After underperforming its benchmark and losing two-thirds of its assets under the watch of Harry Lange, the Fidelity Magellan Fund has a new manager. Jeffrey S. Feingold is now running the $17.4 billion fund.
When Lange took over the flagship fund nearly six years ago, Magellan had nearly $50 billion in assets under management, and throughout this time, Magellan has trailed 85% of its peers.
By comparison, the fund that Feingold runs, the $1.04 billion Fidelity Trend Fund, has outperformed 84% of its peers in the past year. Feingold will continue to run that fund, as well as three other funds: the Fidelity Large Cap Growth, Fidelity Advisor Strategic Growth and Fidelity VIP Growth Stock funds.
Fidelity said that Lange, who has been with Fidelity for nearly a quarter of a century, is pursuing other opportunities at the company. Spokesman Vincent Loporchio said Magellan “has generally underperformed its benchmark.”