Fidelity Magellan Encounters Rough Straits

It's an ignominious time for the mighty Fidelity (FMAGX Quote)Magellan.

The fund's cash position in July fell to its lowest level since the boom years as investors withdrew $1.3 billion more than they put into the behemoth fund. The fund had 0.5% of its assets in cash as of July 31, according to Fidelity's Web site, down from 3.2% at the end of June.

Stock funds faced massive redemptions across the board in July, though. July's equity outflows of $40.9 billion were the largest since September 2001, according to AMG Data Services. ...