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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (129568)	10/16/2001 9:57:57 AM
From: Dr. Jeff	Read Replies (1) of 436258

Fidelity's Magellan Assets Shrink 23 Pct. Tuesday October 16, 9:48 am Eastern Time BOSTON (Reuters) - Fidelity's Magellan fund, once the largest mutual fund in the nation, reported on Tuesday its total assets have shrunk to $71.6 billion down 23 percent for the first nine months of the year. Returns were almost as bad. Magellan reported year to date earnings for the first nine months were down 20.53 percent. The S&P 500, its benchmark, was off 20.39 percent for the period. The fund dropped AOL-Time Warner (NYSE:AOL - news) from its top 10 holdings and replaced it with retail giant Wal-Mart (NYSE:WMT - news). Between Aug. 31 and Sept. 30, Magellan also decreased its cash on hand to 5.5 percent from 6.1 percent. Fidelity's monthly report shows Magellan increased its holding in the financial sector slightly to 20.4 percent, up from 19.9 percent in the past month, and decreased its holdings in information technology to 11.1 percent from 13 percent for the same period. Magellan, one of the most widely held mutual funds, is closed to most investors. biz.yahoo.com

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