“If all hell breaks loose, you need to be able to focus and make quick decisions,” said Weitz, who sole-manages two funds and co-manages another pair. Managing funds with similar strategies but different securities, however, creates challenges when there are big swings in the market, said Wally Weitz, founder of the $4 billion Weitz Funds. Magellan has 22.3 percent of its portfolio in international holdings, according to Morningstar. Davis said the growth stocks they hold may become more duplicative under Feingold.įeingold told Davis on Wednesday that Magellan will take on a less international tilt going forward, in line with the Trend Fund that has 10.32 percent of investments in stocks outside the U.S. Magellan seeks to beat the large-cap stocks in the S&P 500 Index while Trend uses the Russell 1000 Growth Index as its benchmark. The top holdings at each of the funds he currently manages, for example, include Apple Inc APPLE.O and Google GOOG.O. To be sure, Feingold's existing portfolios have about a 95 percent overlap with each other, meaning that adding Magellan may not be a big stretch, said Christopher Davis, a Morningstar Inc. Feingold’s existing funds “fit with Magellan’s capital appreciation investment objective and flexible investment strategy,” said company spokesman Vincent Loporchio. “It’s up to him to know the stocks well enough to decide if they stay in the fund.”įidelity says “capacity issues” are not a concern. “Fidelity will say that the firm has analysts who cover those stocks, but those folks are going to go into Feingold’s office saying why they like their stocks,” said John Bonnanzio, editor of an independent newsletter for Fidelity investors. For a start, he has a lot of homework to do since Magellan holds 170 stocks that are not in his other funds’ portfolios, according to Lipper. Some academics and analysts are questioning whether Feingold can continue his handsome performance record with a roughly 10-fold rise in assets under his management. Each has posted steady returns in the past three years. He will continue to run Trend as well as the $51.6 million Fidelity Large Cap Growth Fund FSLGX.O, the $24.5 million Fidelity Advisor Strategic Growth Fund FTQBX.O and the $33 million Fidelity VIP Growth Stock Portfolio, a subaccount of the Trend Fund. It rose an average of 6.2 percent annually over the past three years, outperforming 81 percent of similar funds, according to Lipper. Feingold, 40, joined Fidelity in 1997 as an analyst and has built a solid record managing Fidelity's $1 billion Trend Fund FTRNX.O, since 2007.
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