Magellan Changes Course.
From Wall Street Journal and Boston Herald
Magellan is the news today in the nation's papers. The news in Fidelity's hometown paper, the Boston Herald that Magellan is on course to end in the red for the first time since 1994 as the fund has dropped 6.5 percent so far. Robert Stansky, manager of th e $103 billion fund, is now telling investors that the 20 percent returns seen in the stock market in recent years were "historical anomalies." A release of the fund's holdings also showed that Stansky has sold about one-third of his Microsoft holdings, and moved assets away from personal computers to networking and wireless companies. The Journal flags Palm, Redback Networks, Juniper Networks, EMC and Sun Microsytems as being among his new holdings. He sold positions in CMGI and DoubleClick.
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