Fidelity's Stansky replaced; Vanguard's Kaplan to retire.(PORTFOLIO MANAGEMENT)(Paul Kaplan the portfolio manager of Vanguard Wellington Fund Inc. retires)

Research, December, 2005

LEADERSHIP IS CHANGING AT several large U.S. mutual funds. Fidelity Investment's flagship Magellan Fund will no longer be managed by Robert Stansky. After 10 years of directing the fund, he is stepping down and being replaced by Harry Lange. And Paul Kaplan, portfolio manager of the Vanguard GNMA Fund and co-manager of the Vanguard Wellington Fund is set to retire in June 2006 after more than a decade in these roles.

The Magellan Fund has seen its assets slide to $53 billion from about $100 billion in 2000. In addition, its performance had lagged other large funds. For instance, the Magellan Fund grew less than 1 percent in the first 9 months of 2005 versus 10 percent growth in the Fidelity Contrafund, according to Lipper. The Magellan Fund's cumulative total...

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