"Just because a stock is up already, you haven't missed it if the story is really good," says Will Danoff, whose Fidelity Contrafund (MUTF:FCNTX) has smoked the market over his 25 years in charge, but trailed the S&P 500 last year.
With Contrafund pushing $113B in AUM, Danoff - on advice from Warren Buffett to bet big on the best ideas - has trimmed the number of stocks in the portfolio to 350 from 500.
Among the stocks where he's finding strong growth at a decent price is Associated British Foods (OTCPK:ASBFY): "They are taking Europe by storm," he says, and the chain is coming to America with an opening on Boston this fall, followed by other locations.
Facebook (NASDAQ:FB): "Don't sell after the first double," says Danoff, believing the migration to mobile means the company will continue to increase its current $6 in revenue per U.S. user.
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