Following a makeover last year, Fidelity Investments’ Magellan Fund returns sailed passed the Standard & Poor’s 500. But as of last month, the benefits from a portfolio readjustment seem to have evaporated. “It’s been May day for Magellan,” Jim Lowell of the Fidelity Investor newsletter told Bloomberg News. From November until last month, Magellan enjoyed the fruits of new manager Harry Lange’s labor to get rid of some big-name stocks in its portfolio in favor of energy companies and names like Google and Yahoo. But while Magellan returned 15.9% through March 31, vs. the S&P’s 11.7%, May was a different story, as energy stocks in particular took a beating. The S&P 500 dropped more than 4% in mid-May, while Magellan sank even further. Lange’s defenders, reports Bloomberg, point to his success with other Fidelity funds.