Fidelity Contrafund sells energy stocks, buys Southwest, FedEx - Reuters

BOSTON Mon Dec 29, 2014 11:22am EST

BOSTON (Reuters) - Fidelity's $111 billion Contrafund sold shares of energy companies Noble Energy and Continental Resources in November while boosting exposure to Southwest Airlines and FedEx Corp, according to the fund's latest holdings disclosure.

The rejiggering of the massive stock portfolio, however, won't help Contrafund manager Will Danoff avoid one of his worst relative showings in the past decade. The fund's year-to-date total return of 10.94 percent is badly lagging the 15.30 percent advance on the benchmark S&P 500 Index, according to Morningstar Inc.

In November, Danoff continued to cut his position in Noble Energy Inc, once a top 10 holding. The fund reported holding about 25.4 million shares, compared to about 28.6 million at the end of October. The fund's exposure to the company has dropped to 1.1 percent of assets, compared to 2.1 percent at the end of August.

Contrafund also slashed its stake in Continental Resources by about one-third during November to about 4.6 million shares. Meanwhile, the fund increased its stake in Southwest Airlines by about 9 percent and FedEx Corp by about 10 percent, according to fund disclosures.

Source: southwest - Google News http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNHAMqzY0hrghfZwQBhiKvzy6YHsIg&clid=c3a7d30bb8a4878e06b80cf16b898331&cid=52778696983715&ei=JwKjVJjyAcKswQHu-4FY&url=http://www.reuters.com/article/2014/12/29/us-funds-fidelity-contrafund-stocks-idUSKBN0K714X20141229