At $157.8 billion, FCNTX's scale forces it into mega-caps, with six tech giants alone consuming 35% of the portfolio. Arista Networks (ANET) and Amphenol (APH) deliver the fund's real contrarian edge, returning 795% and 370% over five years. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and FCNTX didn't make the cut.
Grab the names FREE today. Fidelity Contrafund's contrarian pitch runs into a $157.8 billion problem: the fund is so big that its bets against the crowd often are the crowd. Fidelity Contrafund (NASDAQ:FCNTX) is an actively managed large-cap growth mutual fund whose 428 positions mix mega-cap tech, a few defensive value names, and a rare slate of private-market stakes.
As of the fund's March 31, 2026 NPORT filing, the top 10 holdings represent 45.66% of net assets, and the combined Meta, Nvidia, Amazon, Microsoft, Apple, and Alphabet stack alone accounts for 34.65% of the portfolio. That is broad-market leadership wearing an active manager's badge. Meta Platforms is Contrafund's largest position at 10.29% of assets, followed by Nvidia at 9.42% and Amazon (NASDAQ:AMZN) at 5.73%.
Alphabet (NASDAQ:GOOGL) shows up in both share classes for a combined 6.30% weight, while Berkshire Hathaway's A and B shares total 5.15%. Microsoft sits at 2.97%, Apple (NASDAQ:AAPL) at 2.34%, and Broadcom at 1.87%. Those weights have worked, unevenly.
Through August 13, 2026, Nvidia has returned 1,019.82% over five years, Alphabet 153.73%, Apple 109.89%, and Amazon 60.98%. Meta gained 65.24% over five years but has fallen 23.48% in the past year and 9.71% year to date. The S&P 500 via SPY returned 74.43% over five years and 14.06% year to date through the same date, giving investors a plain benchmark to measure the fund's active tilt against.
Meta's Q2 2026 EPS of $6.18 missed the $7.22 consensus by 14.42%, and operating margin compressed from 43% to 31% YoY as capex jumped 82.1% YoY to $30.12 billion. Full-year 2026 capex guidance of $130 to $145 billion signals a sustained AI-infrastructure spend that FCNTX is effectively financing through its 10% position. Q1 FY2027 revenue hit $81.615 billion (up 85.23% YoY), with Data Center revenue of $75.246 billion and non-GAAP gross margin of 75.0%.
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