Fidelity's Contrafund Cuts Apple (AAPL) Stake Further in April

Apple (Nasdaq: AAPL) is trading higher early Monday amid a large institutional investor remaining cautious on the name.

Reuters noted that Fidelity's Contrafund, run by portfolio manager Will Danoff, cut its Apple stake by another 9 percent in April. The move comes following a 12 percent drop in the position during first-quarter 2013.

At the end of April, Fidelity's Contrafund reported holding 9.2 million Apple shares.

Fidelity's Contrafund is the second-largest Apple holder behind Vanguard Group Index.

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