Fidelity's flagship Magellan fund, long known for investing in high-profile, large-cap American stocks, has moved 20% of its $51 billion under management to stocks overseas, up from only 4% of its assets in non-U.S. stocks as of the end of last year, Financial Times reports.
The move indicates the determination of Magellan's new portfolio manager, Harry Lange, to improve the fund's performance, as well as the sputtering returns of large-cap stocks in the U.S.
Lange has also sold all of the fund's top 10 holdings, save General Electric, and increased its exposure to technology stocks, including Google and Nokia, to about 25% of the portfolio.
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