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Rating:Fundsters Bet $250MM on a Dot-com Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 21, 2013

Fundsters Bet $250MM on a Dot-com

News summary by MFWire's editors

Apparently there is this thing called the Internet, and people intend to make loads of money from it.

Portfolio managers at Fidelity, Morgan Stanley and T. Rowe are betting $250 million in the possibility of an IPO by online file-sharing and storage dot-com startup Dropbox, reports Reuers.

The newswire notes that two funds run by Fido PM Will Danoff, the Contrafund and Fidelity Advisor New Insights have invested $83.1 million. Other funds that have invested heavily in the company are Morgan Stanley Institutional Mid-Cap Growth Fund, with $47.4 million, and the T. Rowe Price Mid-Cap Growth Fund with $38.2 million. 

Edited by: Tommy Fernandez

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