The $92 billion fund, run by portfolio manager Will Danoff, reduced his stake in Apple over the first two months of 2013, according to Reuters. Fidelity Contrafund went from 11.56 million shares of AAPL at the end of 2012 to 10.43 million shares at the end of February.
The selloff pushed Apple to No. 2, behind Google, on the mutual fund's list of largest holdings. Google now accounts for 5.8 percent of the fund's assets, while Apple takes up 5.2 percent.
The change reflects the fact that Google recently passed Apple as the top U.S.-based mutual and hedge fund holding. A study released last month found that Google was the most-owned stock by the 50 largest actively managed mutual funds in America.
Shares of AAPL were off more than 2 percent in Monday morning trading, and the company's stock fallen nearly 33 percent over the last six months, since the launch of the iPhone 5.
Analysts and market watchers have expressed concern that Apple's growth is slowing, particularly in the highly competitive smartphone market where Google's Android has become the global market share leader. Some have even predicted that Apple could miss its own guidance for its just-concluded March quarter.
The company's recent stock woes have prompted some investors to clamor for a higher dividend financed by the company's $137 billion-and-growing cash reserves. Market watchers are also eagerly awaiting Apple's next moves in multiple markets, including the potential for a cheaper iPhone model, and the prospect of new products like a smart wristwatch and a full-fledged television set.