Fidelity's Magellan Gains on Tech Bets

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Fidelity Investments' Magellan Fund(FMAGX Quote) is riding the success of tech superstars Apple(AAPL Quote) and Google(GOOG Quote) this year, returning 7.3% as the stock market drops.

So far this year, Magellan has generated the second-best performance among the 50 largest stock mutual funds that are actively managed. Almost 35% of the fund is invested in technology and communications companies.

Apple and Google have brought big windfalls to Magellan this year, gaining 47% and 27%, respectively. Cisco Systems(CSCO Quote) and Oracle(ORCL Quote) also have jumped more than 10%. All four companies were among the fund's top 20 holdings at the end of March.

The Van Kampen Capital Growth Fund (ACPAX Quote) was the group's best performer, returning 18% as the S&P 500 index fell 4.5%. Van Kampen managers also bet on tech stocks, including Baidu (BIDU Quote) and Amazon.com (AMZN Quote), which have jumped more than 50% this year.

There were several losers among these funds, which each have at least $10 billion in assets. Financial stocks were largely to blame.

The Harbor International Fund (HAINX Quote) has lost 8% this year. The fund has 27% of its assets in finance companies, such as AXA(AXA Quote), Lloyds Banking Group(LYG Quote) and Sumitomo Trust & Banking. These stocks have dropped more than 20% each.

Closer to home, the American Washington Mutual Investors Fund (AWSHX Quote) shed 7.9%. The fund suffered as Citigroup (C Quote), Fifth Third Bancorp (FITB Quote) and SunTrust Banks(STI Quote) have lost about half their value. Bank of America (BAC Quote), another holding, is down 38%.

This Year's Best and Worst Performing Large Mutual Funds Fund (Ticker) Rating Total Return YTD Objective Van Kampen Capital Growth Fund (ACPAX) C 18.07% Growth - Domestic Fidelity Magellan Fund (FMAGX) D+ 7.28% Growth - Domestic T Rowe Price Growth Stock Fund (PRGFX) B- 7.28% Growth - Domestic Fidelity Growth Company Fund (FDGRX) C+ 3.86% Growth - Domestic Fidelity Low-Priced Stock Fund (FLPSX) C 3.59% Mid Cap Vanguard Windsor II Fund (VWNFX) C -6.49% Growth - Domestic T Rowe Price Equity Income Fund (PRFDX) C -6.57% Equity Income Van Kampen Growth and Income Fund (ACGIX) C+ -7.67% Growth & Income American Washington Mutual Investors Fund (AWSHX) C -7.85% Growth & Income Harbor International Fund (HAINX) C -7.95% Non-US Equity Source: Bloomberg & TheStreet.com Ratings