T. Rowe Price Did Well By Cutting American Express, Boosting Twitter Holdings
T. Rowe Price Associates, one of the larger money managers with total assets under management of $747 billion as of Dec. 31, has done well by paring its holdings American Express late last year, while nearly quadrupling its stake in Twitter . According to a regulatory filing on Friday, the fund owned 12,497,317 shares of Amex as of Dec. 31, down 26% from 16,777,328 shares as of Sept. 30, while its stake in Twitter increased to 14,136,156 from 3,832,208. With Amex's down $15.16, or 16% year to date in midday trade Friday, and Twitter up $12.60, or 35%, the changes in holdings have saved T. Rowe $64.9 million on Amex and made it an extra $129.8 million on Twitter. Meanwhile, Alliance Bernstein, with AUM of $474 billion, sold 7.04 million shares of Amex -- more than half its holdings -- during the fourth quarter, which has saved it $106.8 million this year.
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