Fidelity Magellan Fund
Figures last verified October 31, 2026
Active large-cap growth fund; the former Peter Lynch flagship, now team-managed with a growth-at-reasonable-price approach.
Magellan is the most instructive fund in American history, just not the way Fidelity intended. Under Peter Lynch (1977–1990) it returned 29% annually and became the largest fund in the world; in the decades since, under a parade of successors, it has mostly trailed the S&P 500 while charging active fees. The lesson isn't that Lynch was fake — it's that buying a fund after its legend is established means buying the successor, not the legend.
Today's Magellan is a perfectly competent, unremarkable large-growth fund at 0.64% — which in a world of 0.035% growth indexes is a hard sentence to finish. Investors who hold it in old accounts with large embedded gains have a real tax reason to stay; new money choosing Magellan in 2026 is mostly buying the name on the door. Lynch's own books, ironically, would tell you to think harder than that.
Mostly historical interest — and a cautionary tale worth knowing.
FMAGX alternatives & comparable funds
If you’re weighing FMAGX against the field, these are the funds most investors line it up against — same job, different provider, slightly different terms.
| Fund | Family | Expense Ratio | Minimum |
|---|---|---|---|
| FMAGX — Fidelity Magellan Fund | Fidelity | 0.64% | $0 |
| FSPGX — Fidelity Large Cap Growth Index Fund | Fidelity | 0.035% | $0 |
| FXAIX — Fidelity 500 Index Fund | Fidelity | 0.015% | $0 |
| FCNTX — Fidelity Contrafund | Fidelity | 0.74% | $0 |
Frequently asked questions
What is the expense ratio of FMAGX?
FMAGX (Fidelity Magellan Fund) has an expense ratio of 0.64%, which works out to roughly $64 per year for every $10,000 invested. That is high relative to index alternatives, and it compounds against you every year, so the fund needs to outperform just to break even versus a cheaper option.
What is the minimum investment for FMAGX?
FMAGX has no minimum initial investment — you can start with any amount.
What does FMAGX invest in?
Active large-cap growth fund; the former Peter Lynch flagship, now team-managed with a growth-at-reasonable-price approach. It falls in the large growth category and is an actively managed fund.
What are good alternatives to FMAGX?
The funds most often compared with FMAGX are FSPGX, FXAIX, FCNTX — broadly similar exposure from different providers, with small differences in fee, minimum, and portability that usually come down to which brokerage holds your account.
Expense ratio and minimum for FMAGX drawn from Fidelity fund documentation; last verified October 31, 2026. Figures change — confirm against the official prospectus before investing. This review is editorial opinion, not investment advice.