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Fidelity Fund Aims For Indebted Firms; Energy Is Top Sector; Leveraged Company manager Soviero builds on junk-bond expertise.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: PAUL KATZEFF
Following the crowd is rarely the way to make big money on Wall Street. That's why placing bets on firms that other investors treat like lepers can have bigger payoffs.
That strategy is working for $1.8 billion Fidelity Leveraged Company Stock Fund.
The fund was up 23.86% for the year going into Wednesday vs. 12.09% for mid-cap blend funds tracked by Morningstar Inc. and 7.04% for the S&P 500.
The fund invests in stocks of highly leveraged companies, which have high levels of debt compared with equity.
"I want something with at least a 50% debt-to-capitalization ratio," said manager Thomas Soviero.
That commonly pushes a firm's credit rating to the lowest investment grade or worse. Only 10% to 20% of his portfolio is typically rated above BB+.
- At Fidelity, Soviero Searches for Pearls Among Junk Bonds.(Originated from The...
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Oct. 13--Tom Soviero's rise from paper boy to portfolio...those hats got to be tiring. So when Soviero returned to Boston in 1989 to work at...of Fidelity Spartan High Income Fund, Soviero supervises 15 research analysts who specialize...
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Marcelle Soviero has joined Really Strategies, Inc., an independent content management...as VP, business development. Prior to joining Really Strategies, Soviero spent 15 years in various positions throughout the publishing and communications...
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Soviero, Diana ( b St Paul, 19 Mar. 1946). US soprano. Studied St Paul and made début there 1974. New York, CO, 1976...
- Leverage lover: one of Fidelity's least-known names welcomes companies that are...
- Magazine article from: Kiplinger's Personal Finance Magazine Goldberg, Steven T. July 1, 2002 700+ words
...manager of 18-month-old Fidelity Leveraged Company Stock fund, he makes a compelling...underscore. That makes Fidelity Leveraged Company Stock (symbol FLVCX; 800-522...markets and worse in bear markets." Leveraged Company is Glancy's first stock fund...
- Putnam Investments Launches Two Spectrum Funds That Invest in Leveraged Company...
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New leveraged company funds to be managed by investment...record along the way." The leveraged company funds' investment processes...combined, cover most of the leveraged company universe. Although Putnam Capital...
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...survival was in question. Tom Soviero was lucky enough to have a...portfolio full of such companies. Soviero manages Fidelity's Leveraged Company Stock fund, a mutual fund...better, which explains why Soviero's fund is up 84 percent...
- Fidelity Investments Plans No New Measures to Retain Talented Employees.
- Newspaper article from: Knight Ridder/Tribune Business News July 17, 2003 700+ words
...Fidelity tapped Thomas Soviero to replace Glancy at the Leveraged Company Stock fund, and...smaller fund. Soviero is also the manager...yield funds. Soviero will continue to...to Bonnanzio. Leveraged Company Stock had a 52...
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- Newspaper article from: Morningstar Column (Morningstar) September 8, 2005 700+ words
...with anyone. --Thomas Soviero of Fidelity Advisor High Income Advantage: Tom Soviero's fund took a few lumps...fund has done just that. Soviero also earns kudos for his work at Fidelity Leveraged Company Stock, which has trounced...
