The Wall Street Journal notes that Fidelity has started replacing portfolio managers whose funds fared badly last year. Two managers became analysts, another left the firm and Fidelity is looking for other opportunities with the company for two other managers, the Journal reports. The changes, say Fidelity watchers, are not typical for the Boston fund giant, which had been slow to switch portfolio managers in the past.

"One of our criticisms in the past was that they were too slow to make portfolio-manager changes, but Fidelity does seem to have stepped up the pace of that," said John Bonnanzio editor of Fidelity Insight, an independent newsletter.

Morningstar analyst Christopher Davis said that now, "the message is being sent loud and clear that if you have a cruddy year, you're out."

Fidelity funds that have seen portfolio manager changes recently include Mid Cap Growth, Equity-Income II, Advisor Growth Opportunities, Latin America, Select Financial Services and Select Home Finance.

Fidelity spokeswoman Anne Crowley would not say whether the changes were performance-related, but told the Journal that each "was a unique situation with unique circumstances." 

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