William W. Hoyt

Fidelity manager believes banks "are not high-quality dividend payers."

Michael Ryval 3 February, 2012 | 7:00PM

One of the key lessons that William W. Hoyt drew from the 2008 global financial crisis was the need to reduce risk and have smaller positions.

"When we launched our fund back in 2007, we were in a very healthy global economic environment," says Hoyt, a Boston-based portfolio manager with Fidelity Investments who is on the team that oversees Fidelity Global Dividend Series A. "Positions were twice as large as what we currently have. I would ask our analysts for their best ideas, and then place much larger individual bets."

With markets continuing to be volatile, Hoyt is much more risk-conscious. "One theory in handling a crisis is that you can double-down on all your big bets, and when a recovery comes they should make up the difference. Problem is, when a recovery comes it's almost never in the same areas that performed well before."

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Michael Ryval

Michael Ryval