Fidelity Investments will close its $63.8 billion Contrafund, currently its largest, to new investments as of April 28, Securities and Exchange Commission filings show. The fund has delivered an average annual return of 10% over the past five years, handily beating the S&P 500, which has averaged not quite 4% a year in that time frame. It is precisely these outsized returns that have attracted investors' attention; in the past 14 months through February, the fund has taken in $10 billion in net new flows. Fidelity said the main reason Contrafund Manager Will Danoff wants to close the fund is to protect his ability to deliver strong returns.

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