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Money Management Executive

Three American Funds Top Magellan

April 15, 2004, 1:00 a.m. EDT 1 Min Read

Fidelity Investments’ once top-of-the-heap Magellan Funds, closed to new investors since 1997, has now been outpaced by three equity funds run by one of its top rivals, American Funds, as the biggest funds in the nation, Reuters reports.

Although it still remains one of the top actively managed equity funds, Magellan saw American’s Growth Fund of America reach $74.96 billion in assets at the end of March, more than $8 billion higher than Magellan’s $66.87 billion. Investment Company of America and Washington Mutual, also from American Funds, have surpassed Magellan, with $68.93 billion and $66.92 billion, respectively.

Said Fidelity spokesman Vincent Loporchio: "We have never been concerned about size, otherwise we would have not closed the fund in 1997." He added, "Our focus is providing strong investment returns for our shareholders."

In 1990, the same year the upstart Cincinnati Reds shocked the favored and defending world champion Oakland Athletics in the World Series, Magellan lost its top-fund title to the Vanguard 500 Index Fund.

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Money Management Executive
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