Big Fidelity investor in Wells Fargo trimmed position in September

October 31, 2016 10:26 AM EDT

The logo and trading information for Wells Fargo are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2016. REUTERS/Brendan McDermid


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BOSTON (Reuters) - Fidelity Contrafund, one of the largest investors in Wells Fargo & Co (NYSE: WFC), reduced its stake in the scandal-hit bank by 5 percent in September, according to the fund's latest holdings report.

Run by star portfolio manager Will Danoff, Contrafund had a $2.2 billion stake in Wells Fargo, or about 50.1 million shares, at the end of September, according to a report released on Sunday. The fund owned about 52.65 million shares at the end of August.

Wells Fargo is the only bank in a Contrafund top 10 holdings list dominated by tech companies. The bank's shares dragged on Contrafund's third-quarter performance, falling nearly 6 percent amid disclosure Wells Fargo branch staff opened as many as 2 million accounts without customers' knowledge.

Contrafund is the third-largest mutual fund investor in Wells Fargo, behind two Vanguard Group index funds, according to Thomson Reuters data.

(Reporting By Tim McLaughlin; Editing by Meredith Mazzilli)



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