Mr. Yoon: I would say Fidelity's fund management family, at its core, represents a bottom-up, research-driven process that depends upon analysts. We have an enormous analyst team. What we do is bottom-up stock-picking work - we go out, we research companies and markets and we try to construct the best portfolios from a bottom-up perspective.
TWST: Would you describe your investment criteria and expected return?
Mr. Yoon: I am on a diversified healthcare fund, that is the sector fund. My
investment philosophy as it relates to healthcare is on the product side of the
house, you need to be a growth investor and you need to find good product
cycles; you have to find good end-markets, you need to find companies that are
generally better-than-average deployers of capital, given how cash generative
these companies are. And then on the service side, which is a little bit of a
different kind of a business model, we're looking for defensible businesses that
generate strong returns at reasonable valuations, so that's sort of the
discipline.
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