(Bloomberg) -- Fidelity Worldwide Investment is trawling Ireland as the economy grows more quickly than anywhere else in the developed world.

The company’s $4.2 billion Special Situations Fund is investing in Irish stocks including Bank of Ireland, hotelier Dalata and homebuilder Cairn Homes, tapping into an economy growing about 7 % this year. The Irish stock index is among the best performers in Europe, gaining more than 28 % as the revival sparked by the presence of companies like Google in Dublin spreads through the economy, dubbed a “phoenix from the ashes” by Commerzbank this month.

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