Fidelity small cap star Charles 'Chuck' Myers is to step down from portfolio management at the end of the year.
Citywire + rated Myers manages the $5.8 billion Fidelity Small Cap Discovery fund alongside Derek Janssen. Myers is the lead and has been on then fund since 2006.
He joined Fidelity after college in 1999 and has been with the company ever since.
In March last year Myers took a six month leave of absence from the firm, returning in September that year.
At the time Fidelity said the leave was not due to health-related issues but instead to allow Myers to spend time with his family and pursue other interests after successfully running the fund for a decade.
The fund’s 10-year performance is stellar. Over that time period it is top of the Citywire Small Cap Core category. According to data from Lipper it has returned 185.3% over the last decade, to January 31 2017, smashing the Russell 2000 which is up 95.4% over the same period.
'Chuck will continue to serve as co-manager until the end of 2017, at which time he may remain with Fidelity in a non-portfolio manager role. We are taking a thoughtful and deliberate approach to this transition over the next 11 months,' said a spokesman for Fidelity.
Janssen steps up
When Myers steps away from the Discovery fund on December 31 2017, he will leave Janssen as the sole portfolio manager on the stratgey.
Janssen is also manager of the $3.5 billion Fidelity Small Cap Value fund and the Fidelity Advisor Small Cap Value fund, which Myers stepped down from at the beginning of 2016, having taken a back seat since 2015.
At the end of January this year Clint Lawrence joined Janssen as a manager on these funds.
Janssen has been with Fidelity since 2007 and has worked as an analyst and portfolio manager within the firm. Before Fidelity, he was an analyst at Skystone Capital Management from 2005 to 2007.
Lawrence has been with Fidelity since 2007 and has worked as an equity analysts with emphasis in small cap financials.
Flurry of fund changes
Both Geode and Devitt were also added to the $58.5 million Strategic Advisers Growth Multi-Manager fund, which has seven other subadvisors, and Geode was added to the $17.4 million Strategic Advisers Value Multi-Manager fund, which has six other subadvisors.
Previous to that, in October 2016 the firm went through an even larger management restructure as it changed the roster of five of its funds, including the $28.8 billion Fidelity Balanced fund. This restructure also included four portfolio manager departures.