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Fidelity To Reopen Contrafund and Low-Priced Stock

Posted by: Lauren Young on December 02

I’ve said it before and I’ll say it again: It’s a dismal year for mutual funds. Hence, the onslaught of fund reopenings.

Now Fidelity is reopening two of its most successful—or should I say formerly successful—portfolios, Fidelity Low-Priced Stock and Fidelity Contrafund.

Jim Lowell, editor of the Fidelity Investor newsletter, is advising his readers to switch out of Magellan for Contrafund or Mid Cap Stock for Low-Priced Stock and invest in these portfolios.

I wrote a profile of Low-Priced Stock manager Joel Tillinghast (“Wizard of Fidelity”) when I was at SmartMoney. He’s an interesting, eccentric guy who pours everything into running his fund. (His main social outlet at the time was Mensa happy hours.) And Fidelity Contrafund manager Will Danoff is another colorful character with an incredible long-term track record. He also collects smiley faces.

Will these two managers be able to make investors smile in 2008?

Dunno. But it will be interesting to watch.

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Businessweek’s Lauren Young, Aaron Pressman, Emily Thornton, Amy Feldman, Ben Levisohn, and Ben Steverman focus on matters great and small for investors, from the views of a hot fund manager to an explanation of the latest products devised by Wall Street’s rocket scientists. Exploring trends in any area, from bonds and stocks to closed-end funds and futures, always with an eye towards giving investors a better understanding of the sometimes confusing and often chaotic world of finance. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

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