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Contrafund cautious on commodities, more optimistic about Internet companies
August 12, 2015 / 4:18 PM / 2 years ago

Contrafund cautious on commodities, more optimistic about Internet companies

BOSTON, Aug 12 (Reuters) - Fidelity Contrafund manager Will Danoff, who oversees $113 billion in assets, says he has grown more cautious about the commodities sector while becoming more optimistic about Internet and financial companies.

Danoff made his remarks in an interview Boston-based Fidelity Investments made available on Wednesday.

“I don’t anticipate much change in the fund’s sector weightings, but I am more cautious about commodities than I am about other groups, and more optimistic about Internet and financial companies,” Danoff said.

Meanwhile, Danoff said he expects Google Inc, Facebook, Amazon.com Inc and Apple Inc to generate earnings per share faster than the average company in the next several years. His philosophy is that stock gains follow earnings growth.

Contrafund’s total return is 7.82 percent this year, easily beating the 2.48 percent total return on the S&P 500 Index. (Reporting By Tim McLaughlin)

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