Fidelity mutual fund managers sold around 1.1 million Google shares in February. Fidelity's Contrafund owned $3.63 billion worth of Google stock at the beginning of the month and, after selling about 170,000 shares, $2.95 billion at the end. After selling 1 million shares, the $38.4 billion Magellan fund saw its Google investment drop even more drastically — 42 percent — from $1.81 billion to $1.04 billion. SAI notes that some of that investment decline resulted in Google shares dropping 16.5 percent in February. Cold comfort, indeed.
Submitted discussions can be approved by the author or users followed by this blog.