BOSTON, April 16 Fidelity Investments' $109
billion Contrafund continues to avoid big oil companies, but
added to its position in electric car maker Tesla Motors Inc
in the first quarter as portfolio manager Will Danoff
trimmed his position in biotech stocks ahead of the recent
sell-off in that sector.
Contrafund returned 0.47 percent in the first quarter,
lagging the 1.81 percent advance of the S&P 500 Index.
Amazon.com Inc was the fund's biggest detractor, but
Danoff maintained his overweight position in the stock,
according to his first-quarter commentary released on Wednesday.
Tesla, meanwhile, helped the fund as did Danoff's avoidance
of Exxon Mobil and Chevron.
"Our long-term fundamental view for Tesla remained positive,
and we added modestly to the fund's position in the stock,"
according to the Contrafund commentary.
Danoff said he doesn't believe Exxon and Chevron have strong
"The energy sector was the fund's largest underweighting at
period end, as we believed strong U.S. shale gas and oil
production could suppress prices and profits," according to the
(Reporting by Tim McLaughlin; Editing by Eric Walsh)