Fidelity Investments started a new mutual fund and tapped two of its most successful managers, William Danoff and Joel Tillinghast, to run it. There’s just one catch: it’s only available to Canadian investors.
Fidelity Global Growth and Value Class fund marks the first time the managers will run a fund together. The new product aims to achieve long-term capital growth by investing in companies anywhere in the world, according to a news release issued Thursday. It was created by Fidelity Investments Canada, which operates independently of the U.S. fund giant.
Danoff has run the $128 billion Fidelity Contrafund since 1990, and over that stretch has beaten the S&P 500 Index by more than 300 basis points a year. Tillinghast’s $36 billion Fidelity Low-Priced Stock Fund has topped its benchmark, the Russell 2000 Index, by more than 400 basis points annually since 1989.
“We are pleased to launch this new fund that brings together the brilliance of Will and Joel and their investment approaches,” Rob Strickland, president of Fidelity Investments Canada, said Thursday.
This article was provided by Bloomberg News.