Fidelity Buys Facebook Stake
Matthews creates a fund for China's upstarts, Nuveen closes two popular funds
Will Danoff, Morningstar's 2007 Domestic-Stock Fund Manager of the Year, has befriended Facebook by buying a big stake in the social networking firm through his Fidelity Contrafund (FCNKX) and Fidelity Advisor New Insights (FNIAX) funds.
As of March 31, Fidelity Contrafund held almost 3 million shares of Facebook, valued at $74 million. Fidelity Advisor New Insights, which Danoff manages in a similar style to Contrafund's, held about 650,000 shares valued at $16 million. While these amounts are small relative to the funds' total assets (Contrafund has $79.9 billion in assets), both stakes in Facebook are at least 5% of the company's Class B shares.
Kailin Liu does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.