Fidelity has decided to put the brakes on two funds and fold them into a 3-star rated fund.
According to a filing, the firm is reorganizing the $70 million Fidelity Tax Managed Stock Fund into the $3 billion Fidelity Stock Selector All Cap Fund. Keith Quinton and Timothy Heffernan are the portfolio managers of the stock fund.
A special shareholders Meeting of the Fidelity Tax Managed Stock Fund will be held during the second quarter of 2013 and, if approved, the reorganization is expected to take place on June 21, 2013.
As well, the firm is folding its $19.6 million 130/30 Large Cap Fund into the same stock fund. Qinton is also the PM for the 130/30 offering. The regorg is also expected to take place in June 2013.