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- Fidelity has plans to launch an event-driven mutual fund called the Fidelity Event Driven Opportunities Fund. This is certainly unusual for a mutual fund investor to venture into territory typically occupied by hedge funds. The main difference is that the Fidelity fund will not use shorting to take advantage of corporate actions that could send a company’s stock price lower. The fund will be managed by first-time fund manager Arvind Navaratnam. While event-driven strategies have increased in popularity since the financial crisis, the performance of the strategy has struggled this year. The Morningstar Event-Driven Index is up just 1.2% YTD in a year where the S&P has returned over 18%.