People are silhouetted as they pose with laptops in front of a screen projected with a Google logo, in this picture illustration taken in Zenica October 29, 2014.
Credit: /Dado Ruvic
- One of Google Inc's largest investors has cut its exposure to the company by nearly 29 percent over the past several months amid worries about a shift to cheaper searches on mobile phones.
The $107 billion Fidelity Contrafund has cut its exposure to Google to 5.2 percent of net assets, as of Jan. 31. That's down from 7.3 percent of net assets as of June 30.
"The firm continued to do phenomenally innovative things, but it is fighting a shift away from desktop search to less-expensive searches on mobile phones," Fidelity Investments portfolio manager Will Danoff said in Contrafund's annual report, released on Feb. 28th.
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