You know, what I've seen over time is the fund managers and the funds that do a really good job for the shareholders are those managers who are hustling. 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. How did the new acquisition in Europe go? Fidelity Contrafund 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 ran into at about 12:35, and there was an empty seat, and I sat down. And I only knew the name of the company. What do you have on your list that would fit that bill even if it's more expensive than the average company in your group? So, it's that's sort of give-and-take. Ptak: So, why don't we get things started. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? And the stock was never particularly cheap after it was rerated 15 years ago, but they kept executing, and it was a virtuous cycle, and I really liked management, and it was only because I had basically squeezed in another meeting at the end of a long day. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. And as investors, we all need to play to our strengths and be who we are. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. And I'm seeing 25 or more companies a week. Danoff: Yeah, Jeff and Christine. On the other hand, you do have to find the right balance in life. [2] Since he took over on Sept. 17, 1990 . The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. Genus: Nymphaea. Danoff: That's a really good question, Christine. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. Our guest this week is Will Danoff. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And again, experience plays a role here. As of July 2018, the fund has continued its outperformance over the S&P 500. Danoff: That's a great question, Christine. Thanks so much. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. And other investors may say, I'd want to crack the whip and push management faster or harder. That tends not to be what I do. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. And I don't want it to fall by the wayside. I'm aware of my positions. But the real key is not just to hear the story but to follow up. You can do it, but that's going to take some time. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. I mean, I was the retail analyst at Fidelity in the mid 80s. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. And ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. Identification: Nymphaea odorata is an aquatic perennial plant. Among these three, only. William Danoff was born on 1960. And they were a relatively small player with a differentiated product and mostly selling balances to labs. Soundtrack: Kingsman: The Golden Circle. Also learn how He earned most of networth at the age of 31 years old? Provide specific products and services to you, such as portfolio management or data aggregation. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. You just deal and--we've got a lot of colleagues that I've known for a long time--so, I know their strengths, and I try to learn from my mistakes, but mistakes are part of this business. Jeff Ptak is an employee of Morningstar Research Services LLC. And this is always the great debate. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Adam Danoff net worth is $900,000. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. 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 . It sounds like that's personality-driven--that you like to dive into those details yourself. You know, these are very, very smart executives. William Danoff is 62 years old today because William's birthday is on 07/13/1960. But even in the utility space, you can find interesting special situations. 5 stars. It's really hard for me to get excited about it like you. 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'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. Kalra currently manages Fidelity Blue Chip Growth Fund. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. But do you wait for good phase 2 data? When he was just 15 years old, he created his first original song and produced it on his own. Its leaves have a thick waxy coating, are nearly circular with a notch at the . There are always reasons to worry. And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. 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. 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. 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. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. Wed like to share more about how we work and what drives our day-to-day business. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. So Hey, that sounds really good. This year, he marks three decades of managing the $131 billion 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. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Benz: So, you've mentioned circle of competence a couple of times. You can help Wikipedia by expanding it. 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. And, again, this is an iterative process. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. So, what percentage of your time do you spend on researching them? Start your review of Dudley S Danoff, MD. And the thought process was, Well, we have industry expertise, we have company expertise. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? I have to explain that I've become a little stodgy in my old age. And I hope everybody has a great year. 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 I think as human beings, it's a lot easier to do the latter. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. 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. But this is what we do, and we try to do the best we can. Benz: We were hoping you could touch briefly on the role of private firms in the portfolio, perhaps talk about what percentage of time you spend researching private firms--you reference them earlier in the conversation, that theyre maybe a bigger part of your thought process than they were years ago. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. Are we going to get sold again to some conglomerate or to some private equity firm?. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. And I said, I have to go to this presentation. And when these companies do come around to Boston, they presumably have an agenda. So, it's a little easier. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. Also learn how He earned most of networth at the age of 60 years old? We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. 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. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. So, you know, I do have a lot in technology. And now people have two devices. 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. 30 years of managing Fidelity Contrafund. