Word: magellans
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TRADE WINDS He rode the tech wave skillfully, but now Fidelity Magellan manager Robert Stansky seems a bit wary. Over the past few months, Stansky has lightened his tech load, from 25% to 20%, replacing Intel and Lucent at the top of his portfolio with Citigroup and Time Warner [parent of TIME's publisher]. He still has Microsoft, MCI WorldCom, AOL and Cisco (along with GE, Home Depot, Wal-Mart and Merck) at the core, a strategy that's working; so far, he's still beating the S&P, with a 12% return this year...
...Fidelity Magellan Fund Top 10 Holdings...
...Verne's novel asks of Fogg: "What had he brought back from this long and weary journey? Nothing, say you?" The names Piccard and Jones may not strike the same chords as Columbus or Magellan or Lindbergh or Armstrong. Indeed, last weekend's achievement is literally lighter than air. But Piccard and Jones have won the last world-spanning contest of our era. And now they are history...
...Century. Comparing the impact of scientists with that of artists, leaders and heroes will be difficult. Even with the luxury of historic hindsight, it's hard to gauge who had the most effect. (Pop quiz: Who had more lasting influence in the 16th century, Shakespeare or Martin Luther, Magellan or Michelangelo, Elizabeth I or the Mogul leader Akbar...
SMOOTH SAILING Fidelity's Magellan fund was supposed to have become too big to manage. But after stumbling for a couple of years, the nation's largest mutual fund is reasserting itself. Last year the tech-heavy fund, run by Robert Stansky, beat the soaring S&P 500 with a 33% return. In February, Magellan pulled in nearly $500 million from investors, its highest monthly net in more than three years, according to Alpha Equity Research. So is bigger better again? No, says a study by Financial Research: in any given fund category, smaller funds generally beat bigger ones...