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Fidelity Gives Magellan Manager the Boot

After a spate of terrible performance, Fidelity finally hangs up on Harry Lange.

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Fidelity said Tuesday that it is replacing Harry Lange, the manager on its long-struggling  Fidelity Magellan (FMAGX) fund.

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.

Christopher Davis does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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