Fidelity Investments Canada ULC Monday announced that Steve DuFour, a top-performing Fidelity U.S. equity portfolio manager will be assuming portfolio manager responsibilities for the Fidelity Growth America Fund.
DuFour assumes portfolio management responsibilities from Young Chin who remains in his role as chief investment officer for Pyramis Global Advisors, LLC. This change will be effective February 1.
DuFour currently manages a number of funds for U.S. investors including Fidelity Focused Stock Fund.
The fund’s investment objectives remain the same under DuFour as it strives to achieve long-term capital growth by investing primarily in equity securities of U.S. companies. Similar to the fund’s current investment strategy, DuFour employs fundamental, bottom-up equity research in selecting investments. Going forward, DuFour will be investing in a more concentrated manner than previously. Additionally, the fund’s name will be changed to Fidelity U.S. Focused Stock Fund and its corresponding Class version will be changed to Fidelity U.S. Focused Stock Class.
“This change enhances our U.S. equity fund lineup and we are excited to bring Steve DuFour, one of Fidelity’s top-performing U.S. portfolio managers, to the Canadian marketplace,” says Craig Strachan, vice president, head of product, Fidelity Investments Canada.
In November 2012, Fidelity introduced a number of new U.S. mutual funds including Fidelity U.S. Monthly Income Fund, Fidelity U.S. Dividend Fund, as well a capital yield version of the Fidelity U.S. Monthly Income Fund.
DuFour joined Fidelity as an equity analyst in 1992 and was named as a portfolio manager in 1993. From 1993 onward he has managed a number of funds for U.S. investors as well as leading different investment teams within Fidelity. He earned a Bachelor of Arts degree in American studies from the University of Notre Dame in 1988 and an MBA in finance from the University of Chicago in 1992.