They finally over-performed in the last year. Fidelity Magellan basically faces the curse of size. It is so large that it is difficult to steer and there is a limited selection of large-cap stocks that the fund can select from when making changes to their portfolio.
It'll be "re-adjusted" to more closely track the S&P-500 while fundholders can enjoy the "prestige" of being in the fund.
May be they will redefine their style and start investing in blue chips overseas in order to have more options for their size of portfolio. More growth overseas also.
What is the point to be in a fund that charges fees to "more closely" track the SP 500? Why not just buy SPY and reinvest dividends and tell fidelity where to stick their fees?
Didn't the fund underperform the S&P big time over the last several years? IIRC. the 3 year return is just 9%.