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, Fidelity Investments announced Monday.

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 Lipper data.

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