Magellan Manager Tells Shareholders He’s Disappointed in Results

Finance and technology stocks have put the Fidelity Magellan fund in a worse position than its benchmark, the Standard & Poor’s 500, and even the fund’s manager says he’s disappointed, Dow Jones reports.

In his semi-annual shareholder report for the period ended Sept. 30, portfolio manager Harry Lange admits the fund did not do well. Certainly, that is true; year-to-date through Friday, the fund is down nearly 52%, compared to the 39% decline in the Standard & Poor’s 500 Index.