Fidelity's Magellan builds tech, energy holdings
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Microsoft Corp (NasdaqNM:MSFT - news) became Magellan's
largest holding, forcing General Electric Co. (NYSE:GE - news), which had been No. 1 into second place.
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BOSTON, N.H., Jan 18 (Reuters) - Fidelity Investment's Magellan Fund, the largest U.S.-based mutual fund with more
than $105.9 billion in assets, has added Exxon Mobil Corp (NYSE:XOM - news) and Texas Instruments Co (NYSE:TXN -
news) to its closely watched top 10 holdings.
The two issues replaced MCI WorldCom Inc (NasdaqNM:WCOM - news) and Merck & Co (NYSE:MRK - news) on the
list of holdings as Dec. 31, according to Fidelity's year-end issue of its fund guide.
Magellan, which is closed to most new investors, had $105,939,500 in assets under management at the century's end. It
began the decade with $12.70 billion in assets.
For 1999, Magellan returned 24.05 percent beating the benchmark Standard & Poor's 500 Index, which gained 21.04
percent for 1999.
Magellan fund manager Robert Stansky shuffled the top 10 places on the list as well. Microsoft Corp (NasdaqNM:MSFT - news) became Magellan's
largest holding, forcing General Electric Co. (NYSE:GE - news), which had been No. 1 into second place.
The rest of the top 10 holdings, which represent 27.4 percent of the assets, include: Home Depot Inc. , Cisco Systems Inc. (NasdaqNM:CSCO - news),
Citigroup Inc. (NYSE:C - news), Wal Mart Stores Inc (NYSE:WMT - news), Lucent Technologies Inc. (NYSE:LU - news) and Tyco International
Ltd. (NYSE:TYC - news) |
