After being shut off to new investors for 10 years, Fidelity's Magellan Fund
is reopening starting tomorrow.
Magellan has been closed to new accounts since September 30, 1997.
"I strongly believe that reopening the fund is the right step for Magellan's shareholders at this time," said Harry Lange
, who has run the fund since October 2005, in a news release issued Monday morning.
"As Magellan always has had a flexible investment mandate, I'm very comfortable with the size of my investment universe, and -- thanks to the support I receive from Fidelity's analysts -- I've been fortunate to find great stocks here in the U.S. and abroad to include in the portfolio," Lange added.
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