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PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
Fidelity® Contrafund®
Key Takeaways MARKET RECAP
• For the year ending December 31, 2018, the fund's Retail Class shares A gain for the 10th consecutive year
returned -2.13%, finishing ahead of the -4.38% result of the proved elusive for U.S. stocks in 2018,
benchmark S&P 500® index. with resurgent volatility upsetting the
aging bull market. The S&P 500® index
returned -4.38% for the year after
• Portfolio Manager Will Danoff considers 2018 a frustrating year reversing course (-14%) in the fourth
because the fund lost money for the first calendar year since 2011. The quarter. The retreat was in sharp contrast
fund had appreciated 16.85% through the first nine months of 2018, to the benchmark's steady climb from
but the market fell sharply in the fourth quarter and the fund could not May into September, when it achieved a
hold its gain. record close. As the fourth quarter
began, rising U.S. Treasury yields and
• Will continued to follow his long-standing strategy of owning "best of concern about peaking corporate
breed" companies with what he considers superior earnings growth, earnings growth sent many investors
proven management teams and sustainable competitive advantages. fleeing from risk assets as they were still
dealing with lingering uncertainty related
• The fund's outperformance of the S&P 500 in 2018 was boosted by to global trade and the U.S. Federal
Will's selection of what he considers faster-growing internet and Reserve picking up the pace of interest
software companies. rate hikes. The index returned -6.84% in
October, at the time its largest monthly
drop in seven years. But things got worse
• Contrafund's holdings within the information technology sector in December, as jitters about the
gained 15%, outpacing those in the benchmark by a wide margin economy and another hike in rates led to
because of Will's emphasis on enterprise software providers a spike in volatility and a -9% result for
Salesforce.com, Adobe and Workday. the month. For the full period, some
economically sensitive sectors were at
• Conversely, the biggest detractor was Facebook. The social-media the bottom of the 12-month performance
firm confronted some stiff headwinds during the year as regulators scale: energy (-18%), materials (-15%) and
and legislators investigated the use of false Facebook accounts by industrials (-13%) fared worst, followed
Russians in 2016, and the sharing of user data by a third-party app by financials (-13%) and consumer staples
without the permission of the users in 2015. (-9%). Meanwhile, communication
services, which includes dividend-rich
• Looking ahead, Will expects U.S. corporate earnings growth to slow in telecom stocks, returned about -7%. In
2019. Companies will not benefit from a lower corporate tax rate, he contrast, the defensive health care sector
gained roughly 6%. Information
notes, which helped year-over-year financial comparisons in 2018.
technology and consumer discretionary
were rattled in the late-year downturn,
• Will continues to believe that well-positioned, well-managed but earlier strength resulted in advances
companies can grow earnings faster than the market average, and that of 3% and 2%, respectively. Utilities (+4%)
the stocks of these companies will outperform the market. and real estate (-2%) also topped the
broader market.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
Q&A
An interview with Portfolio Manager
William Danoff
William Danoff Q: Will, how did the fund perform for the year
Portfolio Manager ending December 31, 2018
The fund's Retail Class shares returned -2.13%, finishing
Fund Facts ahead of the -4.38% result of the benchmark S&P 500® index
Trading Symbol: FCNTX and about in line with the peer group average. I am glad that
the fund beat the benchmark again this year, but it never
Start Date: May 17, 1967 feels good when we lose money.
Size (in millions): $108,262.84 It was a frustrating year because the fund lost money for the
first calendar year since 2011, when it returned -0.14%. The
fund had appreciated 16.85% through the first nine months
of 2018, but the market fell sharply in the fourth quarter and
the fund could not hold its gain. I remain optimistic that the
Investment Approach fund will continue to appreciate in value over time as the
well-positioned and well-managed companies we hold
• Fidelity® Contrafund® is an opportunistic, diversified
increase their profits at a robust and attractive rate, and the
equity strategy with a large-cap growth bias.
share prices of our companies will follow earnings higher.
