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Fidelity Contrafund faces mega-cap tilt despite contrarian strategy
As of its March 31, 2026 filing, the fund held $157.8 billion and its top 10 positions accounted for 45.7% of net assets, with six mega-cap tech names making up about 35% of the portfolio.
Fidelity Contrafund, FCNTX, has grown so large that its “contrarian” approach is increasingly constrained by portfolio concentration in mega-cap leaders, according to an analysis by Yahoo Finance. The fund’s scale reflects a heavy allocation to large technology companies. In its March 31, 2026 NPORT filing, the top 10 holdings represented 45.66% of net assets, while Meta Platforms, Nvidia, Amazon, Microsoft, Apple, and Alphabet together accounted for 34.65% of the portfolio. Meta is the fund’s largest position at 10.29% of assets, followed by Nvidia at 9.42% and Amazon at 5.73%. Alphabet appears in both share classes for a combined 6.30% weighting, while Berkshire Hathaway’s A and B shares total 5.15%, and Microsoft and Apple are 2.97% and 2.34% respectively, with Broadcom at 1.87%. The analysis also points to performance differences across holdings. Through August 13, 2026, Nvidia returned 1,019.82% over five years, with Alphabet up 153.73%, Apple up 109.89%, and Amazon up 60.98%, while Meta gained 65.24% over five years but fell 23.48% over the past year and 9.71% year to date.
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