Fidelity New Millennium Ups Tech Hldg To
53.7% Dec 31
By Frank Byrt
BOSTON -- Fidelity Investments' flagship Magellan fund beefed up its
technology holdings by year-end, making the sector 27.1% of its $105.9
billion in assets as of Dec. 31.
That's up from 21.6% of its holdings at Oct. 31, the company reported in its
year-end 1999 Mutual Fund Guide, released Tuesday morning.
Fidelity Magellan, managed by Bob Stansky, returned 24.05% in 1999, vs.
29.27% for the Lipper Growth Fund Average, Fidelity said.
Magellan trimmed its financial sector holdings to 11.4% at year-end from
13.4% at Oct. 31 and raised its retail/wholesale sector holdings to 10.2%
from 9.7% in the same period.
New to the top 10 holdings at year-end were Texas Instruments Inc. (TXN)
and Exxon Mobil Corp. (XOM), which replaced Merck & Co. (MRK) and
MCI Worldcom Inc. (WCOM) in the top 10.
Magellan's other top 10 holdings remained: General Electric Co. (GE);
Microsoft Corp. (MSFT); Home Depot Inc. (HD); Citigroup Inc. (C); Cisco
Sytems Inc. (CSCO); Tyco International Ltd. (TYC); Lucent Technologies
Inc. (LU); and Wal-Mart Stores Inc. (WMT).
Magellan increased its equities holdings to 96.6% at year-end, and cut its
cash holdings to 3.3% from 7% at Oct. 31.
Magellan held 422 investments at year-end, up from 341 at Oct. 31. The
fund's assets grew to $105.9 billion at year-end from $99.1 billion at Oct. 31,
Fidelity said.
Fidelity's Aggressive Growth fund, which grew to $15.2 billion in assets at
year-end from $11.5 billion at Oct. 31, slightly trimmed its technology
holdings to 46.8% at year-end from 47.9% at Oct. 31, Fidelity reported in the
year-end Mutual Fund Guide.
The Aggressive Growth fund, managed by Erin Sullivan, returned 103.02%
in 1999 vs. 39.18% for the Lipper Mid-Cap Fund Average, Fidelity said.
New to the fund's top 10 holdings at year-end were: Microsoft Corp.
(MSFT), America Online Inc. (AOL), Motorola Inc. (MOT), Mannesmann
AG (G.MNN), Qualcomm Inc. (QCOM) and Citigroup Inc. (C).
They replaced Intuit Inc. (INTU), Realnetworks Inc. (RNWK), Tyco
International Ltd. (TYC), MCI Worldcom Inc. (WCOM), and Verio Inc.
(VRIO), which were in the top 10 at Sept. 30.
Remaining in the top 10 at year-end were: Exodus Communications Inc.
(EXDS), Brocade Communications Inc. (BRCD), Foundry Networks Inc.
(FDRY) and Cisco Systems Inc. (CSCO).
The Aggressive Growth fund's holdings were more concentrated at
year-end. The top 10 holdings represented 39.1% of total assets at Dec. 31,
up from 27.7%, at Oct. 31. The fund held 143 stocks at year end, down from
171 stocks at Sept. 30.
Several of Fidelity's fund managers showed a decided tilt toward technology
late in 1999.
Fidelity's New Millennium fund, which had $3.8 billion in assets at Dec. 31,
increased its technology holdings to 53.7% at year-end, from 42% at Oct.
31.
New to its top 10 holdings at year-end were: Qlogic Corp. (QLGC);
Immunex Corp. (IMNX); Veritas Software Co. (VRTS); Qualcomm Inc.
(QCOM); and Emulex Corp. (EMLX).
The New Millennium fund, managed by Neal Miller, returned 108.78% in
1999, compared with 41.56% for the Lipper Capital Appreciation Fund
Average, Fidelity said.
Fidelity's Contrafund, which had $46.9 billion in assets at year-end, upped its
technology holdings to 24.4% from 18.3% at Oct. 31. The fund, managed by
Will Danoff, returned 25.03% in 1999, compared with 29.27% for the Lipper
Growth Fund Average, Fidelity said.
New to its top 10 holdings at year-end were CBS Corp. (CBS) and Home
Depot Inc. (HD).
Fidelity's Large-cap Stock fund, which had $1.1 billion in assets at year end,
increased its technology holdings to 32.3%, from 25.5% at Oct. 31. That
fund, managed by Karen Firestone, returned 30.2% in 1999, vs. 29.27% for
the Lipper Growth Fund average, Fidelity said.
New to its top 10 holdings at year-end were Home Depot and Wal-Mart
Stores Inc. (WMT).
-Frank Byrt, Dow Jones Newswires, 617-654-6742
Briefing Book for: TXN | X.FIN | XOM |
