Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (8410)	10/17/2000 9:34:24 PM
From: Sully-	Respond to of 65232

10/17 16:26 Magellan Drops Intel, Microsoft From Its Top 10: Mutual Funds By Kathie O'Donnell Boston, Oct. 17 (Bloomberg) -- Intel Corp., Microsoft Corp. and Texas Instruments Inc. disappeared from Fidelity Magellan Fund's top-10 holdings in the third quarter, and were replaced by EMC Corp., American International Group Inc. and Sun Microsystems Inc. The changes manager Robert Stansky made to the $103.6 billion fund, the biggest actively managed U.S. mutual fund, were disclosed in Fidelity Investments' October Mutual Fund Guide. ``I really think he's sort of changing the guard in terms of where he thinks the new leadership stocks in technology are going to be,'' said Jim Lowell, editor of Fidelity Investor, a monthly independent newsletter. Magellan has declined 4.9 percent through Monday, beating the S&P 500 Index's 5.6 percent drop. Magellan's technology weighting fell to 29.2 percent as of Sept. 30 from 31.3 percent as of July 31, though it rose slightly in relation to the Standard & Poor's 500 Index. The fund's tech stake was 0.5 percentage points below the index as of Sept. 30, versus 1.4 percentage points below on July 31. Like Magellan, most Fidelity funds' technology weightings showed little change during the quarter, Lowell said, adding that that Contrafund proved the exception. The $43.8 billion fund's weighting increased to 25.5 percent, or 4.2 percentage points below the S&P, from 22.3 percent, or 10.4 percentage points below. Contrafund is down 4.8 pct this year through Monday. ``He's the only manager who is actively building his technology position,'' Lowell said, adding that while Contrafund is still underweighted versus the S&P, ``if you take into account the market activity during that time period, you can see that (manager) Will Danoff was definitely building his technology position, which was a contrarian move, both relative to market as well as to every other manager at Fidelity.'' Aggressive Buyers Eric Kobren, executive editor of Fidelity Insight, an independent newsletter that tracks the money manager, said Danoff may have been among the more aggressive buyers at Fidelity during technology stocks' recent dip, though he's still not a big tech player. Managers at both Magellan and Contrafund reduced their number of holdings in the third quarter. Magellan trimmed its holdings to 320 from 373, while Contrafund's holdings dropped to 388 from 415. ``Clearly these are still very diversified funds, and they will never be as concentrated or focused as funds like (at) Janus,'' Kobren said. ``But they are whittling it down of late.'' Fidelity managers typically have a ``farm team'' in their portfolios, with positions of half a percent or less in some stocks, he said. ``And I think they just say hey, we'd rather focus on the stocks we own in quantity, and the ones that we have a lot of conviction in, and make sure we know them well,'' Kobren said. quote.bloomberg.com Ö¿Ö