Fidelity Manager Boosts Stake in Tech Stocks

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 33.8% of the portfolio in August, as shares of tech-related companies have plunged.

Magellan lost 9.3% in 2000, slightly more than the 9.1% drop in the Standard & Poor’s 500 index--Stansky’s first losing year since taking over the fund in 1996. Magellan has lost 4.1% this year, compared with a 4.5% drop for the S&P; 500.