Geode Capital Management

Geode Capital Management, LLC
	File:Geode Capital Management2.png
	File:100 Summer Street (Boston) - SA06947.JPG Headquarters at 100 Summer Street
Industry	Investment management
Founded	2001; 25 years ago
Headquarters	100 Summer Street, Boston, Massachusetts, U.S.
Key people	David Lane (President and chief executive officer)
Products	Index funds; Quantitative funds
AUM	$1.483 trillion (September 2024)
Number of employees	161 (2024)
Website	www.geodecapital.com

Geode Capital Management, LLC (commonly known as Geode) is a Boston-based American firm specializing in investment management.

History

Established in 2001 by Fidelity Investments with the purpose of executing systematic long/short equity strategies and innovating investment methodologies, Fidelity initially allocated $229 million in capital to Geode. The firm was first led by Fidelity executive Jacque Perold, followed by Vince Gubitosi in 2007, and later Bob Minicus took over leadership in 2021.

In 2003, Geode became an independent entity, a move likely intended to prevent conflicts arising from short positions against stocks held in Fidelity's mutual funds. Despite its independence, Geode remained close to Fidelity’s Boston offices and continued to serve as a sub-advisor for Fidelity’s passive investment funds. That same year, Fidelity engaged Geode to subadvise three Spartan equity index funds.

By 2020, Geode's assets under management approached $720 billion with a staff of roughly 140 employees. The Wall Street Journal referred to the firm as Fidelity's "secret weapon" in February 2021. That month also marked the closure of Geode’s hedge fund operations following derivative-related losses.

At the beginning of 2022, Geode exceeded $1 trillion in assets under management, largely fueled by the expansion of its index fund offerings.

Operations

Geode predominantly functions as a sub-advisor for registered funds, especially those Index Funds sponsored by Fidelity Investments and its affiliates National Financial Services and Fidelity Brokerage Services. Through the Fidelity Automated Managed Platform (AMP), Geode provides digital advisory services alongside discretionary portfolio management.

The company also manages investments for a broad client base including institutional investors and retail clients such as corporations, investment companies, pension plans, sovereign wealth funds, government agencies, charitable foundations, and individual U.S. investors across various wealth levels.

Ownership and Personnel

Owned by its employees and governed by its board, Geode’s team primarily consists of quantitative professionals—experts in mathematics and computer science disciplines. As of 2023, Lionel T. Harris held the position of chairman, Bob Minicus was president and CEO, and the board included ten members.

Investment Approaches

Geode concentrates on public equities and alternative asset classes, focusing on growth and value equities spanning small to large capitalization companies. The firm utilizes a systematic, risk-controlled, collaborative team methodology aimed at generating consistent returns through a collective investment process. Its strategies encompass equity index funds, options trading, quantitative active equity management, commodities, and multi-asset portfolios designed to achieve both alpha generation and beta exposure.

Investment Funds


Fund Name	Year of Launch	Assets Under Management (in $ millions)
Fidelity U.S. Value ETF (FCUV)	2020	$550.8
Fidelity U.S. Momentum ETF (FCMO)	2020	$256.3
Fidelity Canadian Momentum ETF (FCCM)	2020	$117.2
Fidelity Canadian Value ETF (FCCV)	2020	$182.9
Fidelity All-American Equity ETF (FCAM)	2024	$43.6
Fidelity All-Canadian Equity ETF (FCCA)	2024	$11.8
Fidelity All-International Equity ETF (FCIN)	2024	$42.8

External links