Major Apple Shareholder Cuts Stake 10%
While all the major U.S. market indices continue to climb (in some cases to record level highs), shares of Apple aren't following the Dow, S&P, and NASDAQ in their 2013 resurgence. In fact, APPL - down $8 again today at $434.91 - continues to lose faithful investors.
On Monday, we learned that Equity mutual fund Fidelity Contrafund slashed its bet on APPL to the tune of 10 percent. May not sound like much, but the $92 billion fund is the largest active Apple shareholder as of this writing.
Reuters confirmed this afternoon that the Contrafund held 10.43 million shares of Apple worth $4.6 billion at the end of February. That information came from Fidelity's latest monthly update for the fund. The fund owned 11.56 million Apple shares at the close of 2012.
In response to the cut, Google is now the Contrafund's largest holding as of the end of February, accounting for 5.8 percent of the fund's net assets. Apple is now no. 2 in their portfolio.