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. 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. Age, Biography and Wiki. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. You know, you think about the great Warren Buffett. But I think I can do it. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. Do you wait for FDA approval? Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. 8/12/2019. 269. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. You may have a gain or loss when you sell your shares. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. So I would say they're higher risk. But that's just speculation. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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. Do you wait for good phase 3 data? 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. I'd say a healthy research department is a joint effort. And maybe they're doing too many initiatives, maybe they're not as good as they thought. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Learn about Fidelity's active equity exchange-traded funds (ETFs). And then my second question is how you size positions. Learn How rich is He in this year and how He spends money? Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. His office accepts new patients. I'm investing less. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. 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). I am trying to reduce my turnover. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. I'm leveraging your industry expertise. Owen Danoff s birth sign is Scorpio. And then they want to talk to the largest shareholders, the potential largest shareholders. And that can be subtle, and experience helps there. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. And that it's really hard to know that you're going to win the hand when everybody only has two cards. And in talking to company management--what do you think you get from that experience? You've always been different in your approach. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. But privates are, again--if you pick the right entrepreneur and you pick the right opportunity, and you have the expertise-- But they tend to be more time intensive, the companies tend to be less mature, management teams tend to be a little less mature. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Class: Magnoliopsida. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. And that certainly has been a modest change in the life of a mutual fund manager and a change in the mutual fund industry in the last decade or so. And we talked about the long view. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. You think about if you were an employee at a company like that. During his 32-year manager tenure, the Fidelity Contrafund (FCNTX) has averaged an incredible 12.56% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*. They have one child. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. That has been a change over the last couple of years. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. What are we thinking about management? But we're working for the shareholders here at Fidelity, and I take that quite seriously. I want to make sure the research department knows I care about the stock. I'm going to not spend my time there? I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. From You. 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. It is not possible to invest in an index. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). This article about an American businessperson born in the 1950s is a stub. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. Consistently outperforming the market is very hard. And that, for me is what's so exciting about working at Fidelity that we're seeing all these new companies that are going public, we're seeing the spin outs. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Learn How rich is He in this year and how He spends money? [2] Early life and education [ edit] At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. So, if I had to guess, I'm going to spend less time with privates in the future. Danoff: That's a really good question, Jeff. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. 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. March 2, 2021. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. My denominator is so big that it's not that easy to find really great stories at scale."[4]. I remember being on a panel with Nelson Peltz, and Nelson, who does a great job at Trian, likes to write white papers on the company's business and then start telling management what to do, and I said, the only letter I ever wrote to management was thanking them for a great job and an update that I found particularly helpful. 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. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. Tom Ford. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.). We've detected you are on Internet Explorer. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. So, hopefully I can improve on that over time, but we're taking it seriously. The managers are less experienced, but everyone has to hustle. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Or do you just keep that to yourself? And it's an iterative game. Bill Danoff In 1976, using Fat City as the core, Bill added Jon Carroll and Margot Chapman to form the Starland Vocal Band, which quickly gained national fame with the monster hit, "Afternoon Delight". Please see additional standard performance information. It is a violation of law in some jurisdictions to falsely identify yourself in an email. He runs Fidelity's Contrafund. Ptak: Well, I think that we could talk to you and ask questions of you for hours. Performance data shown represents past performance and is no guarantee of future results. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. But you and your listeners--you're sophisticated investors. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Will Danoff32 years And that the key was to sweat your assets and fill your planes out by charging a low price. 14. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. And so, one has to be very careful. 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). Will Danoff is one of the best stock investors in the world. And then two weeks later a packet would arrive. So, I think you mentioned the word edge, I don't think about edge at all. For a long time, I was a little late to the software-as-a-service sector. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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. , Massachusetts, USA when the average manager tenure is 5 years Medical Center in Los Angeles the site... 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