Fidelity Investments named John Roth co-manager of its $23.5 billion Fidelity Advisor New Insights Fund (FNIAX), joining Will Danoff, who has run the fund since it was created in 2003.
Roth will continue to co-manage two other funds, the $2.5 billion Fidelity New Millennium Fund (FMILX) and the $7.7 billion Fidelity Mid-Cap Stock Fund, the Boston-based money management firm said in an e-mailed statement today. Both funds beat 89 percent of peers over the past five years, according to data compiled by Bloomberg.
Danoff is best known as manager of the $98.4 billion Fidelity Contrafund (FCNTX), Fidelity’s largest stock fund. Since he took over the fund 23 years ago, it has returned about 13 percent a year, compared with 9.8 percent for the Standard & Poor’s 500 Index.
Contrafund and the New Insights Fund share many of the same top holdings including Mountain view, California-based Google Inc. and Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A) Fidelity manages $1.8 trillion.
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