into bonds at the wrong time, causing Magellan to underperform its peers for the first time in the fund's history. However, others argue that Vinik merely moved into bonds early. Vinik moved Magellan into bonds in the fall of 1995. In the seven years ending in March 2003, on a total return basis, 10-year Treasuries returned 78 percent, AAA corporate bonds returned 46 percent, and, with dividends reinvested, the S&P 500 returned 31 percent. In addition, Vinik's strategy would have avoided the dot-com bust. After leaving Fidelity, Vinik started a successful hedge fund, Vinik Asset Management, during 1996-2013. Robert Stansky 1996-2005, underperformance Robert "Bob" Stansky is a direct disciple of Lynch's having worked as his research assistant from 1984 to 1987. He had previously run Fidelity Growth Company. During his time at Magellan Stansky managed to return 238% for the fund. However, the S&P 500 index returned 274% during the same period. This marked the only regime where Magellan underperformed the market. Magellan's portfolio closely resembled the S&P 500 during Stansky's tenure—so much so that Stansky himself helped coin the phrase "closet indexer". Harry Lange 2005-2011, drop in assets By the time Stansky retired in 2005, the assets under management for Magellan were back down to $52.5 billion. Harry W. Lange took over Magellan and promptly changed the portfolio to reflect his view on the market. Lange represented a change for the Magellan fund. His approach was known as a 'go everywhere approach'. This means he was just as likely to buy small cap stocks as he was large cap stocks, value as he was growth, US companies as he was international. Today about 25 percent of Magellan is invested in companies based outside the United States. In May 2006, Magellan made a capital gains distribution to shareholders of $22.11 representing roughly 18% of assets. As of 12/31/08 the total AUM for the Magellan Fund stands at $19 billion. Lange has said that he believes Magellan can handle more assets. After being closed for over a decade, on January 14, 2008, Fidelity announced that the fund would be re-opened to new investors. Harry Lange presided over the largest drop in assets under management, as a percentage, as well as in absolute dollars, of Magellan. Jeffrey S. Feingold 2011- On September 13, 2011, Fidelity named Jeffrey S. Feingold, manager of Fidelity Trend Fund, as the next manager of Fidelity Magellan Fund.