Fidelity's star tech fund manager has left the company
CNBC
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.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley