Almost two dozen funds at Fidelity changed manager last week. Should you be worried?

In another round of manager changes, all of which took effect on Oct. 2, 2006, Fidelity Investments announced many shifts in responsibility. Darren Maupin, portfolio manager of Fidelity Europe Capital Appreciation FECAX and Fidelity Advisor Europe Capital Appreciation (FAEAX), will take on responsibility for Fidelity Aggressive International (FIVFX), Fidelity Advisor International Capital Appreciation (FCPAX), and VIP International Capital Appreciation Portfolio, replacing a multiperson team that had been in charge here. Maupin will also join Victor Thay in running Fidelity Advisor Global Capital Appreciation (FGEAX), replacing a management team that included William Bower of Fidelity Diversified International (FDIVX) and Harry Lange, who runs Fidelity Magellan (FMAGX).

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On Fidelity's bond side, Brett Kozlowski has been named portfolio manager of Fidelity Mortgage Securities (FMSFX), Fidelity Advisor Mortgage Securities (FMGAX), Fidelity Intermediate Government (FSTGX), and Fidelity Institutional Short-Intermediate Government (FFXSX), replacing George Fischer. Fischer remains a member of Fidelity's fixed-income team, managing Fidelity Government Income (FGOVX) and other bond portfolios. We'll be reviewing the Morningstar Fund Analyst Pick status of Fidelity Mortgage Securities to account for the management change.

The Fidelity Select fund lineup, where manager change has historically been quite frequent, has also seen a few manager changes. Geoff Kuli, who covers the consumer leisure products industry for Fidelity, has been named manager of Fidelity Select Leisure (FDLSX), replacing Gopal Reddy. Douglas Simmons has been made portfolio manager of Fidelity Select Utilities Growth (FSUTX), Fidelity Advisor Utilities (FUGAX), and VIP Utilities Portfolio, following Brian Younger, who will continue to manage Fidelity Select Telecommunications (FSTCX) and Fidelity Select Wireless (FWRLX). Simmons will remain manager of his previous charges, Fidelity Select Environmental (FSLEX) and Fidelity Utilities (FIUIX). Finally, Martin Zinny will become sole manager of Fidelity Select Consumer Discretionary FSCPX , and Bob Lee, who previously comanaged the fund, will focus on Fidelity Select Consumer Staples (FDFAX). These Select portfolio changes seem to be in keeping with Fidelity's promise to put more experienced managers at the helms of the firm's sector funds.