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.

Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: robert duke who wrote (6590)	3/13/1999 6:46:00 PM
From: Jenne	Read Replies (1) \| Respond to of 41369

BOSTON, March 12 (Reuters) - U.S. mutual fund giant Fidelity Investment's flagship Magellan fund surpassed the $90 billion mark this week as stocks raced to historic highs, Fidelity watchers said. "This is a staggering number. This $90 billion of assets is more than was invested in all U.S. stock funds just 15 years ago," said Donald Dion, publisher of the Fidelity Independent Advisor newsletter. Other analysts said the largest U.S. mutual fund's 5-to-6 percent appreciation to date this month blasted the fund past $90 billion from the $85.9 billion recorded at the end of February. A Fidelity spokesman would not confirm Magellan Fund's current assets under management. "Magellan's growth illustrates a sea change in people's pocketbooks in terms of investment habits," said Eric Kobren, executive editor of Fidelity Insight. "It represents a moving toward equities as a percentage of household assets." Magellan, with 4 million shareholders, was closed in 1997 to new investors other than those who had the fund offered to them via a corporate retirement plan. The fund went through a major change in asset allocation late last year, dropping tobacco giant Philip Morris Cos Inc <MO.N> from its top 10 holdings in favor of Internet stock America Online Inc. <AOL.N>.