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.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.