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Strategies & Market Trends : Fidelity Funds
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From: Sr K10/12/2019 12:54:52 PM
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Mutual Funds’ Embrace of High-Profile Unicorns Backfires

Looking to beat benchmarks, funds expanded their holdings of private tech startups only to mark down values after disappointing IPOs

Oct. 11, 2019 5:30 am ET

Mutual funds that invested billions in big technology startups are now suffering losses in newly public companies and are being forced to mark down their holdings of private companies that are no longer investor darlings.

The collapse of the initial public offering of WeWork parent We Co. and the steep decline of Uber Technologies Inc. shares and other recent IPOs have backfired on funds that hoped big stock gains would give them
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