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Fidelity Contrafund manager worries over Apple's competition
May 1, 2013 / 1:36 PM / in 5 years

Fidelity Contrafund manager worries over Apple's competition

BOSTON, May 1 (Reuters) - Fidelity Contrafund manager Will Danoff, the biggest active shareholder in Apple Inc, cut his stake in the iPhone maker by 12 percent in the first quarter and cited “heightened concern” about increasing competition.

“Given our heightened concern surrounding the increased competition Apple was facing, we continued to trim our stake in the company during the period,” Danoff said in a first-quarter overview of the $92 billion Contrafund.

Contrafund owned 10.1 million Apple shares at the end of March, down from 11.56 million at the end of 2012, according to Boston-based Fidelity’s latest disclosure.

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