Jul. 27, 2025 1:40 AM ETFidelity Magellan Fund - Class K (FMGKX), FMAGX, FMKFXFMGKX, FMAGX, FMKFX, AVGO, BRK.A, BRK.B, TSLA, AAPL, ORLY, GE, ANET, NVDA, PWR, TT, ETN, HEI, LIN, SHW, VMC, MLM, COST, AMZN, META, GOOG, GOOGL, MSFT, JPM, V, LLY, MA, NFLX, MSFT:CA, NFLX:CA, GOOG:CA, NVDA:CA, BRK:CA, AVGO:CA, ANET:CA, AMZN:CA, TSLA:CA, VISA:CA, AAPL:CA, META:CA, GE:CA, MA:CA, LLY:CA, COST:CA, JPM:CA, JPM.PR.M, JPM.PR.L, JPM.PR.K, JPM.PR.J, JPM.PR.D, JPM.PR.C, HEI.AFidelity Investments780 FollowersSummaryThe Fidelity Magellan Fund underperformed the S&P 500 in Q1 2025, mainly due to sector positioning and underweights in health care and energy.We remain committed to quality, growth, momentum, and free cash flow, focusing on steady growers with strong balance sheets despite recent volatility.Our largest sector overweight is industrials, reflecting our expectation for infrastructure-driven growth; we continue to avoid energy and utilities.While a recession is not our base case, we are cautious about inflation and Fed policy, maintaining a disciplined, risk-managed approach to portfolio construction.Torsten Asmus/iStock via Getty ImagesPerformance ReviewFor the first quarter of 2025, the fund's Retail Class shares returned -5.87%, trailing the -4.27% advance of the benchmark S&P 500 (SP500), (SPX) index.U.S. equity markets lost ground the past threeThis article was written byFidelity Investments780 FollowersFidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses it serves. With assets under administration of $12.6 trillion, including discretionary assets of $4.9 trillion as of December 31, 2023, Fidelity focuses on meeting the unique needs of a broad and growing customer base. Privately held for 77 years, Fidelity employs more than 74,000 associates with its headquarters in Boston and a global presence spanning nine countries across North America, Europe, Asia and Australia. Note: This account is not managed or monitored by Fidelity, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Fidelity's official channels.CommentsRecommended For You