• Philosophically, we believe stock prices follow
companies' earnings, and those companies that can Q: What was challenging about the market
deliver durable multiyear earnings growth provide
attractive investment opportunities.
backdrop in 2018, particularly later in the year
• As a result, our investment approach seeks firms we The U.S. economy was strong for most of 2018. The Trump
believe are poised for sustained, above-average tax cut and high consumer and business confidence, along
earnings growth that is not accurately reflected in the with benign inflation and low interest rates, produced an
stocks' current valuation. excellent environment for U.S. companies to generate strong
profit growth. But, the Federal Reserve raised interest rates
• In particular, we emphasize companies with "best of
four times to slow the economy last year, and those
breed" qualities, including those with a strong
increases were enough to stall the housing market in the
competitive position, high returns on capital, solid free-
fourth quarter.
cash-flow generation and management teams that are
stewards of shareholder capital. The housing market is an important indicator of overall
• We strive to uncover these investment opportunities economic strength because two-thirds of Americans own
through in-depth bottom-up, fundamental analysis, their homes. In addition, the Chinese economy was sluggish,
working in concert with Fidelity's global research team. as were many other foreign markets. The Trump
administration announced plans to impose tariffs on Chinese
imports in the spring, a move that created additional
economic uncertainty. Lastly, company valuations were
stretched for many stocks after excellent market
performance for the 18 months beginning in January 2017.
This combination of high valuations and fears of slowing
earnings growth sparked the initial decline in stock prices in
October. The partial shutdown of the federal government
intensified investor anxiety, and algorithmic and momentum
traders contributed to the crescendo of selling, pushing the
S&P 500 index down 20% from its peak by the end of
December. Bullish sentiment had disappeared and IPO
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
(initial public offering) activity had ground to a halt at the end spending more and more time on the internet. Enterprises
of the year, perhaps signaling a temporary market bottom. are following their customers online, investing heavily in tech
infrastructure and moving some – and sometimes most – of
Q: How did you react to this late-year change in that infrastructure to the cloud. Many U.S. companies spent
the extra cash flow from the Trump tax cut on "digital
equity markets
transformation" in 2018. I believe companies and consumers
During my 28 years managing Contrafund, the market has should continue to spend more on technology for the
declined by more than 10% on roughly 20 occasions. These foreseeable future, and therefore I increased our
"bear raids" are part of market life, and reflect the ups and commitment to the tech sector during the year, to 27% of
downs of the global economy and investor psychology. fund assets.
My long-standing strategy of owning companies with
superior earnings growth, proven management teams and Q: Could you provide more detail about the
sustainable competitive advantages has not changed. In all contributors you mentioned
market environments, but particularly during significant
Salesforce.com, the leader in the "software as a service"
market declines, my goal is to upgrade the quality of the
category and the originator of the SaaS business model – in
portfolio by buying or adding shares of established "best of
which enterprises rent rather than own their software –
breed" companies and of younger, innovative firms taking
increased revenues and earnings per share by approximately
market share.
26% and 90%, respectively, last year. Businesses of all sizes
As longtime shareholders know, I have found that stock around the world are running their customer-facing functions
prices follow the earnings of the underlying companies they more effectively with Salesforce.com's offerings.
represent. For example, if company ABC doubles its earnings Salesforce.com shares gained 34% last year, and the outlook
in five years, most likely its underlying share price should for continued growth is bright.
double. So, in a period of heightened economic uncertainty
Adobe is the leader in software tools to help enterprises and
like the fourth quarter, I established or added to positions of
individuals create digital content. Demand has exploded as
stable-growth companies that I believe will increase earnings
the world has gone mobile and digital. Adobe's sales and
in the next two years, regardless of the global economic
earnings per share increased 24% and 55%, respectively, in
environment.
2018, and Adobe shares gained 29%. Workday, another well-
Consumer staples and health care companies such as Procter positioned vendor of human capital management and
& Gamble, Eli Lilly, AstraZeneca and Novartis are examples financial software to businesses, grew revenues and profits
of names I purchased as the market declined at the end of more than 30% for the year. The fund's non-benchmark stake
the year. Each of these companies has a new CEO who is in Workday shares advanced 57%, making it the fifth-largest
reinvigorating already nicely profitable organizations, so I contributor to relative performance during the period.
believe earnings growth should accelerate this year. A
Visa and Mastercard, the leading credit-card processing
weaker U.S. dollar, which is possible if the domestic
networks, also were major contributors. Both companies are
economy slows down in 2019, also would help earnings
very profitable, with impressive 67% and 56% operating
growth for these recent buys.
margins, respectively, and both grew earnings per share by
more than 30% last year. The two benefit from the long-term
Q: What drove the fund's outperformance of trend in payments away from cash and checks, and to credit
the S&P 500 in 2018 and debit cards. Mastercard shares increased 25% for the
year, while Visa advanced 16%.
