Fidelity Contrafund
FCNTX
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- Fidelity Contrafund Fund (FCNTX) is an actively managed large-cap growth mutual fund that seeks capital appreciation by investing primarily in equity securities of companies the fund's managers believe are undervalued or have strong growth potential relative to their peers. Launched in 1967 and domiciled in the United States with administrative offices at 245 Summer Street, Boston, Massachusetts, the fund normally invests at least 80% of its assets in common stocks; it maintains a diversified portfolio of approximately 350 holdings, with significant allocations to technology, communications services, and financials sectors, including top positions in Meta Platforms, Berkshire Hathaway, Nvidia, Amazon.com, and Microsoft, as well as select private companies such as SpaceX and ByteDance. The fund targets individual investors, retirement plans including 401(k)s, and institutional clients through various share classes; it features a net expense ratio of 0.63%, low turnover rate of 4%, and assets under management exceeding $149 billion. Portfolio management emphasizes "best-of-breed" firms with sustained above-average earnings growth, blending growth investing with contrarian elements from its original mandate. The fund offers multiple share classes including retail (FCNTX), K6, and institutional variants, available through Fidelity Investments platforms with no minimum initial investment for certain classes and no front-end loads; it benchmarks against the S&P 500 Index and has delivered strong long-term performance, including a 13% average annualized return over the past decade as of 2024. Sector exposures include technology (overweight), communications services (media and entertainment leaders like Meta Platforms), financials (insurance via Berkshire Hathaway), healthcare, industrials, and smaller positions in consumer defensive, basic materials, utilities, and other areas. In a key development during 2025, longtime lead portfolio manager Will Danoff transitioned from solo oversight to a team approach, with Fidelity assigning comanagers Asher Anolic and Jason Weiner—veterans from Fidelity Advisor Equity Growth and Fidelity Capital Appreciation funds—to gradually assume responsibility for about 10% of assets, enhancing agility for the fund's massive $280 billion book of business and facilitating future transitions amid its large asset base. This structural change reflects Fidelity's strategy to broaden research coverage and maintain performance in a large-growth category. No major acquisitions, funding rounds, or product launches were reported for the fund itself in the last 1-2 years, though portfolio adjustments continued to favor high-conviction growth names amid market rotations.