After a spate of terrible performance, Fidelity finally hangs up on Harry Lange.
Fidelity said Tuesday that it is replacing Harry Lange, the manager on its long-struggling Fidelity Magellan
Lange is the latest in a string of Magellan skippers who failed to measure up against the fund's most famous manager, Peter Lynch, whose storied reign ended in 1991. Lange's immediate predecessor, Robert Stansky, posted middling results employing a bland approach that closely tracked the S&P 500 Index. Lange ditched Stansky's index-hugging ways, but performance deteriorated badly. From his Oct. 31, 2005, start through Sept. 9, 2011, the fund lagged more than 90% of its large-growth rivals with its mere break-even returns.
Lange had enjoyed ample success prior to Magellan's helm, most notably during his nearly 10 years at Fidelity Capital Appreciation
Lange's successor, Jeff Feingold, inherits a much-diminished Magellan. It is hardly a small fry, with $17 billion in assets. But it's a far cry from the $110 billion Stansky managed in early 2000 and the $52 billion Lange inherited when he took charge. Magellan, once the world's largest mutual fund, is now the ninth largest at Fidelity, dwarfed by the likes of the $74 billion Fidelity Contrafund.
For Feingold, Magellan is a giant promotion. Fidelity Trend