(Bloomberg News) Fidelity Investments named Jeffrey S. Feingold to run the $17.4 billion Magellan Fund, replacing Harry Lange.
Magellan trailed 85 percent of rival funds over the past five years and shrank in size by 66 percent during Lange's almost six-year tenure, according to data compiled by Bloomberg. Feingold, 40, manages the $1.04 billion Fidelity Trend Fund, which has beat 84 percent of competing funds over the last year.
"His performance was poor no matter how you measure it," Christopher Davis, an analyst with Chicago-based Morningstar Inc., said of Lange in a telephone interview. "The fund roughly broke even while he was there."
Feingold, who graduated from Brown University in Providence, Rhode Island, and holds a master's degree from Harvard University in Cambridge, Massachusetts, joined Fidelity as an equity analyst in 1997.
Lange, 59, will stay at Fidelity and is exploring other opportunities within the firm, Vincent Loporchio, a Fidelity spokesman, said today in a telephone interview.
"The fund has generally underperformed its benchmark and, that said, we're confident Jeff Feingold can bring Magellan the opportunity to provide competitive long-term performance," Loporchio said.