Magellan to Have No Dividend
BOSTON — Fidelity Investments said Monday that it will not distribute year-end dividends for its Magellan Fund, the largest mutual fund in the country.
Company analysts had predicted in November that the fund would distribute $4.32 per share on the $37.6 billion fund, which has about 3 million shareholders.
Company officials said a calculation error is responsible for the revision and that it is not a reflection of the performance of the stock and bond markets, which have languished through much of the year.
“In the normal recalculation, we uncovered an error which meant no year-end distribution,” Fidelity spokeswoman Jane Jamieson said.
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