Fidelity Contrafund

{{Short description|Mutual fund}}

Fidelity Contrafund (symbol FCNTX) is a mutual fund sponsored by Fidelity Investments. Decisions are primarily made by William Danoff, who has managed the fund since September 1990. In 2025, Asher Anolic and Jason Weiner were added as co-managers of the fund in preparation for the eventual retirement of Danoff.{{Cite news | url=https://www.morningstar.com/funds/fidelity-contrafunds-will-danoff-no-longer-running-it-solo | title=Fidelity Contrafund’s Will Danoff No Longer Running It Solo | first=Robby | last=Greengold | work=Morningstar, Inc. | date=April 12, 2025}}{{Cite news | url=https://citywire.com/pro-buyer/news/fidelity-adds-pms-to-145bn-large-growth-fund/a2463838 | title=Fidelity adds PMs to $145bn Large Growth fund | first=Tania | last=Mitra | work=Citywire | date=April 14, 2025 | url-access=registration}}

With assets under management of $145 billion, or $280 billion when including all classes, it is the second-largest actively-managed mutual fund in the US by assets, after Growth Fund of America, managed by American Funds.{{Cite news | url=https://www.morningstar.com/funds/how-largest-stock-funds-did-q1 | title=How the Largest Stock Funds Did in Q1 | first=Gabe | last=Alpert | work=Morningstar, Inc. | date=April 2, 2025}}

As of 2024, the fund had produced a 13% average annualized gain over the previous 10 years, beating the return of the S&P 500. The fund has concentrated positions in Meta Platforms (17% of assets), Berkshire Hathaway (9% of assets), Nvidia (8% of assets), Amazon.com (6% of assets), and Microsoft (5% of assets).{{Cite news | url=https://www.morningstar.com/funds/how-fidelity-contrafunds-big-meta-bet-influences-its-rating | title=How Fidelity Contrafund’s Big Meta Bet Influences Its Rating | first=Robby | last=Greengold | work=Morningstar, Inc. | date=February 7, 2024}}

The fund's name stems from its original mandate in 1967: "the fund's mission was to take a contrarian view, investing in out-of-favor stocks or sectors."{{cite news |url=https://www.fool.com/investing/general/2015/04/25/fidelity-contrafund-beating-the-market-the-old-fas.aspx |title=Fidelity Contrafund: Beating the Market the Old-Fashioned Way | first=John | last=Rosevear | work=The Motley Fool |date=25 April 2015}} However, in the 1990s, due to its size, the fund changed to focus on growth investing in large companies, and the Contrafund's strong history of growth has led to its being "a stalwart of many 401(k) plans".