05/06/96 TABLE: In Need of Fixing

In Need of Fixing

TOTAL RETURN* FIDELITY FUND/ASSETS 1994 1995 1996 MAGELLAN -1.8% 36.8% 1.8% $55.5 BILLION COMMENTS Nobody rode the tech boom like Magellan's Jeffrey Vinik. But he couldn't dodge the damage of the tech-stock correction entirely. This year, an ill-timed shift of nearly 20% of the fund into bonds is dampening returns. ASSET MANAGER -6.6 18.2 1.7 $11 BILLION COMMENTS Returns fell sharply in 1994 from holdings of Third World debt. Under former manager Robert Beckwitt, the fund made a slow comeback in 1995. Under a new managerment team, the fund will have a more conservative strategy. BLUE CHIP GROWTH 9.9 28.4 1.8 $8.4 BILLION COMMENTS Ex-manager Michael Gordon bought smaller companies he considered ``tomorrow's blue chips.'' That hurt in 1995, when today's blue chips soared. New manager John McDowell specializes in large-cap stocks. BALANCED 5.3 14.9 -1.8 $4.7 BILLION COMMENTS Balanced funds are supposed to be conservatively run. But this one was not. In 1994, the fund's Third World debt cost it dearly. The fund started 1995 with only 10% in U.S. stocks and thus missed the big runup. CAPITAL APPRECIATION 2.5 18.8 4.4 $1.7 BILLION COMMENTS This sort of fund usually seeks high-growth companies, but former manager Tom Sweeney invested in commodities and utilities. New manager Harry Lange, a high-tech ace, is seen as more suited to the fund's goals. S&P 500 1.3 37.5 5.4 *Appreciation plus reinvestment of dividends and capital gains, before taxes. 1996 results are through Mar. 31. DATA: MORNINGSTAR INC., FIDELITY INVESTMENTS, BUSINESS WEEK