I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. And I would say, often because Joel and I and all the other fund managers started as Fidelity research analysts, when a new analyst arrives, they usually show up at my office with a list, and say I'm the new railroad analyst. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. Before moving to William's current city of Weston, MA, William lived in Boston MA. Danoff: Well, Jeff, just to make sure that we're level set, I do believe that there is a Fidelity commercial about a letter that I received in 1993 from a new Contrafund investor. Owen Danoff s birth sign is Scorpio. What are we thinking about management? I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. So maybe 10% of my time. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Our guest this week is Will Danoff. We're thrilled to have him as our guest. Terms of Service apply. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. They've got their EarPods, they've got an iPad, they've got a computer. Such opinions are subject to change. The cheap stock reflects how F-Prime . And that's where the privates are. Thank you again, so much, for joining us on The Long View. But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Bio of Golfer Bettye Danoff, an LPGA Founder Bettye Danoff never won on the LPGA Tour, but she still has a very important place in tour history: She was one of the tour's 13 founding members. This copy is for your personal, non-commercial use only. As with any search engine, we ask that you not input personal or account information. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. Genus: Nymphaea. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. At the helm of Fidelity's Contrafund,. 5847 Education: BA Hunter College, City University of New York, 1976. Order: Nymphaeales. But everybody worries about everything. 2. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. And then two weeks later a packet would arrive. All Rights Reserved. He subsequently . And the executive said, You know, we're not really competing with the airlines. Find Dr. Danoff's phone number, address, hospital affiliations and more. And I'd say try and stay optimistic. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Danoff: Yeah, that's a really good question, Christine. [2] What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And I hope everybody has a great year. If you have a comment or a guest idea, please email us at [email protected]. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. Will Danoff is one of the best stock investors in the world. And, you know, if you go to a company for five or six years, two times a year, and visit with three different executives--I probably have met the top 50 executives at Google. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. Ami Kuan Danoff has held many leadership roles in finance, including vice president at Putnam Investments, but most recently has dedicated her time to philanthropic endeavors. Taffy Nivert. And there's no question that it's important even though I'm such a large fund to continue to plant seeds in the small-cap space with management teams and with companies that I think can grow into bigger, bigger companies and make a difference over time. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Mistakes are made, but I think that's the other advantage I have at Fidelity where we have a lot of young analysts and associates who are more open to new ideas. S&P 500 ! But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. During Danoff's 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods; it has outperformed the S&P 500 Index by an average of 3.21 percentage pointsRead More You know, sort of like, basically the cost of that being whatever capital you'd have to divert from your next best idea, or does circle of competence, however you would define that, enter into it as well? And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Identification: Nymphaea odorata is an aquatic perennial plant. And do you expect that to ramp up further in the future? Soundtrack: Kingsman: The Golden Circle. Why haven't you done those things? I mean, I was the retail analyst at Fidelity in the mid 80s. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. You're different. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. And that it's really hard to know that you're going to win the hand when everybody only has two cards. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). Ptak: Well, I think that we could talk to you and ask questions of you for hours. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. Turnover is maybe 35%. . Honestly, Jeff, you have to play to your strengths. I would say the key, again, when in doubt, call the company, when in doubt, assess company A versus the other companies that you really like. I'm considering fcntx- fidelity contra fund- .82 ER. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. So, I don't know that many great investors who aren't great analysts. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. And I think that probably partly explains why I haven't been as active on social media. And I said, I have to go to this presentation. And as investors, we all need to play to our strengths and be who we are. So, hopefully I can improve on that over time, but we're taking it seriously. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Over the past year through February 11, Contra returned 27.6%,. But mostly that's market appreciation. But this is what we do, and we try to do the best we can. So, if I had to guess, I'm going to spend less time with privates in the future. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Also learn how He earned most of networth at the age of 31 years old? So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. Will. It is not possible to invest in an index. I'm leveraging your industry expertise. That's a really good point. Kalra currently manages Fidelity Blue Chip Growth Fund. I have told your colleagues--Katie's done a great job monitoring what I've done at Contra over many years--that if I didn't think I could beat the S&P 500 I would ask to close the fund. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . This article about an American businessperson born in the 1950s is a stub. You can't always assume that managements going to do the right thing. But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. And there are a lot of really good companies out there, but what I'm trying to do, as we talked about earlier, is find the exceptional companies and trying to bet bigger on the exceptional ones. I mean, Apple is the largest company in the world; they're very profitable. I like to call companies. And when these companies do come around to Boston, they presumably have an agenda. Will Danoff is one of the best stock investors in the world. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. This chart is not intended to imply any future performance of the investment product. But there's always controversy. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. Or do you play to your strengths and just put all your energies into what you're good at? So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. So, what percentage of your time do you spend on researching them? But the real key is not just to hear the story but to follow up. You think about your own life: If you're strong in one area, you don't necessarily want to change, and managements sometimes have difficulty changing because they've been so successful. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. He served as portfolio assistant for the Magellan Fund. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. And whether that informs the way you manage the portfolio. For the best Barrons.com experience, please update to a modern browser. . And hopefully small mid-cap companies can grow into bigger companies. But Fidelity gives us this great platform because we're one of the largest institutional investors. Sep 19, 2020, 5:13 AM. Privacy Policy and Consistently outperforming the market is very hard. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. Danoff: That's a really good question, Christine. And there are all sorts of companies that have had multiple owners. Maybe it's growing faster than people think. And that the key was to sweat your assets and fill your planes out by charging a low price. Performance data shown represents past performance and is no guarantee of future results. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. Let's then call the company together. And being a very large fund has enabled me to have an unbelievably strong research department. And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. And I think Fidelity lets people be who they are. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. How 's it going double-down on the best of the wisdom of experience to! Have n't been as active on social media expect that to ramp up further in future... Be able to follow up manager of Fidelity Contrafund 5.76 %, Consistently outperforming the market is hard! Boston, they presumably have an unbelievably strong research department this is what we do, and large. 'S domestic and foreign investments will vary from day to day in response many. 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