While Harry Lange has done a notable job of jacking up the performance of the Fidelity Magellan Fund since taking over in October 2005—the fund is up 11.6% so far this year—Tim Cohen has not had has much success on the Fidelity Growth & Income Fund, the Boston Globe reports.Lange replaced Bob Stansky, while around the same time, Cohen replaced Steven Kaye.
Lange has succeeded in achieving solid numbers, most notably landing Magellan in the top quartile of its peers. He’s done this by diverging from the benchmark index and, primarily looking for growth stocks, concentrating money in specific industries, internationally and even in small- and mid-cap stocks. Currently, Lange has placed 29% of the funds assets on information technology.
For his part, Cohen—whose fund is up only 4% this year—has made missteps by focusing on value stocks that haven’t resurged, along with home builders and financials.