As Fidelity Investments turns 60 this month, the fund giant again has cause for celebration. Recent efforts to overhaul its fund management--with new portfolio managers, more lenient investment mandates and a smattering of new funds--have paid off, with performance of many of its funds returning to strong levels, The Boston Globe reports.

The flagship Fidelity Magellan Fund, for instance, is up 10.6% in the past 12 months, beating the 15.4% return of its benchmark, the S&P 500.

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