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Jeffrey N Vinik

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BUSINESS
May 24, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
Following a bad bet on bonds, months of lagging performance and controversy, Jeffrey N. Vinik resigned Thursday as manager of Fidelity Investment's Magellan Fund, by far the nation's largest mutual fund. The company immediately put its flagship fund in the hands of another veteran with a steadier track record. Boston-based Fidelity named Robert E. Stansky, 39, manager of the Fidelity's highly successful Growth Company Fund since 1987, to succeed Vinik, 37, who has managed Magellan since 1992.
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BUSINESS
November 26, 1996 | Times Staff and Wire Reports
Investment partnerships affiliated with Jeffrey Vinik acquired a 9.6% stake in Pacific Sunwear of California Inc. The Vinik partnerships and accounts paid a total of $20.2 million to acquire 770,000 shares as an investment, according to a Securities and Exchange Commission filing. The stake has a current market value of about $21.36 million. The group purchased the entire stake at $23.25 to $27.79 a share between Nov. 1 and Nov. 25, according to the filing.
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BUSINESS
May 24, 1996 | KATHY M. KRISTOF, TIMES STAFF WRITER
During his tenure as manager of the behemoth Fidelity Magellan Fund, Jeffrey N. Vinik raised eyebrows. At one point, nearly half the equity fund's assets were invested in just one industry: technology. Later it was nearly 20% invested in bonds. Vinik also came under fire for recommending stocks that his fund was selling. And he was always under extreme pressure to beat the market, even as Magellan's size made this increasingly more difficult.
BUSINESS
June 13, 1996 | From Times Wire Services
Despite speculation to the contrary, former Fidelity Magellan mutual fund manager Jeffrey Vinik maintained the fund's large position in bonds at least through the end of April. Magellan's 19.2% bond allocation on April 30, the most recent date for which figures are available, was unchanged from the end of March. Vinik, who quit the fund in May, also held 10% of the fund's assets in cash, down from 10.1% in March.
BUSINESS
June 13, 1996 | From Times Wire Services
Despite speculation to the contrary, former Fidelity Magellan mutual fund manager Jeffrey Vinik maintained the fund's large position in bonds at least through the end of April. Magellan's 19.2% bond allocation on April 30, the most recent date for which figures are available, was unchanged from the end of March. Vinik, who quit the fund in May, also held 10% of the fund's assets in cash, down from 10.1% in March.
BUSINESS
November 26, 1996 | Times Staff and Wire Reports
Investment partnerships affiliated with Jeffrey Vinik acquired a 9.6% stake in Pacific Sunwear of California Inc. The Vinik partnerships and accounts paid a total of $20.2 million to acquire 770,000 shares as an investment, according to a Securities and Exchange Commission filing. The stake has a current market value of about $21.36 million. The group purchased the entire stake at $23.25 to $27.79 a share between Nov. 1 and Nov. 25, according to the filing.
BUSINESS
May 26, 1996 | TOM PETRUNO
If only he'd been allowed to hold on to his massive bet on long-term bonds, things might have turned out much differently for former Orange County Treasurer Robert Citron. And so, someday, history may judge Jeff Vinik, who stepped down unexpectedly Thursday from the helm of the nation's biggest mutual fund, Fidelity Magellan.
BUSINESS
May 24, 1996 | From Times Wire Services
The stock market on Thursday fell from record highs on profit taking ahead of the Memorial Day weekend, but its drop was stemmed by a late rally in tobacco stocks on a legal victory for cigarette makers. The Dow Jones industrial average fell 15.88 points to 5,762.12. The blue-chip average would have ended 20 points lower if not for Philip Morris, which surged on news that a court had blocked a major tobacco liability suit.
SPORTS
October 6, 2007 | Kevin Baxter, Times Staff Writer
BOSTON -- Danny Vinik has been to dozens of games at Fenway Park, often sitting in box seats not far from the Red Sox dugout. When your dad is a multimillionaire hedge fund manager and one of the team's limited partners, you tend to get first pick when it comes to premium tickets. But the 17-year-old "sometimes second baseman" had never caught a foul ball before Friday -- and for the Red Sox, his timing couldn't have been better.
BUSINESS
August 10, 1994 | From Times Wire Services
Long-term Treasury bond yields rose to the highest level in two weeks Tuesday, and stocks closed mixed as investors worried about government debt auctions this week and whether the Federal Reserve Board will nudge interest rates upward. The yield of the 30-year bond rose to 7.57% from 7.54% on Monday; its price, which moves in the opposite direction, fell 5/16 point, or $3.13 per $1,000 in face value. The highest yield so far this year was 7.75%, on July 11. The Dow Jones average crept up 1.
BUSINESS
May 26, 1996 | TOM PETRUNO
If only he'd been allowed to hold on to his massive bet on long-term bonds, things might have turned out much differently for former Orange County Treasurer Robert Citron. And so, someday, history may judge Jeff Vinik, who stepped down unexpectedly Thursday from the helm of the nation's biggest mutual fund, Fidelity Magellan.
BUSINESS
May 24, 1996 | KATHY M. KRISTOF, TIMES STAFF WRITER
During his tenure as manager of the behemoth Fidelity Magellan Fund, Jeffrey N. Vinik raised eyebrows. At one point, nearly half the equity fund's assets were invested in just one industry: technology. Later it was nearly 20% invested in bonds. Vinik also came under fire for recommending stocks that his fund was selling. And he was always under extreme pressure to beat the market, even as Magellan's size made this increasingly more difficult.
BUSINESS
May 24, 1996 | SCOT J. PALTROW, TIMES STAFF WRITER
Following a bad bet on bonds, months of lagging performance and controversy, Jeffrey N. Vinik resigned Thursday as manager of Fidelity Investment's Magellan Fund, by far the nation's largest mutual fund. The company immediately put its flagship fund in the hands of another veteran with a steadier track record. Boston-based Fidelity named Robert E. Stansky, 39, manager of the Fidelity's highly successful Growth Company Fund since 1987, to succeed Vinik, 37, who has managed Magellan since 1992.
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