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Fidelity Magellan Nibbles on Tech, Stays Close to S&P 500

In returns and sector weights, the fund looks a lot like its index.


Fidelity Magellan's (FMAGX) Bob Stansky apparently isn't in the mood to do anything dramatic.

At first glance, this portfolio bears more than a passing resemblance to the S&P 500 index. As of June 30, 2001, most of the fund's sector weights were roughly in line with the index's, and giant-cap stocks such as Pfizer (PFE), General Electric (GE), and Citigroup (C) occupied prominent places among the fund's top-10 holdings. The biggest exception to Stansky's indexlike stance was technology, where the fund's 14.3% stake was 4 percentage points lower than the S&P 500's. But even that bet against technology was smaller than his wager against the sector on March 31, when the fund had a 6-percentage-point tech underweight. That may indicate that Stansky has used the sector's weakness in 2001 to do some modest buying. In the past, Stansky has often tried to buy growth on the cheap by purchasing stocks in an area when it is out of favor.

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Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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