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Fund Review: Fidelity American Special Situations

This article is part of
Fund Review: US Equities

On the flip side, the manager acknowledges not having major exposure to high-valuation internet stocks, such as Facebook, Amazon, Netflix and Google, especially in 2015, was a detractor from performance. “Valuation multiples of these ‘in vogue’ companies have increased significantly this year, and any potential derating or change in sentiment could translate into significant downside for these stocks. I do not follow the crowd and tend to avoid stocks with short-term positive momentum,” he explains.


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