|
AT&T off Magellan top 10
|
 |
October 18, 1999: 2:13 p.m. ET
Flagship Fidelity fund increased technology stake in the third quarter
|
NEW YORK (CNNfn) - Fidelity's flagship Magellan Fund increased its technology stake and dropped AT&T from its top 10 list of stocks, according to new figures for the third quarter.
The closely-watched Magellan Fund also introduced a new name, Tyco International Ltd., to its list of top holdings as of Sept. 30, Fidelity said.
Tyco (TYC), now the 6th-largest holding in the fund, designs disposable medical supplies, electrical components and fire suppression equipment, among other products.
The Magellan Fund, with $92.18 billion in assets, was up 6.96 percent year to date through Sept. 30, according to the new data.
Fidelity releases the top 10 holdings of its funds every quarter. It also gives its sector weightings and other information every month.
AT&T (T) had been the number 10 holding at Magellan as of June 30, according to Fidelity. The fund sold some MCI WorldCom (WCOM) and added to its holding of Cisco Systems (CSCO) as of Sept. 30.
Magellan's top four names as of Sept. 30 are General Electric (GE), Microsoft (MSFT), Home Depot (HD) and Citigroup (C).
Magellan increased its stake in technology to 22 percent as of Sept. 30 from 20 percent as of June 30, the new data show. It trimmed its holdings in finance and retail stocks and added to energy. It also increased cash to 7.8 percent from 6.9 percent in the same time.
Other Fidelity funds made similar moves in the third quarter, the data show.
Fidelity Fifty Fund increased technology to 30 percent as of Sept. 30 from 20 percent as of June 30, the fund company said. Blue Chip Growth Fund increased technology to 31 percent from 25.6 percent, while Contrafund increased that sector to 21 percent from 17.6 percent in the same time.
Contrafund, Fidelity Fifty and New Millennium also dumped AT&T from their top 10 list of stocks, Fidelity said. 
|
|
|
|
|
 |
|