Good stock picking in the information technology sector was
particularly helpful. The fund's sizable commitment to tech
stocks represented 25% of fund assets, versus 20% in the Q: What was the story with Amazon.com and
S&P 500 index, during the past 12 months. Tech stocks in the Netflix
benchmark rose 3% for the year, but Contrafund's holdings
These two founder-led internet companies were the fund's
in the sector gained 15% because of our emphasis on faster-
largest and third-largest contributors, respectively, in 2018.
growing internet and software companies. Enterprise
Amazon is a remarkable company and sustained 20%-plus
software providers Salesforce.com, Adobe and Workday all
top-line growth despite its revenues exceeding $225 billion.
grew revenues more than 23% and expanded margins
Amazon continued to gain market-share in e-commerce,
during the year. All three stocks appreciated more than 25%
which is still only 15% of total retail sales in the U.S. and less
and contributed to relative performance in 2018.
overseas, as consumers worldwide seek the lower prices,
The critical trend in technology is that more and more people broader selection and greater convenience that Amazon
have access to more-powerful smartphones and are offers. The company's high-margin cloud-computing and
advertising businesses grew more than 40% in 2018. The
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
fund's largest position at year-end, Amazon shares rose 28% Q: Will, what is your outlook as of year-end
in 2018.
I expect U.S. corporate earnings growth to slow in 2019.
Netflix's paying subscriber base increased 29% to 139 million Companies will not benefit from a lower corporate tax rate,
in 2018, as more and more households are shifting to the which helped year-over-year financial comparisons in 2018.
incredible value of Netflix's streaming television service. As a group, S&P 500 companies are expected to earn about
Revenues increased 35% as the company raised prices $162 per share in 2018, up more than 20% from $134 in
modestly, and earnings per share more than doubled. Netflix 2017. About half of the earnings gains last year came from
shares gained 39% in the past year. The company has the lower taxes. As of year-end, the consensus estimate for S&P
opportunity to meaningfully increase its subscriber base in 500 earnings in 2019 is $172.
the next five years, and the stock is a top-10 position for the
fund as of year-end. Lower oil prices and interest rates dampen the profit-growth
outlook for energy and financial companies, respectively.
Another dampening factor on profits is the strong U.S. dollar,
Q: What detracted from performance versus the
which will hurt the translation of overseas earnings back into
S&P 500 reported dollar-denominated profits.
Facebook, another very large holding, confronted some stiff With the S&P 500 index around 2,500 at the end of the year,
headwinds during the year as regulators and legislators the market is trading at less than 15 times earnings, which
investigated the use of false Facebook accounts by Russians seems reasonable with the U.S. 10-year government bond
in 2016, and the sharing of user data by a third-party app yielding less than 3%. U.S. corporations continue to do a
without the permission of the users in 2015. good job using technology to improve productivity, profit
Amid the controversies, Facebook shares declined 26% for margins and capital efficiency.
the year. Management has implemented a comprehensive Investor worries piled up at the end of 2018 – a slowing
plan to uphold the trustworthiness of its digital communities. Chinese economy, political uncertainty in Washington,
Facebook revenues rose 37% to $57 billion, despite the complications from "Brexit," an escalating U.S.–China trade
negative publicity, but earnings increased "only" 23% as the conflict and Apple's first earnings miss in 15 years, due to
company invested to make its sites more secure. disappointing sales of iPhone® devices in China. These
While Facebook's earnings growth is expected to slow concerns are real, and cannot be easily solved by monetary
further in 2019, I remain confident that a company with more and fiscal action. But I believe that well-positioned, well-
than two billion daily active users and enviably strong profit managed companies can grow earnings faster than the
margins will prove to be an excellent investment for the market average, and that the stocks of these companies will
foreseeable future. outperform the market over time. Furthermore, I believe we
can identify them with sound investment research. ■
Shares of video-gaming company Activision Blizzard also fell
26% in 2018. Activision's earnings rose 11% last year, but a
lower corporate tax rate accounted for most of the growth.
Activision has some of the industry's best game franchises,
such as "Call of Duty" and "Overwatch," but the company
failed to deliver much revenue or pretax earnings growth last
year. Expectations were high entering the year, but
"Fortnite," a wildly successfully free-to-play game released in
2017, disrupted Activision's momentum in the marketplace.
Citigroup was a notable detractor from the financials sector,
as its stock declined 28%. The global bank grew earnings per
share 24% as its tax rate fell and it repurchased 8% of its
shares last year. But Citi's pretax profits were only flat in 2018
as interest rates remained low, and many of its markets in the
developing world remained stagnant.
Citigroup CEO Mike Corbat has been doing a nice job
controlling costs and exiting low-return businesses since he
took over in 2012. Citigroup is a cheap stock (less than 10
times earnings) that I believe should be able to grow EPS at
least 10% annually for the next few years.
