Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Fidelity Investments Plans To Close $64B Contrafund


Fidelity Investments will close its $63.8 billion Contrafund, currently its largest, to new investments as of April 28, Securities and Exchange Commission filings show. The fund has delivered an average annual return of 10% over the past five years, handily beating the S&P 500, which has averaged not quite 4% a year in that time frame. It is precisely these outsized returns that have attracted investors' attention; in the past 14 months through February, the fund has taken in $10 billion in net new flows. Fidelity said the main reason Contrafund Manager Will Danoff wants to close the fund is to protect his ability to deliver strong returns.

(c) 2006 Money Management Executive and SourceMedia, Inc. All Rights Reserved.

http://www.mmexecutive.com http://www.sourcemedia.com