Facebook Selloff Chops Almost $3 Billion From Five Top Mutual Funds
- Fidelity Contrafund sees loss of $1.6 billion from Facebook
- Yet many funds are still beating their peers -- for now
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Owning a big stake in Facebook has helped many mutual funds outperform in the past few years. Not so much lately.
The social network’s shares are down about 17 percent since March 16 after reports that Cambridge Analytica siphoned data from tens of millions of Facebook users. The rout is taking a huge toll on some of the biggest mutual funds -- to the tune of $2.7 billion.