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The fund's Hewlett-Packard ( HPQ) stake grew by 1.1 million shares in the quarter to 3.4 million, worth $124 million, making it the fund's 16th-largest holding at 2.3% of the portfolio.

Its shares are down 16% this year and 23% over the past 12 months as the information-technology giant has seen continued erosion in its consumer-oriented personal-computer markets.

And data-center and networking biggies are elbowing their way into HP's traditional markets, and that increased competition could bring margin pressure. Oracle ( ORCL) is also pushing into HP's traditional business hardware and services markets so it's seeing tougher competition on many fronts.

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