Fidelity Contrafund cuts Apple stake by 9% in April

Fidelity Investments' Contrafund, the largest active shareholder in Apple Inc, cut its stake in the iPad and iPhone maker by a further 9 per cent in April after expressing concern about heightened competition from rivals. Contrafund, run by portfolio manager Will Danoff, owned 9.2 million shares of Apple at the end of April, according to the latest monthly update by Boston-based Fidelity.

It owned 10.1 million Apple shares at the end of March after Danoff cut his stake by 12 per cent during the first quarter.