Fidelity Advisor New Insights AFNIAX

Morningstar Rating

Fund Research and Analysis

by Christopher Davis

Behind Fidelity Advisor New Insights' recent weakness lie many strengths.

Next to the competition, there's no doubt this offering has appeared sluggish. Yes, its 22% gain for the year to date through Oct. 12, 2009, isn't bad in absolute terms and it also beats it benchmark, the S&P 500 Index. Read more

Kudos

Veteran manager who has had tremendous long-term success.

Fund has been successful in most markets, though it's looked relatively slow in racier, speculative environments. Read more

Risks

A huge asset base run by this manager in this style may impose greater liquidity constraints and trading costs than one would expect just from looking at this fund's relatively small asset base.

Reopening the fund to new investors will likely lead to an influx of assets, further restricting management's flexibility. Read more

Strategy

Manager Will Danoff invests in an eclectic mix of companies that span the growth-value spectrum. In recent years, he has favored companies that he believed would deliver strong growth. He has taken more of a valuation-sensitive approach at times, however. Read more

Management

Will Danoff has been at the helm of this offering since its 2003 launch. He runs it in the same style as the better-known and much larger Fidelity Contrafund, which he has run since September 1990, and is backed by Fidelity's deep research staff. Over the years, he has adapted his style to the large amount of assets he is running by holding more large caps and cutting turnover. Read more

Inside Scoop

This offering is led by the same hugely successful manager of Fidelity Contrafund. A lighter asset load makes this fund a bit easier to handle, though with many of the same holdings as the enormous Contrafund, it's not as nimble as it looks. Read more

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