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Magellan adds to cash
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September 13, 1999: 5:25 p.m. ET
Flagship Fidelity fund trims equities in July, according to new data
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NEW YORK (CNNfn) - Fidelity's flagship Magellan Fund cut its equity holdings and increased cash levels in July, according to data released Monday.
The closely followed Magellan fund reduced equities to 92.2 percent as of July 31 from 93.1 percent on June 30, according to Fidelity's latest mutual-fund guide.
Magellan also increased cash to 7.8 percent from 6.9 percent in the same time. The fund had $93.5 billion in assets and was up 8.57 percent as of Aug. 31, Fidelity said.
Fidelity revealed the changes in its monthly fund guide, which lists changes in sector weightings as of July 31 and year-to-date performance as of Aug. 31.
Magellan also trimmed technology, finance and health holdings but added to energy, media/leisure and non-durables.
The New Millennium Fund cut equities to 96.5 percent as of July 31 from 97.1 percent as of June 30. The fund increased cash to 3.5 percent from 2.9 percent, and increased foreign investments to 8.1 percent from 6.3 percent, in the same time.
New Millennium had $2.38 billion in assets and was up 36.33 percent as of Aug. 31.
Among other funds, Fidelity Fifty slashed cash and added to equities. Fidelity Fifty increased equities to 96.4 percent as of July 31 from 91.6 percent as of June 30. It cut cash to 3.6 percent from 8.4 percent in the same time, while increasing its international exposure to 12.3 percent from 9.8 percent.
Fidelity Fifty had $500 million in assets and was up 23.36 percent as of Aug. 31, the company said.
Capital Appreciation Fund also cut its cash, to 3.7 percent as of July 31 from 6.6 percent as of June 30, the guide said. It increased equities to 96.3 percent from 93.4 percent in that time. It increased its overseas holdings to 11.2 percent from 9.7 percent.
Capital Appreciation Fund, with $2.8 billion in assets, is up 15.05 percent year to date.
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