Fidelity Magellan

the fund's assets now topping 533 bailor, manager Bob Stansky has to make the most of the «pporUiniiias the market gives h.m That means buyirg into a sector when it's weak, then intvning it into strength 5'arsky s recent play on techrvjlooy provdes a textbook example ct hew this should work When tech got crushed in 1S98's th nj quarter, he loaded up on stocks in that area The sector then recovered sharpry. In fact, it retted so much that in I999"s li-st quarter, Stansky began worrying 1-й: its valuations had gotten out of Ire. He consequer-tly trimmed the fund's tech exposu-e ty six percemago poinis. bringing ■t to an SbP 500-kke weighting For the year to date through May 4.1999, the I jnd was ahead of the index end more the n 6C% of is peers

That's about as dramatic a short term r-.rj.-e as StansKy ■s txaty Io make. Even as he has gven the pcrtfote в more f^rjvvtlvoriented

lilt over the past three yews, ma nod tc the fund's sure he has also cut its turnover rate srgmiicaniry he has also taken othet steps to cut down on trading costs He has hiked the fund's Ia ga-cap exposure, end m the process, cut the percentage of attffiates in the portfolio by mere than hart, to less than 10%. (A!<4V*.ed companies are those in whveh a fund owns a* я more ol the shares, mak ng t dilf cult to trade ■n and oul of their stocks.

Consistent with this more-measured approach. Stansky has mate a few smaler changes. He raised the fund's energy stake in March, reasoning ttat w Ih oil then et St 2 per barrel, the sector's downside risk was kr Lied. 04 stocks have since rallied sharply And on days wnen f ■nancials or tech stocks have acid off. Stsnsky has added to names in those areas.

With the f nod's girth. Stansky won't be able tc shoot the lights out he.e. but he's nonetheless doing a iemai kably good job of managing tn s portfolio

Рис. 4.5. Отчет Morningstar

Источник Morningstar Mutual Funds. © 1999. Morningstar, Inc. Все права защищены по всему миру. 225 W Wacker Dr., Chicago. IL. Несмотря на то, что данные получены из надежных источников, Morningstar не может гарантировать их полноту и точность.

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