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Magellan assets rise 8.6%
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April 16, 1999: 2:19 p.m. ET
Fidelity fund's return up 7.39% in '99; Time Warner, Citigroup in top 10 issues
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NEW YORK (CNNfn) - Fidelity Magellan Fund, the nation's largest mutual fund, saw its assets rise more than 8.6 percent in the first three months of 1999.
Fidelity, the Boston-based investment fund company, said the fund's assets rose to $90.78 billion as of March 31 from $83.55 billion at the end of 1998. The total return for the year to date was 7.39 percent, compared with 4.98 percent for the Standard & Poor's 500-stock index and 4.36 percent for the Lipper Growth Fund average.
Time Warner (TWX) and Citigroup (C) have replaced Intel (INTC) and Lucent Technologies (LU) among the top 10 holdings of the fund. But a Fidelity spokeswoman said the company doesn't give further details on a monthly basis as to whether the position reflects sales of the stocks that are no longer on the list or purchases of the new issues on the list.
General Electric (GE) continued to be the top holding of the fund, followed by Microsoft, MCI Worldcom (WCOM), America Online (AOL), Home Depot (HD), Cisco Systems (CSCO), Merck & Co. (MRK), Citigroup, Wal-Mart Stores (WMT) and Time Warner, the parent company of CNNfn.
One mutual fund observer sees some importance in the change of the makeup of the top 10 issues in the portfolio.
"It's a sign that the fund is shifting valuations after spending the last nine to 12 months investing more heavily in growth stocks," said Russ Kinnel, equity fund editor. "It looks more like a blend of growth and value, and heading more toward the kind of S&P 500 issue."
It's also a sign that "even though the fund is huge, he (fund manager Bob Stansky) is not adverse to taking profit."
The fund reduced its equity position to 93.3 percent from 93.8 percent as of Feb. 28. The cash position rose to 6.7 percent from 6.2 percent.
Technology remained the sector in which the fund was most heavily invested, but the percentage dropped to 20.9 percent as of March 31 from 21.9 percent on Feb. 28. The sector with the biggest increase in position was energy, which rose to 5.9 percent of the fund's holdings from 5 percent at the end of February. 
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