Fidelity to rename Karunathilake’s UK Aggressive fund

Fidelity has said it will rename its £167m UK Aggressive fund to “better reflect” the fund’s investment style.

From September 5 the fund, managed by Aruna Karunathilake, will be called the Fidelity UK Select fund, owing to the limited number of stocks held in the portfolio.

The firm said the fund’s investment style and objective would remain unchanged.

The fund is top-quartile over the three and five year periods to July 27, returning 15.8 per cent over the five year term, compared with an IMA UK All Companies sector average of 3.9 per cent, according to Morningstar.