Fund Evaluator:

Fidelity Contrafund Overview

Fidelity Contrafund (FCNTX) is an actively managed U.S. Equity Large Growth fund. Fidelity Investments launched the fund in 1967.

The investment seeks capital appreciation. The fund normally invests primarily in common stocks. It invests in securities of companies whose value the advisor believes is not fully recognized by the public. The fund invests in domestic and foreign issuers. It invests in either "growth" stocks or "value" stocks or both. The advisor uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments.

About Fidelity Contrafund (FCNTX)

There are 3 members of the management team with an average tenure of 13.00 years: Asher Anolic (2025), William Danoff (1990), Jason Weiner (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Fidelity Contrafund has 436 securities in its portfolio. The top 10 holdings constitute 41.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity Contrafund is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Contrafund has 9.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.5%. There is 9.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Contrafund has 0.6% of the portfolio in cash.

Assets Under Management

The fund has $169 billion in total assets, which is above the $2 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FCNTX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Contrafund expense ratio is above average compared to funds in the Large Growth category. Fidelity Contrafund has an expense ratio of 0.74%, which is 23% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Contrafund has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Large Growth category.

Recently, in the month of September 2026, Fidelity Contrafund returned 2.6%, which earned it a grade of B, as the Large Growth category had an average return of 1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Fidelity Contrafund has a trailing yield of 0.00%, which is below the 0.06% category average.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Fidelity Contrafund Grades

Year to date, the fund has returned 13.5%, 4.9 percentage points better than the category, which translates into a grade of A. The fund has returned 16.5% over the past year (grade of A), 28.0% over the past three years (grade of A) and 15.3% per year over the past five years (grade of A) and 17.9% per year over the past 10 years (grade of A).

Additional Fund Information

Fidelity Contrafund is open to new investors. Fidelity Contrafund is part of the No Load share class. The minimum initial purchase is $0 if purchased directly from Fidelity Investments.

The fund has a maximum front-end load of 0.00% and maximum deferred sales charge of 0.00%.

Redemption fees are paid to the fund for selling your shares or switching funds and often are reduced or eliminated over time. Fidelity Contrafund has a maximum redemption charge of 0.00%.

Fidelity Contrafund does not have a 12b-1 fee. This fee is paid out of assets to cover the costs of marketing and selling fund shares as well as to cover the costs of providing shareholder services. The 12b-1 fee is reflected in the expense ratio.

The fund meets the classification of being considered a True No-Load fund.

Fidelity Contrafund Risk

A basic investment concept is that risk should be rewarded. Standard deviation measures the degree of variation in return experienced relative to the average return for a fund. It notes the recent volatility of the fund but does not explain the elements impacting the volatility. For example, portfolio concentration or exposure to foreign investments can impact the volatility and should be examined to gain an understanding of the fund.

The total risk index relates the volatility of the fund to the volatility of all funds. It can help you understand the volatility of a fund across all categories. Ratios above 1.00 indicate higher risk than average. Fidelity Contrafund has a above average total risk index of 1.18 because of its standard deviation of 14.2%.

The category risk index relates the volatility of a fund to the average volatility for funds in the same investment category. Fidelity Contrafund has low category risk of 0.83, giving it a category risk grade of A. Letter grades of A, B, C, D and F are based upon these relative rankings.

Beta is a risk measure that relates the fund’s volatility of returns to that of the market. The higher the beta of a fund, the higher the market risk of the fund. Fidelity Contrafund has a beta of 1.04 indicating that it is 0.04% more volatile than the S&P 500. R-squared indicates what percentage of the return is explained by the market. Fidelity Contrafund has an R-squared value of 82%, indicating that 82% of the fund’s return is explained by the return of the S&P 500.