Word: magellans
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Since taking over Fidelity Investments' struggling Magellan fund last June, Robert Stansky has been the most watched man in mutual funds. Magellan, with $54.7 billion in assets, is the biggest fund in the U.S. Stansky is trying to revive not only Magellan but also with it Fidelity's tarnished reputation as a money manager. He is making progress. Magellan's year-to-date return of 13% is better than that of 56% of its rivals but still trails major stock indexes. He talked recently with TIME'S Sam Allis...
...expected to finish the race. Two were rescued by the Australian navy; one is still missing. "Finding your way through a field of icebergs," Auguin told Paris Match, "is like Russian roulette." While Auguin said he got used to the icebergs, 25-ft. waves and the solitude, his solo Magellan phase is fini. "Once was enough...
...obsessions with technology and service. Besides, as Johnson says, "the history of equities is highly cyclical. Processing you do every day." Paul Hondros, who headed Fidelity's institutional-services division until taking charge of the retail business last week, puts it more emphatically: "The future is not about Magellan, despite all the press coverage. Markets come and go. This is a big diversification play. The future is technology-based service." Such service complements the investment business as more than just a hedge, though. By tracking all that data, Fidelity would gather information on the financial conditions and habits...
...sense of obligation when he really wanted to be a chemist. But as soon as Johnson started managing money, the doubts disappeared. "It was absolutely fascinating," he recalls. And rewarding. He holds the all-time record for annual return on investment by a Fidelity fund manager: 116% for running Magellan...
...some of Fidelity's funds. The company's stock-picking expertise is simply too great to ignore. Stars like Steve Wymer, who manages the $1.3 billion--smallish by Fidelity's standards--Dividend Growth Fund; Will Danoff, who runs the $19 billion Contrafund; and Robert Stansky, who recently took over Magellan, are all folks to invest by. It's still too early to rate Stansky's run at Magellan, but he was a standout at the Growth Company Fund. Fidelity's array of 35 sector funds, each of which invests in specific industries, makes sense for those with a hunch about...