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Few Signs of Tech Bullishness at Fidelity

Fidelity Fund's Thakore sold technology stocks in July.

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Fidelity has just released the end-of-July sector weights for its funds, and the numbers show few managers at the Boston-based giant are wading back into the technology sector.

We don't yet know whether tech stocks' plunge in August and early September have made them cheap enough to interest Fidelity's managers, but in July, they weren't biting. In that month, profit warnings again dragged on tech shares, pushing the Nasdaq Composite index down more than 6%. Although many Fidelity managers like to buy growth shares on weakness, most took a pass on the sector, and one former tech bull may have turned bearish.

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Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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