|
|
Article: Fidelity Will Close Magellan Fund to New Investors
- Article from:
- The Washington Post
- Article date:
- August 28, 1997
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
|
Fidelity Magellan, the world's biggest and best-known stock
mutual fund, has decided bigger isn't always better.
Fidelity Investments said yesterday that the Magellan fund
will be closed to new investors next month. Only existing
shareholders and retirement plan participants for whom the fund is
an option will be able to buy shares as of Sept. 30.
The move won't affect existing Magellan shareholders. But for
new investors, the fund will be closed -- forcing them to look
elsewhere for comparable investment opportunities, such as the big
funds summarized in the chart at the right.
Fidelity said it decided to limit the giant fund, whose assets
totaled $62.9 billion as of July 31, so ...