Fidelity Contrafund cut its stake in Apple shares by 10 percent over the course of January and February, Reuters
reports. The fund held 11.56 million shares at the end of December, but by the end of February had reduced that number to 10.43 million, according to official data. Fidelity is the largest active shareholder in Apple, making it an important bellwether.
Apple stock has taken a severe beating since late last year, plummeting from over $700 at its peak to just under $435 as of this writing. While a number of factors have been blamed, most recently some analysts and investors have been disappointed by Apple's first-quarter results -- despite high profits -- and the company's newly toned-down approach to guidance. There have also been indications of Apple cutting back on supply orders
The Contrafund is managed by Will Danoff, and worth about $92 billion. Google is now its largest holding, accounting for 5.8 percent of net assets. Apple's percentage has dropped to 5.2, enough to knock it down to second place.