Fidelity To Reopen Contrafund and Low-Priced Stock

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.

Before it's here, it's on the Bloomberg Terminal.