Fidelity Investment's Magellan, the nation's largest stock fund for more than a decade, has dropped to fifth place after investors withdrew an estimated $11.6 billion in the past 12 months, USA Today reports.

Magellan, whose star manager, Peter Lynch, drove it to a 2,700% gain from May 1977 through May 1990, had $57.4 billion in assets at the end of March, down 9% from $63.3 billion a year earlier.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.