Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Contrafund Runs Neck and Neck to Magellan Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 12, 2005

Contrafund Runs Neck and Neck to Magellan

Reported by Sean Hanna, Editor in Chief

Is Fidelity Magellan, the fund made famous by Peter Lynch, about to be surpassed in its own family? It could happen.

Final second quarter numbers show that Magellan slipped during the March to June quarter while Contrafund continued to build assets. If the lead change does take place, it would reflect a new era at the Boston Behemoth as the fund, which was once the nation's largest, falls behind in its own shop.

For more than a decade, Magellan has been Fidelity's flagship fund in the 401(k) market. That has been slowly changing, though, and the numbers reflect the shift in fundamentals. Magellan has long been closed to new investors, leaving the fund dependent on investment gains for growth. In addition, 401(k) clients are moving away from plans dependent on core fund options to plans offering asset allocations and managed portfolios. Those changes are decreasing the importance of a brand like Magellan's in that market.

All of that makes it less of a surprise that Magellan is losing assets. So far in 2005 the fund shrank by $8.4 billion to $54.9 billion in assets (the fund peaked at more than $100 billion in 2000).

Meanwhile, Contrafund has added nearly $5 billion in assets since the start of the year and now stands at $49.4 billion in assets.

At that pace the gap is narrowing, assets Contrafund would surpass those in Magellan sometime this quarter. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use