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The Taxing Consequences of Musical Managers

Fidelty funds with new stock-pickers make big capital-gains distributions.

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Some shareholders of Fidelity Investments' funds are experiencing firsthand the costs of recent portfolio-manager turnover at the Boston mutual-fund giant.

More than a dozen Fidelity funds have made capital-gains distributions of over the last month or so, according to Morningstar.com data, and manager changes at many of those offerings more than likely contributed to the size of the allotments sent out.

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Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.