The Magellan fund is found in many 401(k) portfolios, and is one of the world’s largest mutual funds.
The fund also underwent a style change during the quarter, and is now designated as a large capitalization value fund. For much of last year, Magellan was classified as a large cap blend.
Magellan continued to increase its technology holdings during the first quarter, allocating 35.1% to the sector at the end of March, compared with 30.5% at the end of January. Meanwhile, General Electric replaced Microsoft as the fund’s top holding.
Magellan is Fidelity’s biggest fund with over $109 billion in assets under management at the end of March.