Contrafund adds to Google stake in Q3 amid lift from Facebook
BOSTON, Oct 18 (Reuters) - Fidelity Investments' $101 billion Contrafund added to its stake in Google Inc in the third quarter while the fund got a big lift from the surging performance of Facebook Inc and Tesla Motors Inc shares.
Contrafund, managed by star stock picker Will Danoff, returned 8.94 percent in the third quarter, easily beating the 5.24 percent advance of the S&P 500 Index.
Google shares were flat in the quarter, lagging the overall market. Danoff, in his third-quarter commentary letter, said that opened up an opportunity to add to a stake that was worth $5.8 billion at the end of August. No specific figures were given.
"Despite the underperformance, our long-term view on the stock remained unchanged," according to the fund's latest commentary letter. "Because we believe the firm possessed superior operating advantages stemming from its dominant market share in Internet search and highly innovative culture, we increased our position in the stock on its weakness."