Two Fidelity Funds Reopen

Their managers have been gravitating toward defensive stocks and companies generating good cash flows.

Fidelity Contrafund and Fidelity Low-Priced Stock are now open to new investors. We recently had a chance to chat with their stewards, Will Danoff and Joel Tillinghast, two of Fidelity's best and brightest fund managers.

From the time Danoff took over Contrafund (FCNTX) in September 1990 through January 31 of this year, this large-company growth fund returned an annualized 12%. That beat Standard & Poor's 500-stock index by an average of four percentage points per year. Over the dismal past ten years, Contra eked out an annualized gain of 2%, again four points per year better than the S&P index.

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Contributing Writer, Kiplinger's Personal Finance