Ticker Talk:

Fidelity Magellan Fund’s technology stake fell last month to the lowest level in nearly 4 1/2 years. The $80.2-billion fund, the nation’s largest actively managed stock fund, said Tuesday that tech stocks amounted to 11.6% of assets on March 31, down from 18.8% on Jan. 31. Last month’s tech weighting was the lowest since Oct. 31, 1996.

But analysts said it wasn’t clear how much of the reduction represented a move by manager Robert Stansky away from tech, and how much represented the dwindling of tech-stock values relative to the rest of the portfolio.

Fidelity said Cisco Systems and Fannie Mae dropped out of Magellan’s top 10 holdings during the first quarter, while Microsoft and AOL Time Warner moved in.

Other top 10 holdings as of March 31 included General Electric, Citigroup, Exxon Mobil, American International Group, Viacom, Pfizer, Tyco International and Home Depot.