Fidelity Magellan calls bottom in financials

T

turkeyneck

May 2 (Bloomberg) -- Fidelity Magellan Fund bought financial stocks including JPMorgan Chase & Co. and Bank of America Corp., leading to the $39.4 billion fund's biggest monthly gain in five years.

Manager Harry Lange upped his stake in banks and brokerage companies in March by 1.9 percentage points, about $750 million, to 10 percent of the fund, data compiled by Bloomberg show. He bought $408 million in JPMorgan and $190 million in Charlotte, North Carolina-based Bank of America.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a1MvK_wgf7ZU&refer=home
 
Who was the name of the guy who used to run the Magellen fund before Lange? I remember reading a book by him a number of years back but I can't for the life of me remember what his name is now. Was a good book too.
 
Quote from Mschlau:

Who was the name of the guy who used to run the Magellen fund before Lange? I remember reading a book by him a number of years back but I can't for the life of me remember what his name is now. Was a good book too.
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Portfolio Manager Tenure AUM When Leaving
Edward Johnson, III 1963 to 1977 $20 million
Peter Lynch 5/1977 to 5/1990 $13 billion
Morris J. Smith 5/1990 to 7/1992 $20 billion
Jeffrey N. Vinik 7/1992 to 6/1996 $50 billion
Robert E. Stansky 6/1996 to 10/2005 $52.5 billion
Harry W. Lange 10/2005 to present

http://en.wikipedia.org/wiki/Magellan_Fund
 
The bottom is in and the credit crisis is finally over, only took about 6 LONNNNGGGGGGGGGG months.....whew and I thought it would last 7 or 8 months, haha, so glad the credit markets are fixed and ready to run again. Now lets prop the real estate market back up as well, they need to prop up housing prices by 20-30% a year, this can help homeowner borrow against their houses and throw the money back into the economy boosting GDP to 4%+.....WTF are they waiting for...
 
Quote from turkeyneck:

Portfolio Manager Tenure AUM When Leaving
Edward Johnson, III 1963 to 1977 $20 million
Peter Lynch 5/1977 to 5/1990 $13 billion
Morris J. Smith 5/1990 to 7/1992 $20 billion
Jeffrey N. Vinik 7/1992 to 6/1996 $50 billion
Robert E. Stansky 6/1996 to 10/2005 $52.5 billion
Harry W. Lange 10/2005 to present

http://en.wikipedia.org/wiki/Magellan_Fund
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Strange that AUM went down durring lynch's time at the helm when the fund averaged a return of 29% during that same time.
 
Quote from Mschlau:

Strange that AUM went down durring lynch's time at the helm when the fund averaged a return of 29% during that same time.
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Thats a M thats a B. :D
 
you have to understand bank stocks are as conservative and defensive as bonds.




May 2 (Bloomberg) -- Fidelity Magellan Fund bought financial stocks including JPMorgan Chase & Co. and Bank of America Corp., leading to the $39.4 billion fund's biggest monthly gain in five years.

Manager Harry Lange upped his stake in banks and brokerage companies in March by 1.9 percentage points, about $750 million, to 10 percent of the fund, data compiled by Bloomberg show. He bought $408 million in JPMorgan and $190 million in Charlotte, North Carolina-based Bank of America.
 
3 month t-bills and 10 year bonds. gauranteed investments. same as these 40 billion dollar magellan funds.

they are the market with a fund that size
 
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