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
LARGEST CONTRIBUTORS VS. BENCHMARK
Will Danoff expands on his outlook:
Average Relative
Relative Contribution
"My colleagues and I visit with hundreds of Holding Market Segment Weight (basis points)*
management teams every year. I am incredibly
Consumer
optimistic about our future when I hear from Amazon.com, Inc. 3.63% 92
Discretionary
innovative companies that are working to solve big Information
problems and make our lives better. For example, Salesforce.com, Inc. 2.41% 75
Technology
software is improving productivity throughout Communication
Netflix, Inc. 1.79% 52
society, breakthroughs in genetics and biochemistry Services
are producing cures for previously debilitating Information
Adobe, Inc. 1.83% 47
diseases, and advances in computing are bringing Technology
to reality remarkable and previously unimaginable Information
Workday, Inc. Class A 0.84% 39
ideas such as safer-than-human, self-driving cars. In Technology
addition, the adoption of technology by businesses * 1 basis point = 0.01%.
and consumers worldwide has helped the U.S.
economy, because our tech companies are many of
the global leaders in e-commerce, internet services LARGEST DETRACTORS VS. BENCHMARK
and software. U.S. companies tend to embrace
technology faster than their international
Average Relative
competitors, and therefore are generally more Relative Contribution
productive and more profitable. Holding Market Segment Weight (basis points)*
"I am confident that with the help of Fidelity's global Communication
Facebook, Inc. Class A 4.73% -105
Services
research department, I will be able to find the best
Citigroup, Inc. Financials 1.17% -31
investments for the fund's shareholders whatever
the macroeconomic and stock market environment. Communication
Activision Blizzard, Inc. 1.45% -30
Services
By casting a wide net to monitor out-of-favor
sectors, by analyzing the fundamental earnings Merck & Co., Inc. Health Care -0.73% -29
outlook for companies globally, and by meeting Pfizer, Inc. Health Care -0.99% -27
with new issuers, the research department and I * 1 basis point = 0.01%.
strive to identify the best opportunities for the fund.
We are laser-focused on corporate earnings, free
cash flow, and how fast a company can grow and
sustain growth over time.
"Despite a tough year for the S&P 500 index, several
stocks in the benchmark rose more than 50% in
2018. The five best-performing stocks in the index
far exceeded the initial earnings estimates for their
companies at the beginning of the year. For
example, shares of Advanced Micro Devices (AMD)
gained 80% last year, making it the best-performing
stock in the S&P 500 index. AMD, under the
leadership of CEO Dr. Lisa Su – who has been
rejuvenating the company since 2014 – doubled its
earnings per share and exceeded estimates by
about 25%. So if Fidelity analysts and I can identify
companies with the potential to earn much more
than other investors think, I believe we can find
companies that will perform better than the market
and Contrafund will continue to perform well.
"I appreciate the confidence you put in me, and I do
not take this responsibility lightly."
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 89.99% 100.00% -10.01% -2.02%
International Equities 4.89% 0.00% 4.89% -0.46%
Developed Markets 3.69% 0.00% 3.69% -0.15%
Emerging Markets 1.20% 0.00% 1.20% -0.31%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.06% 0.00% 0.06% -0.11%
Cash & Net Other Assets 5.06% 0.00% 5.06% 2.59%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Information Technology 26.84% 20.12% 6.72% 7.34%
Communication Services 16.23% 10.12% 6.11% -11.89%
Financials 14.77% 13.31% 1.46% -0.37%
Health Care 14.02% 15.54% -1.52% 3.39%
Consumer Discretionary 11.49% 9.94% 1.55% 1.67%
Industrials 3.99% 9.20% -5.21% -1.30%
Consumer Staples 2.67% 7.41% -4.74% -0.04%
Energy 2.42% 5.32% -2.90% -0.58%
Materials 1.42% 2.73% -1.31% -0.92%
Real Estate 0.76% 2.96% -2.20% 0.37%
Utilities 0.26% 3.34% -3.08% -0.15%
Other 0.00% 0.00% 0.00% 0.00%
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Amazon.com, Inc. Consumer Discretionary 6.72% 6.59%
Berkshire Hathaway, Inc. Class A Financials 5.78% 4.60%
Facebook, Inc. Class A Communication Services 5.54% 7.29%
Microsoft Corp. Information Technology 4.29% 3.52%
UnitedHealth Group, Inc. Health Care 3.79% 2.96%
Salesforce.com, Inc. Information Technology 3.37% 2.89%
Visa, Inc. Class A Information Technology 3.23% 2.73%
Alphabet, Inc. Class A Communication Services 3.10% 3.14%
Alphabet, Inc. Class C Communication Services 2.80% 2.83%
Adobe, Inc. Information Technology 2.53% 2.38%
10 Largest Holdings as a % of Net Assets 41.14% 39.44%
Total Number of Holdings 303 354
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending December 31, 2018 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Contrafund
-10.64% -2.13% -2.13% 10.18% 9.30% 13.89%
Gross Expense Ratio: 0.74%2
S&P 500 Index -6.85% -4.38% -4.38% 9.26% 8.49% 13.12%
Morningstar Fund Large Growth -9.05% -2.09% -2.09% 8.98% 8.16% 13.74%
% Rank in Morningstar Category (1% = Best) -- -- 50% 33% 36% 47%
# of Funds in Morningstar Category -- -- 1,405 1,247 1,107 799
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/17/1967.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-
quarter performance.
