A Contra Fund is a type of mutual fund that invests against the existing market trends and purchases stocks that are not performing well currently. The fund manager takes a contrarian view of the stock when it is shunned by the investors and also when there is a superlative demand for the same. Both over-performance and under-performance lead to a distorted value of the asset which the fund manager tries to capitalize on. The Fidelity Contrafund (FCNTX) is an actively managed mutual fund that mostly contains equities of large U.S. companies, including Apple, Berkshire Hathaway, and Amazon Inc. The fund is managed by Fidelity Investments with the objective of seeking out capital appreciation by finding value stocks with good growth opportunities. As of July 2015, Contrafunds AUM (assets under management) total over 112 billion USD, and it was the second-largest actively-managed mutual fund in the US by assets.