Short Takes: Fidelity Opens Portfolio For Medical Investments

Fidelity Investments this week added a new fund to its Select line of 39 portfolios that invest in specific industry sectors.

The Fidelity Select Medical Equipment and Systems portfolio will invest in stocks of companies that research, develop, or sell medical equipment or related technologies. It will be managed by Kerry Nelson, who has been with Fidelity since 1995.

In a statement, Fidelity said it was starting up the fund to take advantage of demographic trends that are expected to fuel growth in the medical equipment sector. Aging baby boomers, for instance, are expected to spend more on health-care products and related medical equipment.

Boston-based Fidelity said it leads the industry in the sector fund category, with $16 billion under management.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER