Fidelity’s star tech fund manager has left the company (FOCPX)
CNBC
Gavin Baker, a now-former fund manager for Fidelity, has left the $2.13 trillion money manager, Institutional Investor’s Michelle Celarier first reported.
After joining Boston-based Fidelity in 1999, the 42-year-old rose through the ranks to eventually run Fidelity’s $12.66 billion OTC Portfolio, a fund that has seen huge gains thanks to bets on tech stocks including Tesla, Apple, Amazon, Facebook, Alphabet, and Nvidia.
Those outperforming bets cushioned worse-performing stocks in the portfolio — like Workday, Zendesk and Athenahealth.
Baker was also instrumental in Fidelity’s investment in pre-IPO companies like Uber and Facebook, according to Institutional investor.
"I believe the world is going to change more in the next 20 years than it has changed in the past 70 years,” he told the Boston Globe in 2014. "I try to invest in great companies at the center of these powerful, multi-decade secular trends."
Since Baker took over the fund in July 2009, the basket of medium- to large-cap equities has posted a 291% gain, according to Morningstar. Baker will be replaced by Chris Lin and Sonu Kalra as co-managers of the fund, Fidelity said.
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