Fidelity Debuts Fund Modeled on Contrafund

Aug. 12, 2003 — Fidelity Investments introduced a fund it said is “patterned after” its $31 billion Fidelity Contrafund (FCNTX) and is overseen by that fund’s portfolio manager, Will Danoff.

The new Fidelity Advisor New Insights fund can invest in growing companies and undervalued stocks, and can buy companies of any size, Fidelity said. However, it will be benchmarked against the Standard & Poor’s 500 index, which is composed of large-cap stocks.

Contrafund, which Danoff has managed since 1990, has lagged its peers and the S&P 500 recently, but has outpaced both over the long term.