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Rating:Magellan Slips to Third Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 15, 2002

Magellan Slips to Third

by: Sean Hanna, Editor in Chief

Analysts are estimating that investors pulled nearly $1.1 billion from Fidelity's Magellan fund in July, the Wall Street Journal reported. If accurate, that outflow would be the largest in the fund's 39-year history.

The report also highlighted a fact that may reveal some hurt pride in Boston. Magellan is now the third largest mutual fund behind the Vanguard Index 500 fund and now the PIMCO Total Return fund.

Fidelity does not reveal net flows into individual funds, but it does report the total assets held in each fund every month. Analysts use those figures and the change in the fund's net asset value to calculate net flows.

The numbers showing the outflow were crunched by Eric Kobren executive editor of Fidelity Insight. The old record for outflows was just under $1 billion in February 2002, according to Financial Research Corporation.  

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