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Fidelity to Close Two Mutual Funds

Fidelity Investments is planning on closing Contrafund and Fidelity Advisor New Insights to new investments on April 28th in order to allow its manager, William Danoff, to focus on managing the existing funds. After April 28th, only existing shareholders and a few other “investor classes” will be able to buy additional shares.

To give you an idea of how good this fund is, the Contrafund returned 16.2% last year and has enjoyed a pretty good run the last three post-dotcom bubble years. The S&P returned 5.6% the last three years and the Contrafund returned a staggering 22.36%! In it’s top five holdings you’ll find both Google and Berkshire Hathaway… interesting pairing. So, if you want to be able to get it, you might want to buy a small stake in it now. Just a heads up.

via Boston.com [3].