Fidelity Contrafund, the US$92 billion fund built by portfolio manager Will Danoff, has undertaken a process of cutting the fund's shareholdings in Apple. In the first quarter of 2013, it has already divested its shares by as much as 10%.

As share prices for Apple continue its decline, down 1.8% to US$435.35 in Monday's trading on the Nasdaq, the shares have taken a 38% tumble since its all time high of US$705,07 value back in September. This is due to increased market share of other smartphone manufacturers such as Samsung, eating into the market of Apple.

The Contrafund has reported that it holds 10.43 million shares valued at US$4.6 billion at February 2013. Last December, Fidelity had owned 11.56 million shares of Apple. 

In a shareholder update dated 2012, Danoff said Apple was still the fund's top contributor. Despite the steep price decline and his current move to divest shareholdings in the technology company, he said he still considers Apple as an inexpensive blue-chip stock pick.