Magellan Reduces Bond Holdings to 3.8%

Fidelity Investments’ Magellan Fund no longer includes bonds among its top 10 holdings. Robert Stansky, Magellan’s manager, had reduced the $55.15-billion fund’s allocation to bonds to 3.8% of the overall portfolio as of Dec. 31, from 7.9% on Nov. 30, according to a report released by the No. 1 U.S. fund group. At the same time, Magellan raised its cash position to 6.6% of the fund’s assets from 3.6%, the Fidelity report said. On Nov. 30, Magellan’s top holding was a 10-year Treasury note that matures in November 2005, according to Fidelity. The Treasury security wasn’t included on the fund’s list of biggest holdings on Dec. 31. Stansky had 13.7% of Magellan’s assets in technology stocks on Dec. 31, up from 13.6% on Nov. 30 and up from a low of 2.6% of the overall portfolio on May 31. Magellan’s three biggest tech stock holdings were Intel Corp., IBM and Cisco Systems Inc.