Fidelity
Fidelity Group, widely known for the Magellan Fund, is an asset management company founded in 1946 as a specialist asset management firm.
Fidelity is headquartered in Boston, USA, and consists of two groups: Fidelity Investments (FMR), which handles the U.S. region, and Fidelity International Limited (FIL), which handles regions outside the U.S. Through various subsidiaries around the world, it has grown into a comprehensive financial company, engaging in venture capital, pensions, life insurance, real estate development, and discount brokerage in addition to asset management such as mutual funds and the securities business.
The Magellan Fund, the flagship fund representing Fidelity, began as the 'Fidelity International Fund' created in 1963 by Ned Johnson, the son of Fidelity founder Edward Johnson II, and in its early days operated in-house, mainly managing the wealth of the founding Johnson family.
After the name was changed to the Magellan Fund in March 1965, the fund's assets grew from $18 million in 1977 to $14 billion in 1990, and now stand at $61.942 billion. It is also known that the Magellan Fund's cumulative return over the past 10 years was 114.69%, and including dividends, it delivered performance that surpassed the S&P500 index's rise over the same period.
Topics: Asset Management Company,Peter Lynch,Wall Street
Category: Wiki/Economy
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