Fidelity Magellan Fund Q1 2025  Commentary

2025-05-06 08:05:00 ET

Summary

• Fidelity® Magellan® Fund seeks capital appreciation through a diversified domestic equity strategy, focusing on high-quality growth stocks benefiting from long-term mega trends and strong management teams.
• The fund underperformed the S&P 500® index in Q1 2025, primarily due to sector positioning, notably underweight in health care and energy, and stock-specific challenges.
• Despite market volatility, the fund remains focused on steady growers with strong balance sheets, emphasizing quality, growth, momentum, and free cash flow.
• The portfolio's largest sector overweight is industrials, with significant positions in Trane Technologies, Quanta Services, Eaton, and HEICO, while avoiding energy, utilities, and real estate.

FUND INFORMATION

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