Jeffrey S. Feingold was named portfolio manager of Fidelity Investments’ $17.4 billion Magellan Fund.
He replaces Harry Lange, who will remain with Fidelity and is exploring other opportunities with the firm, spokesman Vin Loporchio said.
Mr. Feingold’s investment experience over a 17-year career — 14 with Fidelity — is “an excellent fit with Magellan’s capital appreciation investment objective,” said Mr. Loporchio in an interview.
Mr. Lange, who took over the helm of the Magellan Fund from Robert E. Stansky on Oct. 31, 2005, proved unable to revive its performance. According to data from Morningstar, Magellan has remained a bottom-decile performer among U.S. large-cap growth equity funds over the one-, three-, five- and 10-year periods through Sept. 12.
“Harry has done an excellent job in a number of investment management roles during his nearly 25-year career at Fidelity. … He has put in a great deal of time and effort to take on the difficult task of managing Magellan through a very challenging period, and will be exploring other opportunities within the company that leverage his investment management talent and experience,” Brian Hogan, president of Fidelity’s equity group, said in an e-mail.
Mr. Feingold will continue to manage several mutual funds and portfolios he was previously overseeing, including the $1 billion Fidelity Trend fund, a large-cap growth fund which has been a top-quintile performer during the portfolio manager’s more than four-year reign.
In Mr. Feingold, “Magellan Fund shareholders are receiving access to a seasoned investment professional with a successful long-term track record at Fidelity … his investment style is an excellent fit with Magellan’s capital appreciation investment objective and flexible investment strategy,” said Mr. Hogan in the statement.
