Fidelity Magellan Fund manager Harry Lange must have warmed to Peabody Energy Corp. because shares of the world's largest private-sector coal company ranked as the $50.8 billion fund's 10th largest holding as of March 31.

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Peabody (BTU) moved into the top-10 along with two other stocks that also weren't there as of Dec. 31 -- American International Group Inc. (AIG) and Johnson & Johnson (JNJ) . They replaced Symantec Corp. (SYMC) , Yahoo Japan Corp. and Mitsubishi UFJ Financial Group, according to Fidelity Investments' website.

John Bonnanzio, group editor of Fidelity Insight, an independent newsletter based in Wellesley Hills, Mass., Tuesday said Lange is much more willing than former manager Robert Stansky was to stray from the fund's benchmark, the Standard & Poor's 500 Index. Peabody Energy isn't among S&P 500 Index constituents.

"You look at how much the fund is up this year and how much the S&P 500 is up," Bonnanzio said. "You cannot reconcile those two things unless you have deviated considerably from the index."

Magellan (FMAGX) has gained 5.2% this year through Monday, beating the S&P by 1.8 percentage points according to Chicago-based investment research firm Morningstar Inc.

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