Get Fidelity A Calculator
OOPS--AGAIN. ON DEC. 5, mutual-fund giant Fidelity Investments revealed that a yearend $2.3 billion capital-gains distribution promised to investors in its $36 billion Magellan fund won't happen after all. The reason: "A manual human mathematical error," according to Fidelity. The episode is an embarrassment, coming less than six months after the company reported incorrect daily results for all its funds. More telling, though, was the markets' reaction: European stocks dropped 1% on worries that the gaffe would spark a stampede out of mutual funds. Not to worry: The canceled distribution won't cost shareholders any money. The stampede never happened.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.