That is because views on a single company can vary widely between Fidelity managers, Mr. Kobren said.

Full contemporaneous disclosure would allow competitors to trade on the Fidelity managers' stock selections, a spokeswoman said.

While some other top Fidelity managers are "very aggressive, with concentrated portfolios," he said, Mr. Mangum is "much more diversified and risk-conscious."

Fidelity managers may have to wait until 1997 to see their views vindicated, Mr. Bowers wrote in a recent issue of his newsletter.

For months, Fidelity managers have said that they remain optimistic about the sector's long-term prospects.

Mr. Vinik's is the third resignation of a high-profile Fidelity manager this year.

The big technology bets by the growth funds reflect the way Fidelity managers share ideas.

Like all Fidelity managers, Mr. Vinik serves at the pleasure of Mr. Johnson, the chairman.

What have Fidelity managers been buying?

Apparently he and several other Fidelity managers have settled on an alternative.