Morningstar's Christopher Davis took a peek at Ned Johnson's Fidelity fund holdings, and was surprised to discover that Johnson "keeps next to nothing in his firm's mostly top-rate bond fund lineup."

Johnson chairs two Fidelity funds boards and as such, is required by the SEC to say how much he has invested in each of the funds he oversees. As of December 2008, Johnson had at least $1.3 million across 14 Fidelity funds: Contrafund, Dividend Growth, Japan, Japan Smaller Cos., MA Muni Money Market, OTC, Pacific Basin, Select Banking, Select Energy, Select Energy Service, Select Natural Gas, Select Natural Resources, Select Pharmaceuticals and Small Cap Stock.

The exact amount he has is not clear, because the SEC requires fund trustees to report their investments in dollar ranges. The highest range is "more than $100,000."  

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