BIG FIDELITY INVESTOR IN WELLS FARGO TRIMMED POSITION IN SEPTEMBER
Fidelity Contrafund, one of the largest investors in Wells Fargo & Co (WFC.N), 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.