Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Wed like to share more about how we work and what drives our day-to-day business. As with any search engine, we ask that you not input personal or account information. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. And I think that probably partly explains why I haven't been as active on social media. 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. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. Danoff manages Fidelity's Contrafund and has for over thirty years. 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. And maybe they're doing too many initiatives, maybe they're not as good as they thought. He has been married to Joan Grbach since 1988. 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. Will Danoff Joined Fidelity 1986 Industry experience 37 years Career experience Portfolio assistant, Fidelity Investments Equity research analyst, Fidelity Investments Education BA, Harvard University MBA, Wharton School of the University of Pennsylvania Provide specific products and services to you, such as portfolio management or data aggregation. But there's something to be said for not going to any meetings. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. So nowadays that can all be done electronically, immediately. Privacy Policy and 2. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Contrafund is so large (about. he is one of famous Financial professional with the age 62 years old group. We're thrilled to have him as our guest. And I think Fidelity lets people be who they are. 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. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. 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. And I've added value relative to the index. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. Genus: Nymphaea. Performance data shown represents past performance and is no guarantee of future results. They've got their EarPods, they've got an iPad, they've got a computer. The long view has to be that equities are going to perform better than bonds for the foreseeable future. And I'm constantly looking for better ideas. 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. And I'd say that we have meetings with these managements just like the other large institutions. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. 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. Sign In. And I introduced myself to the person to my left, who turned out to be the CEO of the company. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? For me, it's the ability to make big bets it's harder. 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? 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. But you and your listeners--you're sophisticated investors. I tend not to do well when we have to make a quick pivot. Among these three, only. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. And, you know, I would say this business is sort of like a poker game. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Please see additional standard performance information. 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. You've always been different in your approach. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. How did the initiative in India go? Do you wait for, God forbid, revenue and profit? Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? Ptak: Bye. He served as the portfolio manager assistant for Fidelity. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. Benz: You can follow us on Twitter @Christine_Benz. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. I'm going to not spend my time there? You know, these are very, very smart executives. Over that time, the fund has returned 13.7% a year, on average, beating the [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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 then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Adam Danoff net worth is $900,000. Life is such that clearly all the new growth initiatives won't meet expectations. Owen Danoff was born in Washington, United States. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. And so, one has to be very careful. 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. So, I think you mentioned the word edge, I don't think about edge at all. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. 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. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. And the entrepreneur and founder is able to build a team, and I think before it's all over, maybe it will be wise to wait until the company is public. All investments are subject to investment risk, including possible loss of principal. You can't always assume that managements going to do the right thing. 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. I mean, it's great, and clearly, culture starts at the top, but when you have access to people who are making the decisions, who are actually out in the field seeing the competitive response or knowing the challenges of delighting the customer, that can really, really help, and I think larger funds like Contrafund have that advantage to do more in-depth research. How high are expectations? And maybe you have a king showing, and the other players have low card, so you can bet. I think they're managing their size very, very well. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? Tom Ford. But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. Are you content to really to try to hit for average, come what may? Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. And whether that informs the way you manage the portfolio. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. But the real key is not just to hear the story but to follow up. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). the largest U.S. mutual fund run by a single manager. Mitchell Danoff is 71 years old and was born on 07/24/1951. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. Danoff has a degree in history from Harvard and an MBA from Wharton. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. Popular As. Past performance is not a guarantee of future results. India is emerging as an important experimental ground for a lot of new technology as well. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). William Danoff was born on 1960. 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. Thanks for the help! What are we thinking about management? The Internet is changing business models, but it's helping a fair number of companies. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And the name of this show is The Long View. And I only knew the name of the company. Or do you play to your strengths and just put all your energies into what you're good at? 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. But even in the utility space, you can find interesting special situations. Such opinions are subject to change. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. Insights from Fidelity's portfolio managers. So, you sell a little and then you realize you overreacted. You can do it, but that's going to take some time. 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. It's like, oh my gosh, you know, XYZ is going to hurt this company. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. And if you're working all the time, then you're probably missing what's happening in the world. Again, we're all a product of where we started in the business. You think about if you were an employee at a company like that. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. Technology has become a bigger and bigger part of everybody's life. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. As of July 2018, the fund has continued its outperformance over the S&P 500. How has that changed in the last few decades in which you've been running money? 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. And, if I had to guess, I think that trend might slow down. (2008) and Bloodrunners (2017). 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Call to Schedule. So, the bar has risen for the Contrafund. 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. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. 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. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. Consistently outperforming the market is very hard. Often, that executive will figure out what they want to do for six months. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. March 2, 2021. Will Danoff is the Portfolio Manager of Fidelity Contrafund. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. 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 so that's sort of what I do well, I think, is to try to ask for a call with the management team. 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. So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. So, I find that to really engage one as an investor, you need to engage with managements and then also to engage with analysts and other fund managers you have to be an analyst. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Gear advertisements and other marketing efforts towards your interests. And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. 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