Joel Tillinghast, the veteran portfolio manager who has been with Fidelity for over 35 years, will retire from active management at the end of 2023, reports an article in CitywireUSA. Tillinghast manages the $33.1 billion Fidelity Low-Priced Stock fund as well as overseeing $11 billion in funds for Canadian investors.

This past June, Tillinghast was the recipient of Morningstar’s Outstanding Portfolio Manager award, in recognition for his work running the Low-Priced Stock fund. Tillinghast has run the fund, which has a Morningstar analyst rating of Silver, since December 1989 and was the fund’s sole manager until 2011. The fund has returned 13.52% on an annualized basis since he first started managing it, though the majority of his success with it came in the first 15 years, the article maintains. From 1989 to 2005, he returned 17.47% annualized, compared to 9.66% from 2006 to the present.

Tougher competition, more talent, and having half the number of stocks to choose from today as opposed to 20 years ago could all be reasons for the slowdown in returns, the article contends. Its wide portfolio has more than 800 stocks at the present, with roughly 25% of its assets in consumer cyclical stocks.

Tillinghast, who has an A rating on Citywire, will continue on as a senior advisor to the Fidelity equity team after his retirement, as well as mentor research associates, CitywireUSA reports.