Investing October 17, 2001
Magellan Assets Down 23% in 2001
October 17, 2001 (PLANSPONSOR.com) - The assets in
Fidelity's Magellan fund have declined 23% since the
beginning of the year and total $71.6 billion as of September
30.
Reported by Nevin E. Adams
While Magellan is closed to most investors, it is one of
the most widely held mutual funds and a popular option in
401(k) plans.
The mutual fund giant, the nation’s largest actively managed fund and second largest after the $77.8 billion Vanguard 500 Index, has suffered a 20.53% loss this year. The S&P 500, the benchmark for the fund, was down 20.39% during the same period.
According to Reuters, Magellan increased its holdings in the financial sector slightly – to 20.4% from 19.9% – while holdings in information technology were reduced to 11.1% from 13% in August.