After years of underperforming the S&P 500, Fidelity’s Magellan Fund may be on its way back. That at least is what the company is hoping, reporting Tuesday that in the twelve months up to March 31 of this year, Magellan gained 15.89 percent versus 11.73 percent gains posted by the index.

According to Reuters, the turnaround began in the first half of the year but gained momentum under new manager Harry Lange, who took over from Robert Stansky on November 1. Lange believes the happy news is a result of fewer large-cap stocks, more foreign exposure and stock-by-stock selections.  

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