Fidelity Investments announced Tuesday it is reopening two of its largest funds, Contrafund and Low-Priced Stock Fund, to new investments, effective Dec. 16.

Contrafund, whose assets are down 44% this year to $45 billion, has been closed to new investors since April 2006, and the $19 billion Low-Priced Stock Fund has been shuttered since December 2003.

“Since the funds have been closed, they have not been able to generate sufficient levels of new sales to offset current and future redemptions,” Fidelity said. “We believe reopening the funds will help bring some equilibrium to cash flows in order to ensure that their portfolio managers can most effectively direct their investment strategies.”

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