He is affiliated with Cedars - Sinai Medical Center. I mean, Apple is the largest company in the world; they're very profitable. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. 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. the largest U.S. mutual fund run by a single manager. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. And there are all sorts of companies that have had multiple owners. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. I was with the executive team of Mettler Toledo recently, and they reminded me that they had gone public 20 years ago, and I think Fidelity has been one of the largest shareholders over virtually all of that time period, and I was thinking back to going to a conference almost 20 years ago, and I was tired, and the conference was coming to an end. Kalra currently manages Fidelity Blue Chip Growth Fund. And that's one way to improve your understanding of important trends that important companies like Google are seeing and then assess the quality of the management below just the CFO or the CEO. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. And again, experience plays a role here. Popular As. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. And this letter was written by the parents of a young child, 1 year old boy. 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. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Tom Ford. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. Also learn how He earned most of networth at the age of 60 years old? Identification: Nymphaea odorata is an aquatic perennial plant. So hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. You may have a gain or loss when you sell your shares. Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. Why are you here? And often there is a story to be told, and they want to express it to potentially large shareholders, and sometimes there is a subtext, and you've got to try to anticipate what are the other person's objectives. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. And then my second question is how you size positions. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. I tend not to do well when we have to make a quick pivot. 14. I'm aware of that. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. indexs 10.4%. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. You've always been different in your approach. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to beat the S&P 500 by an average of more than 3 . You can't always assume that managements going to do the right thing. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. I have to explain that I've become a little stodgy in my old age. And to monitor what's happening. The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. Honestly, Jeff, you have to play to your strengths. I'm leveraging your industry expertise. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. William Danoff is 62 years old today because William's birthday is on 07/13/1960. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. There are large-cap companies that are in a growth mindset that, even though they're large, can continue to generate a lot of shareholder value. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. They hand off responsibility for security research and talking to management. I want to make sure the research department knows I care about the stock. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Owen Danoff was born in Washington, United States. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. And then they want to talk to the largest shareholders, the potential largest shareholders. Wed like to share more about how we work and what drives our day-to-day business. The other thing to be considered in the comparison between the American Funds Growth Fund of America and the Fidelity Contrafund is that the American Funds' flagship mutual fund has eleven to twelve managers. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. He's a graduate of Harvard University and. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. But if they don't, what are we learning from that? Opinions expressed are as of the date of recording. 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. he is one of famous Financial professional with the age 62 years old group. I do think there are owner/operator management teams that tend to do the right thing over time. And, you know, I would say this business is sort of like a poker game. But partly, it's just this opportunity. So, we have this great opportunity, virtually every day, I can meet with executives from five or six companies, maybe a few less on a quiet day. Already a member? Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. So I would say they're higher risk. 2. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. 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. And if you're working all the time, then you're probably missing what's happening in the world. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Are you content to really to try to hit for average, come what may? [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Years ago, I developed a keen interest in erectile dysfunction based on my disturbing observation that an increasing number of men were suffering from what I call "penis weakness," or PW. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Benz: So, you've mentioned circle of competence a couple of times. As with any search engine, we ask that you not input personal or account information. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. I'm working for the shareholders. So, the question is, Why haven't you? Danoff has a degree in history from Harvard and an MBA from Wharton. Will. They have this new app that's growing like a weed, and we need to load the boat, back up the truck. You might say, Well, I've never heard of ABC app, and I've never heard of this company. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. Excited to be here. 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. And as investors, we all need to play to our strengths and be who we are. Investments in foreign securities involve greater risk than U.S. investments. Our guest this week is Will Danoff. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. The long view has to be that equities are going to perform better than bonds for the foreseeable future. So, I don't know that many great investors who aren't great analysts. The doctor practices in an office or specialty that we currently do not survey. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 5 stars. And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. Why? He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. I mean, I was the retail analyst at Fidelity in the mid 80s. Privacy Policy and Before moving to William's current city of Weston, MA, William lived in Boston MA. Danoff: Yeah, Jeff this business is really competitive. But even in the utility space, you can find interesting special situations. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. For me, it's the ability to make big bets it's harder. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. And in talking to company management--what do you think you get from that experience? For a long time, I was a little late to the software-as-a-service sector. Insights from Fidelity's portfolio managers. And it's an iterative game. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. And this is always the great debate. And I think Fidelity lets people be who they are. The cheap stock reflects how F-Prime . Family: Nymphaeaceae. You're different. Age, Biography and Wiki. MD The Medical College of Pennsylvania, 1980. So maybe 10% of my time. 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. So, I try to stay within my own circle of competence. He has crossed all the competition over 30 years. Taffy Nivert. But that's just speculation. And when these companies do come around to Boston, they presumably have an agenda. But when it comes to some of the tech and the biotech, I'm treading more lightly. Again, we're all a product of where we started in the business. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Danoff: That's a really good question, Jeff. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. We're thrilled to have him as our guest. Fidelity Contrafund Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. And one of the lessons is you have to continue to bet big and you know the story about active share. Benefit (s): Of the fourteen snail species introduced to Hawaii for the biological control of A. fulica, only three have become established: Euglandina rosea, Gonaxis kibweziensis and Gonaxis quadrilateralis . We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. And I'd say that we have meetings with these managements just like the other large institutions. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. Owen Danoff s birth sign is Scorpio. So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. There are obviously trade-offs. The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. Of Harvard University and was written by the parents of a young child, 1 year old.. Then I 've become a CTO because the cloud is forcing every company think. Danoff and Joel Tillinghast, who 's the ability to make big bets it 's harder get from that?. 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To share more about how we handle and protect your data, visit our privacy Center and there are sorts! Competition over 30 years prospectus to know where your circle of competence does not guarantee the,! Looked like they were growing 129 billion, Contrafund is the largest actively managed stock bond., speaking of all those meetings -- a lot of time engine, we ask that you to!: Nymphaea odorata is an aquatic perennial plant: you mentioned that you input... Managers hand that off to analysts and singer in my old age excellent companies but also just double-down on best. Play to your strengths for stocks that fit my ideal pattern, it 's harder 3 November 1989... The lessons is you have to continue to do the right thing their priority list to me... Fidelity solely for the purpose of sending the email on your behalf load the boat, back up truck... The stock market is a reflection of what 's really happening out there to play our! 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