Stansky: I Wasn’t Fired. Seriously, You Gotta Believe Me

After nine long years, Robert Stansky is admitting defeat and packing it in as head of Fidelity’s $52 billion (down from a peak of $110 billion) Magellan fund. Despite the fact that the fund has had average annual returns of negative 2.85% over the past 5 years and failed to keep up with its benchmark S&P 500 index for the past three years, Stansky insists he’s leaving of his own volition: “I feel I gave it my best shot,” Mr. Stansky said. “Was I frustrated that the numbers were not better? Sure. But if I were going to be forced out I assume it would have been a while ago.” Taking the reins will be Harry Lange, 53, who has performed significantly better at the helm of Fidelity’s $7.1 billion Capital Appreciation Fund for the last nine years.
Turnover at Top Fund of Fidelity [NY Times]
Stansky Leaving Lagging Magellan [Boston Globe]

Comments:

<< Back to main