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I must be under a rock.
Apparently, Fidelity Magallen is showing signs of life again. Somehow this escaped my astute eye, but luckily I bumped into Jim Lowell of the Fidelity Investor newsletter this week, who gave me the inside scoop. Lowell has always been a fan of Harry Lange, Magellan’s newish manager, who once ran Fidelity Capital Appreciation with incredible results.
As you can read in the recent issue of BusinessWeek, many people think the market’s pendulum has finally swung toward large-cap growth stocks for good. And that is great news for Magellan, since it is brimming with growth stocks like Google and Nokia. Lange has given the fund a thorough makeover since he took over in October 2005, getting rid of more stodgy blue chips.
His bets have paid off. Thru Thursday’s close, Magellan was up 10.35% for the year, more than five percentage points ahead of the S&P 500, according to Morningstar.
With returns like that, Lowell told me he thinks Fidelity is going to reopen the fund soon. You can read more about his take on some of the recent changes at Fidelity here.