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| Title: | Market Investing |
|
| Moderator: | 2155::michaud |
|
| Created: | Thu Jan 23 1992 |
| Last Modified: | Thu Jun 05 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1060 |
| Total number of notes: | 10477 |
803.0. "No year-end distribution from Fidelity's Magellan" by BLOFLY::SMITHP (Beware the knights who say "NT"...) Wed Dec 07 1994 23:47
"Fidelity sends shock waves"
{Australian Financial Review, Thursday, 8th December}
News that a calculating error forced the world's biggest mutual fund to
cancel a year-end distribution sent shock waves through some Asian
stockmarkets as investors foresaw a wave of redemptions by small US
investors. Fidelity Investments, America's largest mutual fund
company, announced yesterday that it would not pay a distribution to
holders of it's $US37 billion Magellan fund for the first time since
the aftermath of the 1987 stockmarket crash. The announcement stunned
investors worldwide, who see the Magellan fund as a prime indicator of
the health of US mutual funds. [Bloomberg]
| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 803.1 | Must have been a Pentium ! ;-) | BLOFLY::SMITHP | Beware the knights who say "NT"... | Wed Dec 07 1994 23:48 | 1 |
| >> News that a calculating error ...
|
| 803.2 | | CALPAL::HALLYB | Fish have no concept of fire | Thu Dec 08 1994 11:11 | 5 |
| As one analyst observed (after the fact): why would Magellan have
any profits this year anyway? It hasn't exactly been a good year for
most funds...
John
|