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Article: Early returns at Magellan, Janus Worldwide promising; But analysts skeptical that performance can be sustained.(News)
- Article from:
- Investment News
- Article date:
- February 26, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kathie O'Donnell
BOSTON - Although it is too early to tell whether their winning streaks will continue, Fidelity Magellan Fund and Janus Worldwide Fund - two large mutual funds that have struggled to beat their benchmarks of late - are off to decent starts in 2007.
Magellan owes some of its early progress to consumers' appetite for flat-panel TVs. Corning (N.Y.) Inc., Magellan's No. 2 holding as of Dec. 31, had gained 16.1% year-to-date through last Tuesday. Shares of Corning, which makes liquid- crystal display glass sheets, have benefited, thanks in part to demand for LCD TVs.
"Corning makes glass, but it's a play on [LCD] TVs,'' said ...