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Fund Spy

Digging Into Fidelity Contrafund

We reveal how the fund’s underlying holdings stack up on 11 measures of equity-related risk.

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With $132 billion in assets across its various share classes, Fidelity Contrafund (FCNTX) ranks as one of the biggest funds in the industry. Manager Will Danoff has been at the helm since 1990 and draws on a deep pool of research from Fidelity’s team of more than 60 domestic-equity analysts. Although Contrafund’s sheer size limits its flexibility to some extent, Danoff continues to follow a growth-driven approach that focuses on finding best-of-breed companies with a sustainable competitive advantage, improving earnings potential, and outstanding management teams.

In this article, I’ll use Morningstar’s Global Risk Model to analyze the underlying characteristics of Contrafund’s equity holdings. Despite its size, the portfolio stands out for its concentrated approach and focus on companies with wide Morningstar Economic Moat Ratings. Danoff’s emphasis on management quality (with a strong preference for founder-led firms) also contributes to the portfolio’s distinctive look.

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Amy C. Arnott has a position in the following securities mentioned above: AAPL, BRK.B, MSFT. Find out about Morningstar’s editorial policies.