Following the announcement that Sanjeev Shah will be stepping down from managing Fidelity Special Situations on 1st January 2014 to be replaced by Alex Wright, we have changed the
Morningstar OBSR Analyst Rating™ of the fund to Neutral. The fund previously held a Silver Rating. While we have a high regard for Alex Wright as a small cap UK equity fund manager, we believe that taking over this £2.8 billion fund represents new challenges for him. Therefore we feel that a Neutral Rating is appropriate for the fund at this stage. We will continue to meet with Mr Wright as he assumes his new responsibilities.
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