Patience Really Pays

The longtime manager of Fidelity Low-Priced stock tells how he built his fabulous record and how he's reacting to wild markets.

Joel Tillinghast is arguably the least-celebrated superstar in the fund business. Fidelity Low-Priced Stock (symbol FLPSX), which he has run since December 1989, is the third-best-performing fund over the past 20 years (with an annualized return through May 31 of 14.0%). And the unusual fund, which mainly buys stocks that trade for less than $35, is number one among diversified funds over that period. But because the reserved Tillinghast, 52, rarely gives interviews, the public doesn’t often get a chance to take his measure beyond the excellent results of his $29-billion fund, a member of the Kiplinger 25. We recently chatted with Tillinghast, whose tenure of more than 20 years managing one fund is currently Fidelity’s longest, at his office in Boston. Below is an edited version of the interview.

KIPLINGER’S: Given that your fund has some 30% of its assets overseas, is the turmoil in Europe affecting the way you run it?

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Manuel Schiffres
Executive Editor, Kiplinger's Personal Finance