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I always thought of Puritan as a conservative balanced fund. Recent Annual report (Aug 31, 2008) gave me of some indication of why it has had bad losses in current crisis.
Puritan has been buying and selling credit default insurance (buying/selling CDS). Actually, it has been selling more CDS than buying. Selling credit default insurance is what did LEH and AIG in. And AIG is still a black hole for Federal Reserve & Treasury--to the tune of $150 billions now. BUT WHY IS PURITAN SELLING CREDIT DEFAULT INSURANCE? How many of Fidelity funds are doing this? Rating :
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