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Contrafund’s Danoff Stymied as Investor Fear Fuels Correlation

Fidelity Investments’ William Danoff, the stock picker who led the Contrafund to benchmark- beating returns, isn’t looking very contrarian these days.

Danoff’s $62 billion Contrafund, which seeks to beat the market by picking stocks whose value hasn’t been fully recognized, has tracked the Standard & Poor’s 500 Index more closely this year than in any year during its four-decade history, according to data compiled by Bloomberg. That’s even as the fund keeps 19 percent of assets in non-U.S. holdings and almost twice as much in technology and consumer-discretionary stocks as the S&P 500.