5 Most Popular Mutual Funds on Reddit

2. Fidelity Contrafund Fund (NASDAQ:FCNTX)

Fidelity Contrafund Fund (NASDAQ:FCNTX) is a mutual fund that invests in companies whose value the advisor believes is not fully recognized by the public. These firms may be in the growth or value sectors. They may also be domestic or foreign. The fund looks at factors such as financial and industry position, as well as economic conditions to select investments. 

A top holding of Fidelity Contrafund Fund (NASDAQ:FCNTX) is Meta Platforms, Inc. (NASDAQ:FB), a metaverse firm. At the end of the fourth quarter of 2021, 224 hedge funds in the database of Insider Monkey held stakes worth $31.8 billion in Meta Platforms, Inc. (NASDAQ:FB), compared to 248 in the preceding quarter worth $38.5 billion. 

In its Q4 2021 investor letter, Boyar Value Group, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:FB) was one of them. Here is what the fund said:

“Corporate executives can have many different reasons for selling shares (anticipation of tax law changes, philanthropy, diversification, and much more), but the sheer number of billionaire founders who sold shares in 2021 should raise eyebrows and might well be signaling a market top. Bloomberg’s Ben Steverman and Scott Carpenter report not only that Mark Zuckerberg of Meta Platforms, Inc. (NASDAQ:FB) (formerly known as Facebook) sold shares in his company almost every day last year but also that the founders of Google sold ~$3.5 billion worth of stock (the first time either Sergey Brin or Larry Page has sold shares since 2017).”