Fidelity's Magellan Fund Adds Time Warner to Top Holdings

April 17, 2000 ( - Fidelity's Magellan fund, a favorite in 401(k) plans, replaced Wal-Mart Stores with Time Warner in its list of top 10 holdings in the first quarter, the fund announced Monday

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.