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DJ UK PRESS: Fidelity's Magellan Fund Dumps US Stocks

NEW YORK (Dow Jones)--Fidelity's flagship Magellan Fund (FMAGX) sold off big-name U.S. consumer stocks such as Procter & Gamble Co. (PG) and Pfizer Inc. (PFE) and moved a fifth of its $51 billion under management into overseas markets, the Financial Times reported Thursday.
In an unsourced report, the FT said Magellan raised its non-U.S. holdings to 25% from 4% during the December quarter, according to regulatory filings. The fund also raised its exposure to technology companies, including Google Inc. (GOOG), the FT reported.
General Electric Co. (GE) is the only name that remains in Magellan's top 10 holdings, although Nokia Corp. (NOK), the Finnish mobile telephone operator, has replaced it as the fund's biggest holding, the FT said.
Magellan bought 60 million Nokia shares in the quarter, raising its holding by 56%, while it sold 44.4 million GE shares at the same time, the newspaper said.

(END) Dow Jones Newswires
02-16-06 1013ET
Copyright (c) 2006 Dow Jones & Company, Inc.