Magellan Fund

The Fidelity Magellan Fund is a U.S.-domiciled mutual fund sponsored by Fidelity Investments. It also has an ETF wrapper, Fidelity Magellan ETF. As of September 2026, it had $36.7 billion in assets under management (AUM) and an expense ratio of 0.64%. It was notable for its 29.2% average annual return under the leadership of Peter Lynch from 1977 to 1990. Since the departure of Lynch, the fund has changed strategies and managers several times and has underperformed. In the 1990s, it was the largest mutual fund in the world, but it suffered a steep decline in assets after the bursting of the dot-com bubble and increasing popularity of index funds. The fund has been managed by Sammy Simnegar since December 2019.