A good reminder that even conservative investors who don’t gamble on individual stocks are still doing just that — they’re just paying someone to do it for them. Reports released by Fidelity this week show that the company’s two biggest funds have cut their Google (GOOG) stakes this spring as the stock plummeted.
Collectively, Contrafund and Magellan saw the value of their Google stakes drop by about $1.5 billion in February. Much of that decline was because Google itself was worth 16.5% less by the end of the month, but not all of it was. Contra sold about 170,000 shares, and Magellan jettisoned 1 million.
Neither fund gave up on Google altogether. Contrafund, which is Fidelity’s biggest, still held $2.95 billion worth of Google by the end of February, and Magellan still had $1 billion.
Reuters has some details, and you can get the rest of the info on both funds’ holdings at Fidelity’s site, though it requires some hunting and pecking. One bit of good news for Contrafund owners (which include us): At the end of February, the fund didn’t own a share of Bear (BSC).
Business Insider Emails & Alerts
Site highlights each day to your inbox.