With over $14 billion in assets, Fidelity Magellan is a fairly large, widely owned portfolio. But in its heyday, Magellan was quite simply Wall Street’s best brand — a living advertisement for the notion that a gifted fund manager can consistently beat the market.
Peter Lynch, who ran the fund until 1990, earned an annualized return of 29% over his 13-year tenure. Subsequent managers failed to repeat his success, and under the last one, Harry Lange, performance was sometimes dismal.
Can new manager Jeffrey Feingold turn this ship around?