Top Stock Picker Sees New Alignment With Covid-19
“This time it’s different,” says Fidelity’s Eddie Yoon, who has outperformed his peers in health-care funds.
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Photographer: Kena Betancur/Getty Images
Eddie Yoon took over the Fidelity Select Health Care Fund in 2008, just as the financial crisis ushered in the worst recession since the Great Depression. He outperformed health-care's benchmark during the ensuing 12 years when his fund quintupled to almost $7 billion. That record made him No. 1 among 20 peers managing at least $200 million with combined 1-to-5-year returns, according to data compiled by Bloomberg.
He has never seen anything like the Covid-19 pandemic, an unprecedented disruption that, for the first time, he says, is aligning patients, health-care providers and payers, including insurers.