Fidelity Contrafund sours on Apple, bolsters bet on Tesla
BOSTON, July 31
BOSTON, July 31 (Reuters) - Fidelity Contrafund manager Will Danoff cut his stake in Apple Inc by 28 percent during the first half of the year, citing the iPhone maker's "slowing growth profile."
The star stockpicker remained bullish on Google Inc and on Tesla Motors Inc's "disruptive technology and superior business model."
"Reflective of the company's slowing growth profile, Apple moved from the fund's top position a year ago to the third spot as we reduced our stake in the company," Danoff said in his monthly commentary for investors. He runs the $94 billion Contrafund for Fidelity Investments in Boston.
Danoff has been trimming his stake in Apple since last year. Google is now his largest holding at 6 percent of net assets. Danoff also said he increased his position in electric car maker Tesla, "a firm we believed was fundamentally reengineering the automobile for the first time in decades."