Fidelity Magellan ETF

FMAG

時価総額 $2.36億

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.

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.

The Fidelity Magellan ETF is an actively managed fund that focuses on large-cap U.S. stocks. The fund has rallied over the past year but still lags the benchmark S&P 500 historically. It's unclear whether the strategy can deliver Alpha over the long run.