Anthony Bolton is one of the most famous fund managers in the UK. He's been in charge of the Fidelity Special Situations Fund since 1979. He has fantastic performance figures of 19.9% a year on average. His strategy is to find unloved out of favour shares in smaller companies
The fund has been in the news because Bolton is retiring at the end of the year. His replacement Sanjeev Shah is gradually taking over the reins.
The key question is...can Shah continue the track record of the fund?
1 At £3 billion the fund is huge, so finding bargain stocks & using the money becomes increasinlgy hard.
2 he has had mixed records in the 2 funds he has manged, one beating the market the other tracking it.
3 Fidelity's fund record has been a bit patchy recently & 3 fund managers recently left to set up their own investment boutique (small fund house).
There are plenty of decent alternatives to the fund with established fund managers. Have a word with your financial adviser.
See also Christpher Traulsen's article at Morningstar