The Fidelity 500 Index Fund ended November with $105.9 billion in assets, passing the previous leader, Fidelity Contrafund, which had $104.2 billion

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The biggest stock mutual fund at Fidelity Investments, a firm that made its reputation picking stocks, is now an index fund.

The Fidelity 500 Index Fund ended November with $105.9 billion in assets, passing the previous leader, Fidelity Contrafund, which had $104.2 billion, according to data on the company’s website.

Contrafund was unseated as it trailed the S&P 500 by 7.6 percentage points this year.

Investors, unhappy with the cost and performance of actively run stock funds, are shunning them in favor of funds that track indexes. Actively managed stock funds had net redemptions of $288.8 billion this year through October while passive funds, a combination of mutual funds and exchange-traded funds, attracted $197.4 billion, according to Morningstar.

Like other money managers, Fidelity has lost assets in many active funds as its index business has grown.

Contrafund had redemptions of $8.4 billion this year through November; the 500 index fund gained $6 billion, according to data compiled by Bloomberg.

In June, Fidelity cut fees for 27 index mutual funds and ETFs in a bid to attract more money to passive strategies.