I’ve been watching Fidelity Magellan. It went from 115 to 94 yesterday. Does anyone know what happened? Was it a distribution or something?Yes, there was indeed a drop of 21.25, or 18.33%, late last week. And it was indeed a distribution. But that didn't stop some people from nearly having heart attacks after logging onto Fidelity.com, judging by the thread on the Investment Banter message board:
Last night my account only showed the NAV drop with no updates to shares held and overall value.Another poster has a message for the programmers of the Fidelity.com website:
Last night it was showing only the negatives : lower price per unit, lower total money in Magellan, lower number of units !!! Just like a stock plunge.Not anymore! I know that some Fidelity employees read Fidelity Observer, perhaps they can pass along a message to the Fidelity website people that:
I guess the cheap programmers in Bangalore now have another glitch ("enhancement", I think they call it) they can fix. But only if someone lets them know. We may be the only folks who noticed!
A) share holdings should be updated earlier or
B) unusual NAV changes in Fidelity Funds should automatically trigger a red text message in the "My Accounts" area, notifying people of the reason (distribution, etc.) and that it may take an additional day for individuals' share holdings to be updated.