Fidelity Magellan Fund - Class K (FMGKX)

Fidelity Magellan Fund Class K is an actively managed mutual fund focused on seeking capital appreciation by investing primarily in common stocks. The fund employs a flexible investment approach, targeting both growth and value stocks across a broad array of industries, and incorporates both domestic and a limited amount of foreign equities in its portfolio. With approximately 97% of assets allocated to U.S. stocks and about 2% to foreign stocks, the fund maintains a diversified equity exposure. Fidelity Magellan Fund Class K typically holds a concentrated portfolio—its top ten holdings constitute over a third of total assets—which allows for focused bets on high-conviction opportunities. The fund’s strategy is benchmarked against the S&P 500 Total Return Index, and it does not employ an environmental, social, or governance (ESG) focus in its selection criteria. Known for its long-standing market presence and sizable asset base, this fund plays a significant role in the U.S. large-cap equity segment, offering investors access to Fidelity’s active management and research expertise.