Magellan Assets Down 23% in 2001

October 17, 2001 ( - 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.
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.