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Tough Decade For Fidelity's Magellan; Help From Citigroup; Small tech bets hurt; now Stansky has bulked up on consumer names.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: PAUL KATZEFF
Ouch! Times are tough for Magellan Fund, Fidelity Investments' giant flagship portfolio.
The $66.7 billion fund was up 0.74% for the year going into Tuesday. That barely lagged the 0.87% gain by its large blend peers' tracked by Morningstar. But it trailed the S&P 500's 1.30%.
Its comparative returns are no better for periods of three to 10 years.
For the decade ended April 30, Magellan averaged a 9.20% yearly gain vs. 9.59% by its peers and 11.36% for the S&P 500.
Its return hasn't been bad in absolute terms in some periods. It gained 24.8% in calendar 2003. But even that lagged the S&P 500's 26.7%.
"The bottom line is that the fund underperformed its benchmarks (over the past three years) and, regardless of Magellan's return (in some periods), I'll never find consolation in that," manager Robert Stansky wrote in the fund's newly released annual report.
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