Fidelity announced today that Robert Stansky, long-reining manager of the Magellan Fund, is retiring but his legacy may be clouded by the fund's faded performance.Magellan, a $52 billion fund has consistently underperfomed the S&P 500 during Stansky's tenure. The fund has averaged a 6.85% total return over the last ten years while the S&P 500 averaged 9.49%. Critics debate whether a fund of Magellan's size can be managed by one person.
Footnote: When Peter Lynch took over the fund in 1977 it had only $20 million in assets.
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