Fidelity Investments has announced the start-up of Fidelity Advisor New Insights Fund, a flexibly managed equity fund.

The portfolio is modeled on Fidelity’s Contrafund, which is not constrained by any particular investment style, the company said. The new fund is available through financial advisers at banks, brokerage firms and insurance companies.

Fidelity Advisor New Insights Fund invests primarily in the common stock of companies whose value is not fully recognized by the public; these may include companies experiencing positive fundamental change that may lead to earnings acceleration. It will use the S&P 500 as its benchmark.

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