Snapping up Snap? Mutual funds beat you to it

New York

SNAP acquired loads of new investors when it went public last month, including people who own mutual funds that bought shares. But while the stock had just been listed for trading, those new owners were not the first fund investors with a stake in the image messaging service.

They were beaten to it by shareholders of about two dozen mutual funds, including several run by Fidelity and T Rowe Price, that held pieces of Snap going back at least to June, according to Morningstar.