What a fund is called, and what it does, can be two different things.
Take for instance, the Fidelity Contrafund
, managed by William Danoff
According to Brendan Conway of Barron's
, the fund isn't contrarian so much as it is good at riding stock momentum.
To illustrate his point, Conway cites Morningstar
analyst Samuel Lee
, who runs a Fama-French-Carhart
regression analysis of the fund for Barron's
. According to the study, Lee determined that Danoff "deftly" exploits stock momentum, and then adds further value.
Read further on the analysis in Barron's
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