Fidelity Contrafund Lowers Apple Position, Adds to Tesla, Google Now Largest Position

Fidelity's infamous Contrafund, managed by Will Danoff, cut its stake in Apple AAPL in the first half of the year while boosting his stake in Tesla TSLA in the quarter. Meanwhile, Google GOOG became the fund's largest position due to the reduced stake in Apple.

40 Percent Less Apple

Danoff cut the fund's allocation to Apple by about 40 percent in the first half of the year as shares slid nearly 15 percent this year. The fund sold 3.3 million shares in the first half of 2013 to reduce its stake to 8.3 million shares valued at $3.3 billion at the end of June.

"Reflective of the company's slowing growth profile, Apple moved from the fund's top position a year ago to the third spot as we reduced our stake in the company," said Danoff, who runs the $94 billion Contrafund for Fidelity Investments in Boston.

Tesla Ramp

Tesla shares have soared in the last few months and the Contrafund has benefited strongly from this performance. The fund increased its holdings by 59 percent in June from May and reported a position of $337 million as of the end of the June. The value of the position has surely surged since then as the stock has done the same.

Meanwhile, Google became the largest holding in the portfolio after the fund reduced its stake in Apple. Google represented 6 percent of assets as of the end of the second quarter, a flat position from the start of the year.