Analyzing the culture at Fidelity Investments, Morningstar unlocked three key elements. The first is star portfolio managers who are allowed to conduct their own brand of investment management and given flexible mandates—but are grounded by such technical criteria as a stock’s price momentum and trading volume.

Peter Lynch,  Joel Tillinghast, Will Danoff, Dorsey Gardner, Leo Dworsky, Bruce Johnstone, George Vanderheiden, Neal Miller and even Fidelity Chairman Edward C. “Ned” Johnson III himself have all been star portfolio managers at Fidelity.

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