"We believe that both of these funds are quite unique in the mutual fund industry and will provide investors with the diversification benefits of exposure to specialized sectors of the market," said John F. Sweeney, Fidelitys senior vice president of personal investments.
The International Real Estate Fund, in Sweeneys words, "seeks to capitalize on the growth in foreign real estate securities." The Fidelity Focused High Income Fund, on the other hand, will invest mostly in convertible securities, preferred stocks and income- producing debt securities, whether they be foreign or domestic.
The real estate fund will be managed by 12-year company veteran Steven Buller, while the high income fund will be managed by nine-year company veteran Matthew Conti.
