Will Danoff, manager of
Fidelity acknowledged, in a third-quarter report to shareholders, that “weak stock selection” was responsible for last year’s disappointing returns.
However, over the past five years, Contrafund has delivered annual average returns of 12%, compared to the S&P 500’s average 6.4%.
“Will Danoff has served his fund’s shareholders extremely well,” said Fidelity spokesman Michael Shamrell. “He has proven his portfolio management abilities over the long term and in a wide array of market conditions."