Fund Times: Fidelity Magellan Scoops Up Foreign Stocks

New manager Harry Lange has wasted no time making changes to  Fidelity Magellan's (FMAGX) portfolio. According to portfolio updates on Fidelity.com, Lange has cranked up foreign exposure to a hefty 25% of the $51-billion fund, and he has boosted  Nokia (NOK) to the top spot in the portfolio. A number of other foreign stocks have cracked the top 10, including, Yahoo Japan,  Nomura Holdings (NMR), and  Mitsubishi UFJ Financial (MTU).

The move is consistent with what Lange did at  Fidelity Capital Appreciation (FDCAX). There, he also had a big, Japan-heavy foreign stake that worked out well for the fund.

In sector terms, Lange has made a big shift out of consumer staples and into information technology. He cut the consumer-staples weighting from 8.0% in June 2005 to 2.5% at the end of December, and cranked up the tech stake from 18.9% in June to 25.5% in December. Lange was once Fidelity's lead tech analyst and has proven a savvy investor in that area since taking over diversified funds.

Fidelity Europe Captain Departs after Just Five Months
Fidelity announced that  Fidelity Europe (FIEUX) manager Frederic Gautier has left the firm just five months after becoming portfolio manager of the fund. He has been replaced by Trygve Toraasen, who has run  Fidelity Nordic (FNORX) since 1998. Toraasen also ran a mid-cap Europe fund not available to U.S. investors; that fund produced middling results during his tenure. For our take on what these changes mean to the fund,  click here for analyst Dan Lefkovitz's Analyst Report on Fidelity Europe.

Taner to Head AIM Health Care Funds
AIM Investments Tuesday named Derek M. Taner the lead portfolio manager of  AIM Global Health Care (GGHCX) and  AIM Advantage Health Sciences . Taner joined AIM in 2005 after working for Franklin Templeton. Prior to joining AIM, he was lead portfolio manager for two years at  Franklin Global Health Care .

He replaces Michael Yellen, who has assumed the role of senior research analyst and will be based in Tokyo. AIM added that Sunaina Murthy, who served as senior analyst for the fund, left AIM Investments Jan. 13 "to pursue personal interests."

Taner also will replace Yellen on the management team of  AIM Multi-Sector , joining William R. Keithler, Mark D. Greenberg, John S. Segner, and Michael J. Simon.

Faust Named President of Eaton Vance
 Eaton Vance  Tuesday named Thomas E. Faust Jr. president and Duncan W. Richardson executive vice president. Faust and Richardson will continue to serve as the chief investment officer and chief equity investment officer, respectively. James B. Hawkes remains chairman and CEO. Hawkes is scheduled to retire on October 31, 2007.