Just as the alternative energy industry will most likely provide lucrative investment opportunities, so will the overseas markets in the coming years, which is why Fidelity Investments is positioning its 20-year-old environmental energy mutual fund right at the crossroads of those two businesses.

Fidelity Investments announced on Thursday that it has launched the Fidelity Select Environment and Alternative Energy Portfolio, a retooling of the 20-year-old Select Environmental Portfolio mutual fund. The idea is to increase exposure to faster growing industries like alternative energy and efficiency, while reducing holdings in slower growth businesses like waste management.

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