Fidelity Contrafund gets big lift from Facebook surge

Thu Jan 30, 2014 9:33am EST

A Fidelity branch in New York, December 11, 2013. REUTERS/Eric Thayer

A Fidelity branch in New York, December 11, 2013.

Credit: Reuters/Eric Thayer

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(Reuters) - Fidelity Investments' $111 billion Contrafund received a big lift on Thursday from its $2 billion stake in Facebook Inc after the shares surged 18 percent on better-than-expected revenue results.

Contrafund is the largest mutual fund owner of Facebook shares, according to Lipper Inc data. At the end of December, Facebook was Contrafund's No. 12 holding, accounting for 1.8 percent of its portfolio, Fidelity disclosed on Thursday.

During the fourth quarter, Contrafund returned 10.52 percent, in line with the 10.51 percent advance of the S&P 500 index. Before regular trade, Facebook shares rose 18 percent to $63.08.

(Reporting By Tim McLaughlin; Editing by Jeffrey Benkoe)

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