Why Fidelity's Podger is backing Google despite sell-off

Fidelity's new hire Jeremy Podger has backed Google as one of several changes to the Global Special Situations fund, in spite of the sell-off following the tech giant's bungled Q3 earnings release.

Podger (pictured), who previously worked at Threadneedle, took over the £1.3bn fund in March following the exit of previous manager Jorma Korhonen. He has made a number of changes to the portfolio in an effort to boost performance, including a big call in the technology space. The manager has backed tech stocks Google and Microsoft - both among the top ten active positions in the fund - over Apple which he does not own. Last week, Google shares dived around 10% after its results - showing a decline in profits of 20% - were accidentally leaked to the market ahead of schedule, and th...