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Friday, February 13, 2009|
Magellan Assets Fall to a Level Not Seen Since '91
Assets in Fidelity Magellan have fallen to less than $20 billion for the first time since 1991, notes Morningstar's Ryan Leggio. The decline led to increased fees for remaining shareholders from 53 bps to 72 bps over the past year. Magellan, which reopened to new investors in January of last year, had its worst performance in more than a decade in 2008, with its 49 percent loss trailing the S&P 500 by more than 1,200 bps. Wrong bets on firms including AIG, Wachovia, Corning and Nokia helped land the fund in the bottom 5 percent of its category for the first time since 1996, Leggio notes.
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