Fidelity Magellan Fund, once a star mutual fund that lost its luster in the last decade, has named Jeffrey Feingold as its new portfolio manager, starting Tuesday.
Feingold replaced Harry Lange, who has been portfolio manager of the fund for the past five years. Lange will stay with Fidelity. Magellan is often credited with helping popularize mutual funds by delivering extremely high returns under Peter Lynch; the fund's annualized total return from 1977 to 1990 was about 29%.
Lynch left the fund in 1990, and although assets continued to grow, hitting nearly $110 billion in 2000, the fund in recent years has been plagued by large redemptions as performance has fallen off.
As of Aug. 31, Magellan's assets under management were $17 billion, according to Fidelity. The fund is currently rated one star on a five-star scale by Morningstar.
Magellan has lost 12.5% in the year to date through Monday, according to data from Morningstar.
Feingold joined Fidelity in 1997 as an equity analyst following the footwear, apparel and textile industries. He will continue to manage Fidelity Trend Fund, Fidelity Large Cap Growth Fund, Fidelity Advisor Strategic Growth Fund and Fidelity VIP Growth Stock Portfolio.