Fidelity adds to stakes in Exxon Mobil, Apple

Fund giant Fidelity Investments sharply raised its holdings of oil firm Exxon Mobil in the second quarter though it reduced other large positions including stakes in Google and banks like Wells Fargo.
Apple is Fidelity's largest holding, with a value of $12.8 billion as of June 30. But Fidelity lowered its stake in its second-largest holding, Google, by 10 percent to 14.1 million shares, worth $6.9 billion. Fidelity remains Google's largest single shareholder, controlling 5.7 percent of the Internet search company.
The mixed pattern of buying and selling was typical for the Boston mutual fund company, which has more than $1.5 trillion under management.
Large investors like Fidelity must report their holdings of U.S.-listed securities at the end of each quarter, but not short positions or holdings of other securities such as bonds and over-the-counter derivatives contracts. Investors may exclude stocks they are trading or have moved to other funds.
Along its Exxon Mobil stake, Fidelity bought other energy company shares including more than doubling its stake in BP and adding to stakes in Chevron and Royal Dutch Shell. The selling of Google shares continued a trend a past Fidelity filing showed in the first quarter. Likewise, it continued selling shares of San Francisco bank Wells Fargo, where it now owns 235 million shares, down 9 percent from the past quarter.
Among the largest positions Fidelity sold completely were shares in France's Axa SA that were worth $205 million.
It also sold 53 million shares of Microsoft, or a quarter of its holdings in the world's largest software company.
Large companies whose shares Fidelity added during the quarter included McDonald's, where its stake rose 22 percent, and General Electric, up 44 percent.