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Fed up with Facebook, U.S. fund managers look for alternatives

Reuters  |  NEW YORK 

By David RandallNEW YORK (Reuters) - Facebook Inc's losses are becoming other companies' gains. Concerns about the social media giant's declining profit margins and battered reputation have prompted 93 U.S. mutual funds to completely sell out of their positions in the company so far this year, exacerbating a roughly 35 percent decline in Facebook's share price from its highs, according to Refinitiv's Lipper research service. The selling by fund firms including Fidelity Investments, The Hartford and Putnam Investments combined for a total of nearly 12 million shares, and came amid similar ...

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First Published: Thu, December 06 2018. 17:33 IST