Mutual Funds Double Down on Snap—Will They Hold On?

Alfred Lee

and

Mike Sullivan

May 16, 2017 7:00 AM PDT

Source: SEC Filings, mutual fund reports

Fidelity Investments and T. Rowe Price more than doubled their stakes in Snap in the month after the company went public, buying around $500 million of stock between them, an analysis of SEC filings and online portfolio reports show. As a result, the two funds appear to have maintained their pre-IPO status as the biggest mutual fund investors in Snap.

That confirms what the funds have said about their reason for investing in private tech firms: to build a big position with the intention of holding for a long period of time. Having a relationship with the company before it goes public can also help them get a larger allocation of stock in the IPO.

Read this article for free

This article is part of our archive of over 3,300 stories and is only available to subscribers. To get a preview of the work we do, you can enter your email to access the full article.

- or -

Already a subscriber? Log in here

What Is The Information?

Notes c5deeda06ab4ba3bb64e208f234bfd828cdb7031f4b8d9ef5ffe24616d188b97

Exclusive Articles

We broke it first. Receive original reporting you won't read anywhere else from the largest newsroom in tech.

Notebook 6c83b3311db49a8adebea2e7fe2364564e90295556b8e983aea7986068e1a47c

Daily news analysis

Every weeknight, we'll send you our reporters’ views on the day’s top tech news—distilled into one email.

Conference calls

Get access to our reporters and other top executives with monthly deep-dive calls into topics like startups and autonomous vehicles.

Events ed23353632f8b00a54b6b229ac78d6aa5e78755fa35c00eb4d0e87d72c711c4f

Special Events

For no extra fee, get access to more than a dozen events yearly, from intimate dinners to larger gatherings with marquee speakers.

What else is included in my subscription?

Become a contributor

Share your views and find other subscribers by completing your profile. You’ll be listed in our contributor directory.

Slack community

Discuss topics and current events with our subscriber-only Slack group and share news about your company with other subscribers.

Annual Subscriber only benefits:

Org Charts

Access the only collection of tech company org charts. Our expanding database includes companies like Amazon, Snap, and Uber.

Crypto Newsletter

Our experts investigate the latest in the crypto world to keep you in-the-know about the movements of digital currencies.

Stay up to date on Silicon Valley

Sign up for Jessica Lessin’s (The Information’s CEO & Founder) free Saturday newsletter and also receive a complimentary week of our daily afternoon tech commentary email.