BOSTON: Fidelity’s $110 Billion Contrafund has trimmed its stake in Google Inc, its largest holding, as portfolio manager Will Danoff sees a potentially choppy market for the stock over the short term.
Contrafund is the largest U.S. mutual fund investor in the stock.
“We trimmed the position based on our view that the stock’s short-term performance could remain choppy as investors digest the company’s increased investment in data centers, as well as other initiatives not directly tied to its core search business,” the fund said in its fourth quarter update for investors.
Google remains Contrafund’s largest holding, accounting for about 4.8 percent of the fund’s assets. At the end of November, the fund held Google stock worth $7.06 billion, according to the latest holdings update.