7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018
Definitions and Important Information information. Fidelity does not review the Morningstar data and, for
mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
Information provided in this document is for informational and
applicable loads, fees and expenses.
educational purposes only. To the extent any investment information
in this material is deemed to be a recommendation, it is not meant to % Rank in Morningstar Category is the fund's total-return
be impartial investment advice or advice in a fiduciary capacity and is percentile rank relative to all funds that have the same Morningstar
not intended to be used as a primary basis for you or your client's Category. The highest (or most favorable) percentile rank is 1 and
investment decisions. Fidelity, and its representatives may have a the lowest (or least favorable) percentile rank is 100. The top-
conflict of interest in the products or services mentioned in this performing fund in a category will always receive a rank of 1%. %
material because they have a financial interest in, and receive Rank in Morningstar Category is based on total returns which
compensation, directly or indirectly, in connection with the include reinvested dividends and capital gains, if any, and exclude
management, distribution and/or servicing of these products or sales charges. Multiple share classes of a fund have a common
services including Fidelity funds, certain third-party funds and portfolio but impose different expense structures.
products, and certain investment services.
FUND RISKS RELATIVE WEIGHTS
The value of the fund's domestic and foreign investments will vary Relative weights represents the % of fund assets in a particular
from day to day in response to many factors. Stock values fluctuate market segment, asset class or credit quality relative to the
in response to the activities of individual companies, and general benchmark. A positive number represents an overweight, and a
market and economic conditions. Investments in foreign securities negative number is an underweight. The fund's benchmark is listed
involve greater risk than U.S. investments. You may have a gain or immediately under the fund name in the Performance Summary.
loss when you sell your shares.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
As of September 28, 2018, S&P® and MSCI made changes to the
Global Industry Classification Standard (GICS) classification
framework. The Telecommunication Services sector was broadened
and renamed Communication Services to include additional
companies previously classified in the Information Technology and
Consumer Discretionary sectors, and the Internet Software &
Services industry/sub-industry was eliminated.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
S&P 500 is a market-capitalization-weighted index of 500 common
stocks chosen for market size, liquidity, and industry group
representation to represent U.S. equity performance.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the fund may invest, and may not be
representative of the fund's current or future investments. Should
not be construed or used as a recommendation for any sector or
industry.
RANKING INFORMATION
© 2019 Morningstar, Inc. All rights reserved. The Morningstar
information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or
redistributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
8 |PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2018 Manager Facts Will Danoff joined Fidelity as an equity research analyst in 1986, after graduating from the Wharton School of the University of Pennsylvania. He covered the retail industry and managed the Fidelity Select Retailing Portfolio from 1986 to 1989. Mr. Danoff served as the portfolio assistant for the Magellan Fund in 1989 and 1990, before being asked to manage the Fidelity Contrafund in September 1990. The fund is the largest solely managed active equity mutual fund in the world. Contrafund strategies have more than $148 billion in assets. Mr. Danoff started Fidelity Advisor New Insights Fund in 2003, and grew it to $28 billion. He currently co-manages the fund with John Roth. He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $7 billion and the Canadian Fidelity Insights Investment Trust1 in January 2017, which has more than $2 billion in assets. In addition, Mr. Danoff resumed management of the $20 billion Fidelity VIP Contrafund in April 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. He co-manages that fund with Jean Park. Morningstar named Mr. Danoff "Domestic Stock Manager of the Year" in 2007. 9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized
Quarter ending March 31, 2019 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Contrafund
8.78% 15.89% 12.20% 16.22%
Gross Expense Ratio: 0.82%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/17/1967.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street,
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trading intent on behalf of any Fidelity fund. The securities mentioned are © 2019 FMR LLC. All rights reserved.
not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
LLC. References to specific company securities should not be construed
711640.9.1
as recommendations or investment advice.
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