FAST US is managed by Adrian Brass, and will take both long and short positions.
Net equity exposure will be between 90% and 110% under normal market conditions, and the mandate offers the flexibility to short unattractive stocks up to a maximum of 30% of the fund’s assets.
It will hold between 60 and 80 long positions and 15 – 30 short positions.
A spokesperson said: “A key difference between funds in this range and our other offerings are they are the only ones that can take both long and short positions, which gives the manager the opportunity to express his views more fully.
“Unlike our other funds, this and the other FAST funds are targeting sophisticated investors.”
Other funds in the suite include FAST Asia and FAST Emerging Markets. The performance of the former since its launch in January is shown in the graph below.
true
Brass currently manages the Fidelity Funds America Fund, and has been at the helm since the start of 2008. The fund currently has around $2.5bn under management, of which the largest proportion, 25%, is invested in consumer products.
Top ten holdings include Microsoft, Google and Johnson &Johnson.
