Magellan Boosts Holdings in Health-Care, Tech Stocks

Fidelity Investments, the nation’s largest mutual fund company, said Wednesday that its Magellan Fund raised its holdings in technology and health-care stocks in January, but cut assets invested in finance and energy shares.

The massive fund raised the percentage of its assets invested in tech stocks to 15.1% as of Jan. 31, compared with 12.9% on Dec. 31.

The fund also raised its total investments in equities to 95.1% of assets at the end of January, from 93.7% at the end of December, according to Boston-based Fidelity’s monthly Mutual Fund Guide.

Magellan’s holdings in cash and short-term investments were cut to 4.9% of assets at the end of January, from 6.3% at the end of December, the report said.

The fund raised the percentage of its assets invested in health-related stocks to 11.6% from 10.5% on Dec. 31, while cutting its holdings in financial stocks to 12.8% from 13.1% and lowering energy-related stocks to 8.6% from 10.2%.

Magellan, the largest private fund in the United States, said its percentage of holdings in most other industry sectors remained unchanged in January.

Magellan’s assets rose to $68.7 billion at the end of January from $64 billion at the end of December, boosted by a total return of 1.08% in January, compared with 1.11% for the Standard & Poor’s index of 500 stocks.