Fidelity® New Markets Income Fund Portfolio Manager Named 2011 Morningstar U.S. Fixed-Income Fund Manager of the Year
Fidelity Investments® today announced that Morningstar, Inc. has named John Carlson, portfolio manager of Fidelity New Markets Income Fund (FNMIX), its 2011 Fixed-Income Fund Manager of the Year in the Unites States. Fidelity is one of the industry’s leading global fixed income investment managers with assets under management in excess of $835 billion1.
According to Morningstar, its annual Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must not only have posted impressive returns for the year, but they also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth qualitative evaluation by its fund analysts.
In recognizing Carlson, Morningstar’s Eric Jacobson stated, “Carlson has been skippering this portfolio since 1995, making him among the category’s most senior and experienced leaders, with several emerging-markets crises under his belt. He’s also been among the most successful. Carlson has been emphatic about sticking with his discipline over the years, and it paid off in 2011 when contrary to most peer investors, he cut the fund’s non-dollar and corporate exposures and increased exposure to long-dated dollar-denominated debt.”
“On behalf of Fidelity and the fund’s shareholders, I am truly honored to receive this recognition from Morningstar,” said Carlson. “This award is a result of a lot of hard work by each and every one of our bond and high income investment professionals around the globe.”
In addition to Fidelity New Markets Income Fund, Carlson manages Fidelity Advisor Emerging Markets Income Fund, Fidelity Global High Income Fund (retail and Advisor Classes) and Fidelity Total Emerging Markets Fund (retail and Advisor Classes).
“Morningstar’s criteria -- ‘excellent investment skill’ and ‘courage’ -- are the hallmarks of John’s 16 years at Fidelity, during which time he has delivered consistently solid results on behalf of our clients and shareholders,” said Ronald P. O’Hanley, president of Fidelity Asset Management. “Not only does this award recognize John for his incredible stewardship on the fund, but, just as importantly, it recognizes the tremendous fixed income organization we have assembled, an organization that is positioned to help us meet the rapidly evolving fixed income needs of our retail and institutional clients.”
In Morningstar’s Fixed-Income category for the 2011 Fund Manager of the Year award, three of the five finalists for this year’s award are from Fidelity. In addition to Carlson, Bill Irving, Franco Castagliuolo and Fidelity’s Taxable-Bond Management Team (Fidelity GNMA Fund) and Jamie Pagliocco and Fidelity’s Municipal Bond Management Team (Fidelity Tax-Free Bond Fund) were nominated for the award.
Fidelity Continues to Expand Global Fixed Income Capabilities
Fidelity continues to make significant investments in expanding and strengthening its global fixed income capabilities. Earlier this year, the company launched several new fixed income funds including Fidelity Global High Income Fund, Fidelity Conservative Income Bond Fund and Fidelity Defined Maturity Funds, a series of four diversified open-end mutual funds that invest primarily in investment grade municipal bonds, clustered around the fund’s maturity date. The firm also launched Fidelity Total Emerging Markets Fund, lead managed by Carlson, which offers investors exposure to both emerging markets equities and emerging markets debt through a single investment.
Fidelity also continued to expand its London fixed-income office with the appointment of the company’s first London-based fixed income portfolio manager, Jamie Stuttard, and three fixed income analysts. This continues an expansion program that has seen Fidelity double its fixed income investment professionals in London over the past three years to more than 20 today.
About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.4 trillion, including managed assets of $1.5 trillion, as of November 30, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.
Before investing, consider the funds investment objectives, risks, charges and expenses. Please visit www.fidelity.com or advisor.fidelity.com for a prospectus or if available, a summary prospectus, containing this information.
Past performance is no guarantee of future results.
Diversification does not ensure a profit or guarantee against loss.
The securities of smaller, less well-known companies can be more volatile than those of larger companies.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Foreign debt can be more volatile than U.S. dollar denominated debt due to the impact of currency fluctuations as well as risks of adverse issuer, political, regulatory, market or economic developments. These risks may be more pronounced in emerging markets, which may be subject to greater social, economic, regulatory, and political uncertainties. Investments in debt denominated in a foreign currency involve exchange rate risk, which is the risk that a decline in the value of the local foreign currency relative to the U.S. dollar will have an adverse impact on the value of your investment once principal and interest payments are converted back to U.S. dollars.
The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities.
Any fixed income security sold or redeemed prior to maturity may be subject to loss
The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
As the fund approaches its liquidation date, the fund's securities will mature and the fund may reinvest the proceeds in money market securities with lower yields than the securities previously held by the fund. Although money market funds seek to maintain a stable NAV of a $1.00 per share, this is not guaranteed and they may in fact lose money. In addition, the amount of the fund's income distributions will vary over time and the breakdown of returns between fund distributions and liquidation proceeds will not be predictable at the time of your investment resulting in a gain or loss for tax purposes. A portion of fund distributions may be subject to state or federal income taxes, AMT, or taxable as capital gains.
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1 As of September 30, 2011.
James Aber, 617-418-0731 (c)
Corporate Communications, 617-563-5800
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