Fidelity Lightened Its Tech Load in September

As tech stocks folded in September, most Fidelity stock fund managers weren't buying. In fact, some were selling.

That's the news from the firm's latest Mutual Fund Guide, released Tuesday, which lists each fund's top holdings and sector weightings through the end of September. Fidelity stock pickers are traditionally known for their skill in picking hot tech stocks, but in August and September many Fido managers either stood pat or sold some tech stocks. That left many Fido funds with smaller tech weightings because of market performance and/or selling than they had at the end of August -- the firm's last portfolio report.

While Fidelity managers -- who don't talk stocks with the media -- might be buying tech today, their uncharacteristic reticence in recent weeks is hardly an encouraging sign for the beleaguered sector. When the nation's biggest fund family lightens its load in the sector that has driven the bull market of the past decade, it raises concerns about techs' ability to rebound. ...