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The Boston Globe

Business

Magellan chief’s goal: Beat S&P 500 each year

Fidelity Investments’ Magellan Fund has had a long line of larger-than-life managers, from Edward C. “Ned” Johnson 3d, now chief executive, to the legendary stock-picker Peter Lynch.

But Magellan, once the world’s largest mutual fund, has stumbled in recent years. Manager Harry Lange was ousted in 2011 after assets fell by two-thirds.

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