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Fidelity Reopens Magellan Fund After 10 Years

Reuters
Monday, 14 Jan 2008 | 3:13 PM ET

Fidelity Investments said Monday that the mutual fund giant would allow new investors to put money into its Magellan stock fund again this week, after the fund had been closed for more than a decade.

Magellan, which once ranked as America's largest stock fund, stopped taking money from new investors in September 1997, when executives thought it had grown too large.

Re-Discovering Magellan
For the first time in 10 years, Fidelity opens its Magellan fund to new investors, and Harry Lange, Magellan Fund portfolio manager, discusses the details.

Harry Lange, who has been managing the portfolio since 2005, has long argued that the fund should be reopened.

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