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Technology Stocks : EMC How high can it go? -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (6704)	6/11/1999 11:35:00 AM
From: GVTucker	Read Replies (1) \| Respond to of 17183

No question that Magellan has been selling EMC. In 1Q 99, Magellan sold 4.6mm shares of EMC leaving them with 14.7mm shares, still their 22nd largest position. This was certainly consistent, as Magellan was trimming holdings in most tech positions (2.8mm shares MSFT sold, 22.2mm shares AOL sold, 5.2mm shares CSCO sold, et. al.) But rather than a rebalancing of larger positions, it is pretty apparent that Magellan was making a macro (possibly Y2K) decision that tech stocks weren't the place to be for a little while. Magellan actually added to 6 of the top 10 largest holdings. The only non tech stock to be cut back was WMT, where it appears that Magellan was making a relative valuation argument, selling WMT and buying HD.