Robert E. Stansky, manager of the Fidelity Magellan Fund, is retiring after 22 years at the firm and nearly a decade at the helm of its largest fund,
He will be replaced by Harry W. Lange, who has been overseeing the Fidelity Capital Appreciation and Fidelity Advisor Small Cap funds. During Lange's tenure on the Capital Appreciation Fund, since May 31, 1996, the fund has delivered an average annual return of 9.73%, compared with the S&P 500's return of 8.43%, Fidelity noted, citing
"I am honored to take over a fund with the history and importance of Magellan," Lange said in a statement. "As I have been with all the funds I have managed, I am committed to doing everything I can to serve those who are invested with the fund."
Fidelity has also appointed new managers for a number of other funds. On the Fidelity Growth & Income Portfolio, Timothy M. Cohen succeeds Steven Kaye, who is currently considering a number of other options with the firm. Cohen has been manager of the Fidelity Export and Multinational, Fidelity Destiny I and Fidelity Advisor Large Cap funds. Cohen will continue managing the Destiny I fund, but succeeding him on the Advisor Large Cap Fund will be Matthew W. Fruhan, who will also continue overseeing the Fidelity Large Cap Stock Fund, and succeeding Cohen on the Fidelity Export and Multinational Fund will be Victor Y. Thay.
Thay will turn over the reins to the Fidelity Growth & Income Portfolio, VIP Growth & Income Portfolio and Fidleity Growth & Income II Portfolio to James F. Catudal, who will manage those funds in addition to the Fidelity Stock Selector Fund, which he currently oversees.
As for Lange's previous responsibilities, James M. Harmon will take over the Fidelity Advisor Small Cap Fund. In turn, Rich S. Thompson will assume responsibility for Harmon on the Fidelity Small Cap Independence Fund, and Lionel Harris will take over Harmon's oversight of the Fidelity Small Cap Retirement Fund. Thompson had been an interim co-manager of the Fidelity Small Cap Stock Fund. Harris will continue overseeing the Small Cap Growth Fund with Charles L. Myers.
J. Fergus Shiel succeeds Lange as manager of the Fidelity Capital Appreciation Fund. Shiel will continue managing the Fidelity Advisor Dynamic Capital Appreciation and VIP Dynamic Capital Appreciation portfolios.
