Jeffrey Feingold is apparently steering Fidelity Investment's Magellan Fund in a new, and profitable, direction.

Investment News reports that Feingold celebrated his first year anniversary at the flagship fund last month with the fund up by almost 20 percent year-to-date on Oct. 2.

Just 27 percent of such funds have beaten the S&P this year, according to Morningstar.

The PM cut Magellan Fund's exposure to international companies. From the former 20 percent to 25 percent holdings by former PM Harry Lange, Feingold brought it down to less than 10 percent.

He also shifted the focus of his fund to high-growth sectors which include health and wellness.

Unfortunately, the article says, his performance hasn't convinced investors to stop yanking assets from the fund.

Since 1999, investors have pulled $75 billion more out of the fund than they have put in. Today, the fund's assets stand at $15 billion, down from more than $110 billion at its peak in 2000, according to InvestmentNews.

For more about the fund, read the InvestmentNews article.  

Edited by: HFD


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