The Fidelity Contrafund with Will Danoff | Active Management

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Will is dedicated to the long-term benefits of active management. During his 33-year manager tenure, the Fidelity^® Contrafund^® (FCNTX) has averaged an incredible 13.28% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*

The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital.

Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term.

Research Fidelity Contrafund

Hypothetical Growth, Fidelity Contrafund (FCNTX) as of 12/31/2023^†

Will Danoff—33 years
9/17/1990-12/31/2023

On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.57% per year.

Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2023. Total value December 31, 2023 for Contrafund was $637,227, compared to $296,182 for the S&P 500 Index.

Please see additional standard performance information

†The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. This chart is not intended to imply any future performance of the investment product.

*Average annual total returns (FCNTX) as of 12/31/2023

Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. 1 year: Fidelity Contrafund 39.33%, S&P 500 Index 26.29%. 3 years: Fidelity Contrafund 7.52%, S&P 500 Index 10.00%. 5 years: Fidelity Contrafund 16.46%, S&P 500 Index 15.69%. 10 years: Fidelity Contrafund 12.82%, S&P 500 Index 12.03%. Life: Fidelity Contrafund 12.62%, S&P 500 Index not applicable.

Please see additional standard performance information.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance.

30 years of managing Fidelity^® Contrafund^®

Will Danoff, Fidelity^® Contrafund^®

Thought leadership

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Mutual Funds and Mutual Fund Investing - Fidelity Investments

Will Danoff, Fidelity® Contrafund®

Thought leadership

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Will Danoff, Fidelity^® Contrafund^®