Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fidelity Contrafund Closing To New Accounts Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 31, 2006

Fidelity Contrafund Closing To New Accounts

by: Armie Margaret Lee

Fidelity Investments is moving to curtail the flow of assets into its popular Contrafund and Advisor New Insights Fund. The Boston-based mutual fund giant said Friday it will shutter the funds, both managed by William Danoff, to new investors at the close of business on April 28.

Danoff, who has run the $63.8 billion Contrafund since 1990 and the $5.5 billion Advisor New Insights since its inception in 2003, "has done an outstanding job managing these funds, and investors have noticed in increasing numbers," said Philip Bullen, chief investment officer overseeing the US large-cap core and capital appreciation groups for Fidelity Management & Research Company, in a statement.

The two funds have jointly pulled in over $12 billion in net new cash in the 12 months ended February 28, 2006, Bullen said.

"We believe that closing Contrafund and Advisor New Insights at this time is in the best interests of the funds' shareholders, and stabilizing cash flows will help provide Will with the opportunity to maintain the funds' consistent performance track records," he added.

The decision drew immediate praise from Morningstar, which has long called for the closure of the funds. Danoff "has done an outstanding job at the funds, but he is currently running more than $70 billion," wrote Russel Kinnell, director of mutual fund research at the Chicago-based firm, on Morningstar's Web site. "That huge sum will make it challenging for him to match his past success."

In a related development, Fidelity said it has tapped Jason Weiner as associate porftolio manager of VIP Contrafund Portfolio. In this position, Weiner will work closely with Danoff in providing additional investment ideas for fund, according to the release.

Weiner will continue to manage the Fidelity Independence Fund, Fidelity Fifty and Fidelity Advisor Fifty Fund

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use