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Fidelity to Close Contrafund

Contributed by mm | April 8, 2006 12:33 AM PST





I have Contrafund in my 401(k) portfolio. Unfortunately, FNIAX is not available for retail trading. (According to Morningstar, FNIAX is the younger and better performing brother of Contrafund.)

From Morningstar:

Fidelity Investments said Friday it is closing Fidelity Contrafund (FCNTX) and Fidelity Advisor New Insights (FNIAX) to new accounts at the close of business on April 28, 2006.

The news is quite welcome, as Morningstar has been calling for Fidelity to close the funds for a long time. Manager Will Danoff has done an outstanding job at the funds, but he is currently running more than $70 billion. That huge sum will make it challenging for him to match his past success.

It's also worth noting that this move won't exactly staunch the flow of assets entering the funds. Contrafund is held in millions of accounts and 401(k) plans, and both funds will be able to keep sending in new money after the closing date. In fact, Fidelity Low-Priced Stock (FLPSX) has continued to grow after closing at the end of 2003.
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