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See exactly how FMAG's revenue becomes profit — a Sankey that traces revenue (and its reported segments) through gross profit, operating expenses, and net profit, with the year-over-year change on every line.
The same diagram the Chart Builder draws, right on the Summary tab. Upgrade to unlock it for FMAG and 80,000+ other tickers.
The fund selectively targets top-tier businesses, encompassing both those that experience robust growth aligned with economic cycles and those exhibiting consistent, stable expansion, aiming to leverage profound, long-lasting societal and economic shifts.
For many investors, the Fidelity Magellan Fund (FMAGX) has been around for their entire adult lives. Launched back in 1963, the fund became a lodestar for the mutual fund world.
Fidelity Magellan ETF is an actively managed large-cap fund aiming to outperform the S&P 500 through fundamental analysis and tactical trading. FMAG has consistently underperformed its benchmark (SPY), offering higher volatility, limited differentiation, and a significantly higher expense ratio of 0.6%. The portfolio closely mirrors SPY with minor sector and international tilts, but these have not translated into superior returns or risk-adjusted performance.
Fidelity Magellan ETF is an actively managed ETF with a unique sector tilt, overweighting industrials and financials while still holding major tech names. FMAG trades at a premium valuation, justified by strong historical and estimated earnings growth, but profitability is only in line with the S&P 500. The fund outperforms the S&P 500 but lags most growth ETF peers, with lower volatility and more muted upside during market rallies.
FMAG has rebounded recently, outperforming after a period of underperformance, prompting me to upgrade my rating to hold. The fund's active management made timely bets in the past few months, but overall risk-adjusted returns and high fees remain concerns versus passive S&P 500 ETFs over longer timeframes. While FMAG's recent moves are impressive, I recommend watching for sustained outperformance before considering it over established, lower-fee index funds.
Fidelity Magellan ETF, an actively managed ETF by Fidelity, aims to outperform the S&P 500 but has failed to deliver significant alpha over four years. The fund's 0.6% expense ratio is high compared to SPY's 0.09%, with FMAG showing more volatility and a low Sharpe ratio of 0.16. FMAG's portfolio closely mirrors SPY, with minor differences, making it unnecessary to pay higher fees for similar exposure.