Fidelity mutual fund PMs are looking for the next Facebook — sort of.

An article published in the Boston Globe today notes that mutual funds at the Boston Behemoth are investing in firms that are hot and moving towards going public, including social gaming company Zynga Inc., and retailer Michael Kors Holdings Ltd.

These investments are carefully selected, and should always bring a big return, said PM Edward Yoon.

“I think of it as a venture capital investment where, if it works out, we’re going to make 10 times our money; we’re going to make 15 times our money,” he said to the Globe.

The Globe notes that Fidelity isn't the only shop to take this strategy. Other firms to make similar investments include T. Rowe Price [profile and Wellington Management, which PMs some Vanguard [profile] funds.  

Edited by: Ben Geier


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