And it's just a matter of finding those companies. Danoff: That's a really good question, Christine. Danoff manages Fidelity's Contrafund and has for over thirty years. Dr. Danoff has also served as President of the Association of Program Directors in Endocrinology and Metabolism (APDEM), and in that role, was a Charter Member of the APDEM/AACE Joint Liaison Education Committee. It's harder for smaller-cap companies in certain industries to gain traction because the larger companies have just very strong winner-take-most type competitive positions. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). I don't whip the fund around. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. And also, I think at Fidelity, we got a great team. 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 that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. Would I be better off choosing an actively managed fund that had a very well established manager with a long track record, like a will danoff at fidelity vs buying etf or index through my 401k? But, you know, what we've all learned is we want to make sure that the management team is particularly special. This copy is for your personal, non-commercial use only. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. Let's then call the company together. I mean, I was the retail analyst at Fidelity in the mid 80s. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. Life is such that clearly all the new growth initiatives won't meet expectations. Danoff: I'm not sure of the percentage, Christine. You've always been different in your approach. 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. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? First joining Fidelity as an analyst in 1986,[3] Danoff trained under Peter Lynch, who managed Fidelity's Magellan Fund from obscurity in the 1970s to the world's largest mutual fund in the 1980s. 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. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. No patient rating & comments. We recommend you to check the complete list of Famous People born on . 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. They've got their EarPods, they've got an iPad, they've got a computer. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. I respect you. Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. It sounds like that's personality-driven--that you like to dive into those details yourself. And hopefully small mid-cap companies can grow into bigger companies. Develop and improve features of our offerings. Masters in Business. Start your review of Dudley S Danoff, MD. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. So maybe 10% of my time. And it's an iterative game. You're different. And maybe you have a king showing, and the other players have low card, so you can bet. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. And I think that probably partly explains why I haven't been as active on social media. It is not possible to invest in an index. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. But I would say capacity is one that I think a lot about. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? So nowadays that can all be done electronically, immediately. This article about an American businessperson born in the 1950s is a stub. She was previously married to Bill Danoff. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Permanent link 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. Danoff received 46,154 Alibaba shares that cost $3,432, or 7 cents apiece, according to an annual report filed by his family's private charitable foundation. Information that you input is not stored or reviewed for any purpose other than to provide search results. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. Over that time, the fund has returned 13.7% a year, on average, beating the Genus: Nymphaea. 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. We're seeing the new management teams when they come to Boston to tell us how excited they are to take over the company, and finding new ideas then raises the bar for your existing positions. That includes . A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Beating the market isn't easy. And that's one of the challenges--we talked earlier about size--that it's harder for me to make a new idea a meaningful bet. I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. So, the bar has risen for the Contrafund. And I've been with the Contrafund for 29, almost 30 years. 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 they just sent a picture to me--and this was before email--and I saved the letter, and I happen to open it, luckily, and it caught my eye. This chart is not intended to imply any future performance of the investment product. Scientific Name: Nymphaea Odorata Ait. Over the past year through February 11, Contra returned 27.6%,. indexs 10.4%. His name is Will Danoff. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Why haven't you done those things? The managers are less experienced, but everyone has to hustle. 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. So I would say they're higher risk. For the best Barrons.com experience, please update to a modern browser. Copyright 1998-2023 FMR LLC. Will Danoff, the stock picker behind the $100-billion (U.S.) Fidelity Contrafund - the world's largest actively managed fund run by one person - is now accessible to Canadian investors. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. Dudley S. Danoff, MD. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. Benz: You can follow us on Twitter @Christine_Benz. 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Honestly, Jeff, you have to play to your strengths. I have to explain that I've become a little stodgy in my old age. Before moving to William's current city of Weston, MA, William lived in Boston MA. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. We so appreciate the time and insights you've shared with us and our listeners today. Often, that executive will figure out what they want to do for six months. I'd say a healthy research department is a joint effort. Taffy Nivert. 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. They hand off responsibility for security research and talking to management. I think it would be hard if I hadn't grown up with the fund. And we can also monitor all of these companies overseas. Please see additional standard performance information. And I was going to as many meetings as I could and just wanting to learn as much as I could. 9/17/1990-12/31/2022. This week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. We want to look before we leap. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. he is one of famous Singer with the age 75 years old group. And if you're out there, somebody, I think, famous once said, You don't learn anything if you're talking all the time and something about You got one mouth and two ears, you should use them in that rough proportion, but it's just who I am. 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. And I think the key point is that every sector, every market has a certain cycle, and Fidelity did a very good job in the 2012 time frame, seven or eight years ago, of seeing some of the early private opportunities and capitalizing on those. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Danoff: Jeff, just again, to make sure the facts are correct. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. Do you wait for FDA approval? Class: Magnoliopsida. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). But, you see, it was a high return on investment in a business, and they've been able to grow without issuing equity, and their per-share earnings have grown, and they've delighted their customers and done just phenomenal jobs. Investments in foreign securities involve greater risk than U.S. investments. I am trying to reduce my turnover. Danoff: Yeah, no, it's a combination, Jeff. Do you wait for good phase 3 data? Or do you play to your strengths and just put all your energies into what you're good at? He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. And in talking to company management--what do you think you get from that experience? And that often is hard for managements that have done so well. Excited to be here. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. Will Danoff is the Portfolio Manager of Fidelity Contrafund. And I'd say try and stay optimistic. Maybe another competitor is doing a better job. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. 5847 Education: BA Hunter College, City University of New York, 1976. How we use your information depends on the product and service that you use and your relationship with us. 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