Magellan Distribution

Anybody see this figure? I don't know the exact distribution amount, but
the NAV today dropped over 18%!

When Fidelity switches managers, they aren't fooling around!

--
Mark Freeland

What in the world happened today?
I am trying to find news...but coming up short.

I checked my 401k today and about had a heart attack


Mark Freeland wrote:
Anybody see this figure? I don't know the exact distribution amount, but
the NAV today dropped over 18%!

When Fidelity switches managers, they aren't fooling around!

--
Mark Freeland

Had the same reaction, thought I'd see a healthy jump not a nosedive!

Mark Freeland wrote:
Anybody see this figure? I don't know the exact distribution amount, but
the NAV today dropped over 18%!

When Fidelity switches managers, they aren't fooling around!

In October [Lang ... ] he left the $7.9 billion fund he'd piloted for
almost a decade to try to revive Fidelity Magellan Fund

http://www.marke****ch.com/News/Stor...&sitei d=yhoo

Fidelity's Magellan fund (FMAGX) is an example of a fund that got way
too big and whose performance suffered as result. It was more than $100
billion in assets. It became so hard to manage. The manager could only
buy huge liquid megacap stocks in the past few years, when small-cap
stocks outperformed. That's an impediment that really cost the fund in
performance. When a fund starts getting big we will often express
concern.

http://yahoo.smartmoney.com/theprosh...0420&afl=yahoo

[Not exactly an encouraging note for extended relations investment. . .
gj]
In addition, a filing from May 2005 may have been a hint that Bob
Stansky was considering retiring. He had between $500,000 and $1
million in Fidelity Magellan (Nasdaq:FMAGX - News) at the end of March
2005, and he announced his retirement in the third quarter 2005. While
that sum would seem like a lot if the fund were a niche investment or
run by a young manager, it was surprisingly small given that this is a
core fund and Stansky was a long-tenured and well compensated senior
manager.

http://biz.yahoo.com/ms/060418/161370.html?.v=1

[As well a signal to shareholders that stylistically, things change
-gj]

.... It will ask shareholders to approve a switch in its benchmark from
the Standard & Poor's 500-stock index, a traditional blue-chip
barometer, to the Russell 1000 Growth Index, a broader gauge that
includes many smaller companies. "The move," says fund manager John
McDowell, "reflects the investment style of the fund through thick and
thin." Meanwhile, another Fidelity fund, $50 billion Magellan (FMAGX ),
recently dumped blue chips Pfizer (PFE ), Intel (INTC ), and Procter &
Gamble (PG ) and boosted its foreign holdings to 25%, up from 4% just a
few months ago.

http://yahoo.businessweek.com/magazi...6/b3980001.htm

Distriubution? I think the term is more like "loss".

it went ex dividend.....i think the dividend was 25% ...the website
says dividend rate .25...im assuming its 25%....

I have more info now. Last night my account only showed the NAV drop
with no updates to shares held and overall value. (I don't look at
this thing every day). My 401k site is fully updated this morning.

As I compare Thursday 5/4 with Friday 5/5, I see that I have higher
shares at the lower value per share. Overall account value slightly
higher. Kinda like what happens on a stock split.

Their website shows both dividend and capital gains action on 5/5/06.

I have more info now. Last night my account only showed the NAV drop
with no updates to shares held and overall value. (I don't look at
this thing every day). My 401k site is fully updated this morning.


Thanks. After reading your post, I went back into the Fidelity website,
today, and found that now the numbers are "normal".

Last night it was showing only the negatives : lower price per unit,
lower total money in Magellan, lower number of units !!! Just like a
stock plunge.

I guess the cheap programmers in Bangalore now have another glitch
("enhancement", I think they call it) they can fix. But only if someone
lets them know. We may be the only folks who noticed !

Do you think FMAGX is worth holding onto?

wrote:
What in the world happened today?
I am trying to find news...but coming up short.

I checked my 401k today and about had a heart attack


If you are invested in mutual funds, you should be very familiar with
the term "distribution", or "x-div". It'll save you from having heart
attacks in the future.



Mark Freeland wrote:
Anybody see this figure? I don't know the exact distribution amount, but
the NAV today dropped over 18%!

When Fidelity switches managers, they aren't fooling around!

--
Mark Freeland