology, medical equipment and systems and medical delivery sectors. 'This fund will fit into that group,' said Sarah Libbey, senior vice president of product management and development for Fidelity. 'We've had many customers ask us for a fund that focuses mainly on drug companies.' Yolanda Strock will manage the new fund. Since June 2000, Strock has managed the Fidelity Select Health Care Portfolio and the Fidelity Adviser Health Care Portfolio and has served as sector leader of the health-care equity research group, all roles she will maintain, according to the company.