Fidelity Investments lost one of its star fund managers this week when David Glancy left to launch a hedge fund.

Fidelity analysts said Glancy is leaving Fidelity on a high note, after the Leveraged Company Stock fund he manages gained 52.8 percent since Jan. 1 – making it one of the strongest mutual funds in the country this year.

Glancy, who left Tuesday, also managed Fidelity’s Capital & Income fund, which gained 28.5 percent for the year.

“There’s no doubt about the fact that Fidelity lost a stellar manager who knew how to outperform in two camps, equities and bonds,” said Jim Lowell, editor of the Fidelity Investor newsletter. “Fidelity yet again has some egg on its face.”

Eric Kobren, executive editor of the Fidelity Insight newsletter, said Glancy will start a hedge fund with Richard Barrett, Fidelity’s former head of high-yield research.

“While Fidelity treats their fund managers and employees exceedingly well, there’s no denying the fact that the hedge fund business has exploded,” Kobren said. “People with good records and confidence want to take a whack at running their own show.”

Mark Notkin will replace Glancy as manager of Capital & Income, and Thomas Soviero will run Leveraged Company Stock.