While other investors have pared back on their newspaper holdings (their stocks continue to crater: QED), Fidelity Investments has upped its stake in Lee Enterprises (NYSE: LEE) to 11.5 percent or 4.66 million shares from 3.5 percent previously, according to Bloomberg. Already since the beginning of the year, Lee shares have been crushed, falling 32 percent. However, don’t look for a big board battle at Lee, at least not yet. For now, the 13G filing signals only a passive interest int he company. Generally, while big past investors like Bruce Sherman have pared back on newspaper holdings, the only groups that seem to be increasing them are the activist ones.