{"id":8640,"date":"2008-09-18T00:00:00","date_gmt":"2008-09-18T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"aig-share-crash-means-more-pain-for-top-us-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2008\/aig-share-crash-means-more-pain-for-top-us-funds.html","title":{"rendered":"AIG share crash means more pain for top U.S. funds"},"content":{"rendered":"<p>Reuters &#8211; Fidelity Investments&#8217; Harry Lange, manager of its one-time star Magellan fund, made what now looks like a poorly timed move in June: he nearly doubled his holdings of AIG.       <\/p>\n<p>Lange, who has already seen other financial bets sour, driving the $35.2 billion (19.6 billion pound) fund down 17.3 percent since July, may be just one of several fund managers to get burned by American International Group Inc&#8217;s meltdown.<\/p>\n<p>Though it&#8217;s unclear where Magellan&#8217;s holding stood when the government launched its $85 billion government bailout of the giant insurer on Tuesday, Lange in June boosted the fund&#8217;s holdings of AIG to $865.1 million from $475 million in May.<\/p>\n<p>And that was just a piece of the substantial 5.81 percent stake, or 156 million shares, held by Fidelity, the world&#8217;s biggest mutual fund company, as of the end of June, according to Reuters data.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" height=\"1\" border=\"0\" width=\"1\" src=\"http:\/\/feeds.feedburner.com\/~r\/reuters\/UKFundsNews\/~4\/394935390\" \/><br \/>  <strong><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/feeds.feedburner.com\/~r\/reuters\/UKFundsNews\/~3\/394935390\/idUKGRI72400220080917\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; Fidelity Investments&#8217; Harry Lange, manager of its one-time star Magellan fund, made what now looks like a poorly timed move in June: he nearly doubled his holdings of AIG. Lange, who has already seen other financial bets sour, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[859,1879,2725,615,116,2684,2354,2726,1301,1461,171,1380,1881,612,59],"class_list":["post-8640","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-aftermath","tag-asset-management-group","tag-boston-regional-office","tag-cash-management","tag-combination-of-the-two","tag-current-rate","tag-fame","tag-finance-agencies","tag-financial-institutions","tag-fund-of-fund","tag-gaap","tag-glee","tag-international-group-inc","tag-mortgage-fund","tag-mutual-fund-giant"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8640"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8640\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}