We have published a new
Morningstar Qualitative Rating and Research Report for Fidelity European.
"Tim McCarron is stepping down from this fund at the end of 09 and veteran UK stock-picker Sam Morse will take the helm. Despite the latest change, the fund has actually had stable management compared to industry norms – Morse will be just the third manager in the fund’s 24-year history.
McCarron has built a remarkable record. He has generated 12.6% per year annualised (to 30 Nov), an outperformance of 144 basis points over its Morningstar category norm. We noted in earlier reviews that McCarron and the deep research team backing him were the key attractions here, so without
question, his departure is a major loss. That said..."
The full four page PDF report can be accessed here. It is free to users of morningstar.co.uk.
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