Did Magellan Make a Titanic Call Against Tech at the Wrong Time?
It took (FMAGX Quote)Fidelity Magellan skipper Bob Stansky six months to turn his massive vessel around amid a tech-stock monsoon, just in time for it to stop raining. Now that tech has revived, the big question is: Did he start turning the ship around in time to ride the wind?
The manager of the $87.2 billion fund, the largest actively managed mutual fund in the nation, gradually pared his sprawling portfolio's tech stake from 28.6% at the end of September to 11.6% at the end of March, according to a shareholder report filed with regulators this week. Since Stansky's comments on earnings and valuations were somewhat negative back in September, some might wonder why it took him so long to trim the fund's tech bet. The same question can be asked of fellow growth Janus, which sharply sold tech in the first quarter. ...
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