Do Fidelity MultiManager portfolios invest in other Fidelity funds?
We treat Fidelity in the same way as we do any other fund management group. We have no obligation to invest in Fidelity funds, but at the same time feel that we should not exclude Fidelity from our investment universe. We seek to avoid putting constraints on our investment universe as much as possible, as doing so simply makes our job more difficult. We do have limits on the amount that we can invest in any one fund and in any one fund manager (as detailed in the prospectus) and this applies to all holdings including Fidelity. We have purposely established Fidelity MultiManager with its own identity to ensure this level of objectivity.
