Writing this from snowy London makes Asset Allocator yearn even more than usual for the sunshine of retirement, something which long-serving Fidelity fund manager Michael Clark has made reality right about now, as the equity income manager begins his retirement.
Clark's main responsibilities were on the Moneybuilder Dividend and Enhanced Income funds.
His replacement is his deputy, Rupert Gifford.
The Moneybuilder Dividend fund is held by just one of the DFMs we cover, while the Enhanced Income product appears in two portfolios. It had one new buyer and one seller in 2022.
Neither fund is much more popular among income portfolios - among those portfolios they are both held by two DFMs each.
Both funds operate in the very competitive IA UK Equity Income sector, and while they have had strong 2022s their performance in each of the four years before that was fairly mediocre.
Fidelity Moneybuilder Dividend has a yield of 3.78 per cent - nothing to write home about - but Fidelity Enhanced Income has a yield of 6.03 per cent - one of the highest in the sector.
The funds take an identical approach to stock picking but the Enhanced Income product uses an option overlay strategy to boost the income it generates which can sacrifice capital appreciation.
And perhaps this approach doesn't appeal to DFMs who may want their UK equity income in a bit more of a vanilla flavour.
We suspect Clark won't be the only fund manager retirement in the months ahead, as we will try to cover those in which DFMs have a material interest.