[2] On January 14, 2008, Fidelity announced that the fund would open to new investors for the first time in over a decade.
The $20 million fund Peter Lynch inherited grew to $14 billion in AUM during his tenure.
In July 1996, his first month as manager, more than $3.5 billion was taken out of the fund as investors redeemed their shares and the portfolio experienced setbacks.
"[8] Lynch proposed that the person on the street is just as capable of identifying good stocks as a Wall Street professional, and noted that many of his best stock picks came from his experiences with a company as a customer, rather than through usual trade publication or analyst reports.
Many good tips came from his wife, who did most of the household shopping and occasionally noticed customer trends before professionals did, a phenomenon he called "street lag".
Lynch bucked many prevailing trends on mutual fund investing, such as buying many more stocks than usual.
An orthodox Jew, he decided to leave investing entirely after his experience at Magellan and has spent time pursuing religious activities and moved to Israel.
Robert "Bob" Stansky is a direct disciple of Lynch's having worked as his research assistant from 1984 to 1987.
Harry W. Lange took over Magellan and promptly changed the portfolio to reflect his view on the market.
In May 2006, Magellan made a capital gains distribution to shareholders of $22.11 representing roughly 18% of assets.
After being closed for over a decade, on January 14, 2008, Fidelity announced that the fund would be re-opened to new investors.
[16] Harry Lange presided over the largest drop in assets under management, as a percentage, as well as in absolute dollars, of Magellan.
[17][18] On February 4, 2021, Fidelity launched an ETF version of the Magellan fund that trades under the ticker, FMAG.