Word: magellan
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...going to be at the top of the list every year. You can't do that," says Fidelity chairman Edward C. Johnson 3d, known as Ned. In a rare interview, the man who created the money machine is quick to point out that though Fidelity's most popular fund, Magellan, is struggling, it "still beat 82% of all equity funds" last year. But Ned Johnson's company, along with every other mutual-fund operator, bank, brokerage and insurance company, finds itself in an escalating battle. As baby boomers save for retirement, college for the kids or a rainy...
Like Sutter's Mill, which in 1848 bestrode a gold-laden California stream, Fidelity has for years flushed a rising river of investment through its machine, enriching both customers and company. One out of every 50 households in America owns shares in Magellan, which has grown to a staggering $50.97 billion. Fidelity invests more money for the employee savings-and-retirement plans known as 401(k)s than any other institution: $111.4 billion...
...company to the rafters. In one of the most important changes in its history, he reshuffled the managers of 26 equity funds. (Seven months earlier, the managers of 21 bond funds had been reassigned.) Since March, some high-profile talent has walked--including Jeffrey Vinik, the manager of Magellan, in June...
Despite his shake-up, Johnson oversees a solid operation filled with top portfolio managers. And even as new stars such as Robert Stansky, who took over Magellan, hunker down to chase the Dow, Johnson is orchestrating a three-tiered expansion plan that he hopes will render the vicissitudes of the stock market less meaningful. Part of it involves boosting Fidelity's subsidiary businesses, which range from newspapers (Fidelity owns 117 of them) to limousines and software...
Some experts say Magellan may have grown too large and unwieldy for anyone to run effectively these days. Others point to its high profile. "The problem with Magellan is that it's too famous, and the scrutiny you're under is almost unbearable," says Phillips. "Your every move is second-guessed...