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Fed Up With Facebook, Us Fund Managers Look For Alternatives

by arabnews.com posted 10months ago 54 views
NEW YORK: Facebook Inc’s losses are becoming other companies’ gains. Concerns about the social media giant’s declining profit margins and battered reputation have prompted 93 US mutual funds to completely sell out of their positions in the company so far this year, exacerbating a roughly 35 percent decline in Facebook’s share price from its highs, according to Refinitiv’s Lipper research service. The selling by fund firms including Fidelity Investments, The Hartford and Putnam Investments combined for a total of nearly 12 million shares, and came amid similar moves to liquidate positions in the company by prominent growth-focused hedge funds.

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