Fidelity Investments' Magellan mutual fund appeared to significantly boost its stake in Bank of America Corp. last month and added to its position in Goldman Sachs Group Inc., according to records released by the mutual fund giant.

The fund — a onetime industry bellwether that lost some luster last year as financial bets backfired — also boosted its holding in Wells Fargo & Co. during May, according to Fidelity's data.

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