Investing
As Fidelity Re-Opens Magellan Fund, Investors Review Top Holdings (FMAGX, NOK, GLW, GOOG, SLB, CNQ, SPLS, T, AGN, MON)
Published:
It’s official. Fidelity’s Magellan Fund (FMAGX) is being re-opened for new investors. This fund at one point in 1997 became so large that the fund closed itself to new funds and outside investment commitments. As of the last seen date Fidelity’s Magellan Fund had some $43.3+ Billion in assets under management.
Fidelity noted that some 85% of the funds assets are deemed for retirement (IRA, 401K etc.), and therefore the fund would seem to take more of a longer-term view. The top 10 Holdings are unfortunately as of September 30, 2007, so we’ll have another two weeks or so before we know what the real holdings are: The TOP 10 as of then are as follows:
If you want to see the full holdings the list on their site is here. With more than $43 Billion in assets this could create quite a lot of buying in stock names where Fidelity wants to put capital to work. We would surmize that the fund might not add as much to some of its key holdings if it can put capital to work in some of the names it owns less of that might like to own more of.
Also be advised that the full holdings list is 45 days old and we know for certain that many of the positions and many of the weightings have already changed from November 30, 2007. We’d actually start screening out some of the smaller holdings off of that master list to see which are attractive in growth and/or value that will still do well in a slowing economy or even a recession. If you were opening a decade-long closed fund, you might be tempted to disperse more of the new inflows into other names that might be under-owned or under-weighted in the fund.
Jon C. Ogg
January 14, 2008
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