Fidelity Contrafund Cuts Bet on Apple

As shares of AAPL continue their decline on Wall Street, Apple is struggling to regain the confidence of investors.

And, unfortunately for the tech giant, today’s headlines aren’t poised to help much.

On Monday, equity mutual fund Fidelity Contrafund slashed its bet on APPL by 10 percent. The $92 billion fund is the largest active Apple shareholder.

Reuters reported that the Contrafund held 10.43 million shares of Apple worth $4.6 billion at the end of February. Fidelity’s monthly updates for the fund indicate that the fund owned 11.56 million Apple shares at the close of 2012.

As a result of the cut, Google is 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 the second biggest player in the high-profile portfolio.

“Several hedge funds and asset managers have cut their positions in Apple in Q4 of last year,” says Tabinda Hussain of ValueWalk. “In fact the only notable fund managers who increased their positions in Apple were David Einhorn and David Tepper’s Appaloosa Management.”