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August 8, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
The new boss of Fidelity Investments' flagship Magellan Fund is trying to reverse the giant fund's dismal performance by shaving its bond holdings and plowing more cash into energy and technology stocks. But investors hoping for a quick turnaround at Magellan, the nation's biggest mutual fund, are likely to be disappointed. Magellan's sheer size--it has $50.6 billion in assets--precludes the new manager, Robert Stansky, from making any rapid wholesale changes in the fund's portfolio.
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BUSINESS
August 8, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
The new boss of Fidelity Investments' flagship Magellan Fund is trying to reverse the giant fund's dismal performance by shaving its bond holdings and plowing more cash into energy and technology stocks. But investors hoping for a quick turnaround at Magellan, the nation's biggest mutual fund, are likely to be disappointed. Magellan's sheer size--it has $50.6 billion in assets--precludes the new manager, Robert Stansky, from making any rapid wholesale changes in the fund's portfolio.
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BUSINESS
May 21, 1998 | Bloomberg News
* "Because [stock price-to-earnings] multiples have already risen so substantially, I believe that any appreciation in stock prices through the rest of the year should be more closely tied to earnings growth. That makes it more important than ever that I get the earnings right."--Robert Stansky, Fidelity Magellan fund manager, writing in the fund's annual report issued Wednesday
BUSINESS
May 23, 2001 | Reuters
Robert Stansky, manager of Fidelity's $87-billion Magellan fund, said Tuesday he was weighting the giant portfolio toward cyclical stocks to position it to take advantage of a strengthening economy. "I want the fund to be fairly aggressively positioned to take advantage of potential improvement in the economy as the year moves on," Stansky was quoted as saying in the fund's annual report for the year ended March 31.
BUSINESS
November 14, 2000 | Bloomberg News
Fidelity Magellan fund manager Robert Stansky, whose fund is on pace for its first losing year since 1994, said the stock market nirvana of the last several years is ending as earnings growth slows. Magellan, the biggest actively managed U.S. mutual fund with $103.6 billion in assets as of Sept. 30, is down 6.5% this year, lagging the Standard & Poor's 500 index.
BUSINESS
June 13, 2001 | Bloomberg News
Fidelity Magellan fund manager Robert Stansky boosted the technology stake of the biggest actively managed U.S. mutual fund for the first time in eight months in April while cutting its cash holdings in half. Stansky raised tech stocks to 13.8% of the $88.17-billion fund's assets in April from 11.6% in March, according to Fidelity's Mutual Fund Guide. Cash fell to 2.5% of assets in April from 5.1% in March. Stansky has reduced Magellan's tech stake from 33.
BUSINESS
February 12, 1997 | Times Staff and Wire Reports
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.
BUSINESS
June 26, 1996 | From Bloomberg Business News
The assets of Fidelity Investments' Magellan Fund have fallen about $1.87 billion since March 31 as its investments lagged the markets, shareholders withdrew funds and manager Jeffrey Vinik resigned. Magellan assets have fallen to about $54.29 billion from $56.16 billion on March 31 amid net withdrawals over the last 2 1/2 months, according to Fidelity Insight, an independent newsletter that tracks the nation's No. 1 fund group. The fund's total return was a negative 0.12% since March 31.
BUSINESS
December 12, 1996 | Times Staff and Wire Reports
Fidelity Investments' flagship Magellan Fund is almost back to normal. The world's biggest mutual fund had almost 90% of its assets invested in equities as of Oct. 31 and 8.7% of its assets in bonds, according to a report released by Fidelity. Magellan had 9.8% of its assets in bonds as of Sept. 30. When Robert Stansky officially assumed control of the $55.8-billion fund in June from former manager Jeffrey Vinik, the fund had 19.3% of its assets in bonds, mostly U.S. Treasuries.
BUSINESS
September 14, 1999 | Bloomberg News
Fidelity Investments' flagship Magellan Fund raised the portion of its assets held in cash to the highest since Robert Stansky took over more than three years ago, new data show. Stansky increased the fund's cash to 7.8% of its assets at the end of July from June's 6.9%. That represents about $1 billion more cash on hand for the world's biggest mutual fund, which has assets of about $93.6 billion. It's more than double the 3.3% of assets held in cash at the start of the year.
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