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To: Caxton Rhodes who wrote (1943)	6/4/1999 2:15:00 PM
From: Caxton Rhodes	Respond to of 34857

Fund Run By Former Magellan Manager Vinik Unloaded Tech Stocks Dow Jones Online News, Wednesday, June 02, 1999 at 12:46 NEW YORK -(Dow Jones)- Jeffrey Vinik, former head of Fidelity Investments' flagship Magellan fund and now manager of his own hedge fund, has reduced his technology holdings, the New York Times and Los Angeles Times reported Wednesday, citing regulatory filings. As head of Magellan, Vinik was famous for losing a huge bet that technology stocks would dive. In 1995, he dumped $10 billion worth of tech stocks and put that money into cash and bonds. The wager failed, as the broad market soared. Vinik soon after left Fidelity to run a hedge fund, Vinik Asset Management, for rich investors. Vinik's fund, worth about $2.5 billion, unloaded stakes in chip makers and computer-equipment makers, over the first three months of this year. The newspapers said the fund sold its $95 million stake in Intel Corp. (INTC), as well as chunks of Compaq Computer Corp. (CPQ), and Nokia Corp. (NOKA). Vinik Asset Management soared 77% in 1997 and 45% in 1998, but retured only 1% in the first four months of this year. (The full text of this story is available in Dow Jones Interactive. To retrieve it using the software, search in Current News. On the Web, use the New York Times or Search Newswires in Business Newsstand.)