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Legendary growth manager Bill Danoff manages the $64 Billion Fidelity Contrafund, FCNTX. Contrafund has earned Morningstar's 5-star rating for several years due to its exceptional long-term track record. Over the last 10-year period in which the S&P 500 was roughly flat, Contrafund achieved an exception 7.3% load-adjusted return.

How does he do it? Danoff purchases companies that have the ability to grow on average more than "15-17% over the next 5-10 years" and works with a team of 120 analysts to identify the "best of breed" companies with strong competitive moats. Danoff's current best ideas include:

COMPANY

TICKER

% NET

ASSETS

Position Change

Apple, Inc.

AAPL

8.9%

Reduce

Google, Inc.

GOOG

4.7%

Increase

Berkshire Hathaway Inc

BRK.A

3.2%

Increase

McDonald's Corporation

MCD

2.9%

Reduce

The Coca-Cola Co

KO

2.7%

Increase

Amazon.com Inc

AMZN

2.1%

Increase

Noble Energy Inc

NBL

1.7%

Increase

The Walt Disney Co

DIS

1.7%

Reduce

Wells Fargo & Co

WFC

1.6%

Reduce

TJX Companies

TJX

1.5%

Increase

Nike, Inc. B

NKE

1.3%

Reduce

Colgate-Palmolive Company

CL

1.3%

Increase

Chipotle Mexican Grill, Inc. A

CMG

1.2%

Reduce

Dollar Tree Stores, Inc.

DLTR

1.0%

Increase

Oracle Corporation

ORCL

1.0%

Reduce

Gilead Sciences Inc

GILD

1.0%

Increase

Visa, Inc.

V

0.9%

Increase

Danoff has held star-performers Apple and Google for a number of years. A 9% position in the fund signals a large vote of confidence about the future prospects of Apple. Danoff has been trimming his position in Wells Fargo and Nike, which is likely a signal of his reduced expectations about the prospects for these stalwarts. Despite its high value multiple, Chipoltle remains a top pick in Contrafund: There are few restaurant concepts that are projected to grow 20% for the next 5 years.

Other top buys include Occidental Petroleum (NYSE:OXY), Accenture (NYSE:ACN), and Anadarko Petroleum (NYSE:APC).

Source: Top Growth Stocks Fund Manager Bill Danoff Is Buying