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Byline: PAUL KATZEFF
Fidelity Magellan Fund is sporting a new look. And the fund is looking good, for a change.
Since Harry Lange replaced Robert Stansky at the helm of the $51 billion portfolio on Oct. 31, Lange has reshaped its holdings.
The fund's foreign-stock weighting jumped to 24.9% as of Dec. 31 from 4% as of Sept. 30.
In industry sectors, Lange boosted the fund's bet on tech to 25.8%, making it his largest. That was up from 20.5% in September.
To help do that, he cut consumer staples to 2.5% as of Dec. 31 from 7.2% in September.
On the day Lange switched from Fidelity Capital Appreciation, that now $7.3 billion fund had about a 35% stake in tech stocks.