| BOSTON, April 30
BOSTON, April 30 Fidelity Investments' two
largest U.S. stock funds bet big on a foreign name -- Samsung
Electronics (005930.KS) of South Korea -- in March, data from
the world's biggest mutual fund company showed on Wednesday.
But while sharing similar views on Samsung -- the world's
top maker of large liquid crystal display screens and the No. 2
mobile phone manufacturer -- the two Fidelity funds differed in
their views on the U.S. financial sector, the data showed.
Fidelity's biggest stock fund, the $71.5 billion
Contrafund, and its best-known Magellan fund raised their
ownership of Samsung by about 62 percent each in March,
according to data posted on Fidelity's Web site.
Privately owned Fidelity, which manages about $1.5 trillion
in assets, usually doesn't publicly explain its portfolio
changes but its moves are watched closely by investors. A
spokesman declined to comment on reasons for the changes.
Contrafund, a multi-cap growth fund managed by Will Danoff,
raised its ownership of Samsung to $157.4 million at the end of
March from $97.3 million at end-February, the data show.
The $38.4 billion Magellan, a large-cap growth fund run by
Harry Lange, hiked its holdings of Samsung over the month to
$481.4 million from $298.2 million. It had bought a new stake
in Samsung in January worth $315.2 million at the end of that
Shares of Samsung rose 11.3 percent in March. The firm beat
forecasts with a 37 percent rise in quarterly profit last
Both Contrafund and Magellan are domestic stock funds but
are allowed to have exposure to foreign companies. They had
26.5 percent of their portfolios in foreign holdings as of
end-March, according to the company Web site.
Magellan showed new holdings worth $408 million and $190
million in banking firms JPMorgan Chase & Co (JPM.N) and Bank
of America (BAC.N), respectively, at the end of March, raising
its financial sector exposure to 10.2 percent of its total
portfolio from 8.3 percent at end-February.
But Contrafund's exposure to the financial sector fell to
11.2 percent from 12.1 percent over the same period, the data
showed. Its holdings of JPMorgan rose 5.2 percent to $268.2
million at the end of March, a shade lower than the 5.7 percent
increase in the stock for the month.
(Editing by Richard Chang)