Some Fidelity fund managers are taking a bigger gamble on technology and other aggressive holdings, Dow Jones reports.
The Fidelity Growth Company fund is 60% invested in technology and health care, and its largest allocation, information technology, is now 33% of the $19 billion fund. This information comes from Fidelitys June Mutual Fund Guide, which includes information on April holdings.
Fidelitys $17.1 billion Low Priced Stock fund also increased its technology holding slightly, raising it from 14.3% in March to 16.6% in April. The funds largest holding, consumer discretionary stocks, decreased slightly in April to 27.8%, down from 28.2% the previous month.
As well, the Fidelity Blue Chip Growth fund increased its bet on technology, raising it to 21% of the funds $19 billion of assets, up from 18.7% in March.
But Fidelitys behemoth fund, the $61.2 billion Magellan, held its IT stocks steady at 11.4%. This funds biggest holdings are financial stocks, which increased their percent of total assets from 23.3% in March to 24.2% in April. Magellans allocation to consumer discretionary stocks, meanwhile, decreased from 18.4% to 16.7%.