Fidelity Magellan reopens as a viable growth option.
This fund is once again open for business. On Jan. 15, 2008, Fidelity reopened Magellan, which has been closed since 1997 and whose underperformance from 2000-05 caused massive outflows. At $45 billion, the fund is still very large, but less than half its peak size. Outflows have been disruptive. Since Harry Lange took over as portfolio manager in late 2005, he has complained that redemptions force him to sell stocks. Managers generally prefer..
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At this time, we have not yet assigned a Stewardship Grade to this mutual fund. We will be adding more Stewardship Grades over the next several months, so be sure to check back in the future.If you would like to learn more about how we assign Stewardship Grades and what they mean, check out our
Stewardship Grade Methodology...
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Harry Lange favors fast-growing companies that are benefiting from larger trends. He is valuation conscious, however, and typically likes to lighten his positions in companies that are trading richly and buy in when they're slumping. Lange invests heavily in traditional growth sectors, such as tech hardware, but he won't let sector weightings deviate from those of the S&P 500 as much as he did at his previous charge. He holds between 250 and 300 names here and will go overseas for opportunities. Fidelity does not hedge foreign-currency exposure...
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