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Funds News

Fidelity cuts tech, bank stakes in first quarter

* Fund giant sells some Google shares, other big stocks

* Apple remains Fidelity’s largest holding

BOSTON, May 17 (Reuters) - Fidelity Investments cut stakes in some of its largest holdings during the first quarter including Google Inc GOOG.O and Wells Fargo & Co WFC.N, a securities filing showed on Monday.

At the same time Fidelity picked up shares in energy companies and manufacturers including Royal Dutch Shell PLC RDSa.L and aircraft manufacturer Boeing Co BA.N, according to the filing for the three months ended March 31.

The mixed pattern was typical for the Boston mutual fund giant, which has more than $1.5 trillion under management.

Fidelity was still Google’s largest shareholder, holding some 6.4 percent of the California company’s total shares outstanding as of the end of March, according to Fidelity’s form 13F filing to the Securities and Exchange Commission.

But that is down from 7.2 percent at the end of 2009, according to a tabulation of the filing by Edgar Online Inc. in Norwalk, Conn. In all Fidelity sold almost 2 million shares of Google during the quarter, or 11.25 percent of its total stake.

Fidelity’s filing does not break down positions among its hundreds of individual mutual funds. A company spokesman said it would not comment.

The filing showed Fidelity's largest holding continues to be computer maker Apple Inc AAPL.O in which it owns 4.99 percent of total shares valued at $11.5 billion. Fidelity is also a major advertiser on Apple's new iPad tablet computer. It added 249,061 Apple shares in the quarter.

Among Fidelity's most significant sales were nearly a quarter of its stake in drugmaker Pfizer Inc PFE.N, where it still owns 191 million shares worth $3.1 billion.

It sold 39 percent of the shares it held in Goldman Sachs GroupGS.N, dropping its ownership to 7.6 million shares worth $1.1 billion, and sold 7 percent of its stake in Wells Fargo & Co, where it still owned nearly 5 percent of shares.

Among the stocks Fidelity owns which posted the largest increase in value, Fidelity now holds 2.8 percent of Royal Dutch Shell, 1.8 percent of Boeing and 13.5 percent of Agilent Technologies A.N. (Reporting by Ross Kerber, editing by Leslie Gevirtz)

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