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Thursday, 01 August 2013 10:24

More bad news for Apple

Written by Nick Farrell



Key investor cuts his stake

There is more bad news for the slowly failing fruity cargo cult Apple, Fidelity Contrafund manager Will Danoff cut his stake in Apple by 28 percent during the first half of the year.

Danoff said that the iPhone maker's growth was slowing down and instead thinks the smart money should be in Google and Tesla Motors because they have "disruptive technology and superior business model." Danoff, who is one of Wall Street’s stars, remains Apple's largest active shareholder. He owns 8.3 million shares of Apple at the end of June which are valued at $3.3 billion. However last year he owned nearly 11.6 million shares.

He said that Apple moved from the fund's top position a year ago to the third spot as he reduced its stake in the company. Danoff has been trimming his stake in Apple since last year. Google has become his largest holding at 6 percent of net assets.

Nick Farrell

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