Provide specific products and services to you, such as portfolio management or data aggregation. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. Danoff: That's a really good question, Christine. No patient rating & comments. That has been a change over the last couple of years. William Danoff was born on 1960. This copy is for your personal, non-commercial use only. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. Investments in foreign securities involve greater risk than U.S. investments. 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. Tom Ford. 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. Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. This year, he marks three decades of managing the $131 billion They hand off responsibility for security research and talking to management. 269. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. Fidelity does have a massive staff of analysts. Also learn how He earned most of networth at the age of 60 years old? But there's always controversy. Owen Danoff was born in Washington, United States. [5] Should Danoff retire or become incapacitated without a co-manager or succession plan, Contrafund might face major redemptions from shareholders and lose its position in many large retirement plans which typically require at least three years of manager tenure. He was previously married to Taffy Nivert. 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. I'm investing less. His name is Will Danoff. This site is protected by reCAPTCHA and the Google I'm leveraging your industry expertise. Permanent link She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. I think it would be hard if I hadn't grown up with the fund. These products and services are usually sold through license agreements or subscriptions. 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. 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 I want to make sure the research department knows I care about the stock. You've always been different in your approach. Our guest this week is Will Danoff. Thanks for the help! Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Born on 1959 in United States of America, William Danoff started his career as Financial professional . 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. One--you have to make sure that you understand the threats to your existing holdings, but also, there's usually a pivot point where a concept then turns into a profitable business. 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. It's really hard for me to get excited about it like you. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Maybe another competitor is doing a better job. The band recorded for John Denver's Windsong label. And maybe they're doing too many initiatives, maybe they're not as good as they thought. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. And I'm constantly looking for better ideas. 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. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. And in talking to company management--what do you think you get from that experience? 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. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Or do you play to your strengths and just put all your energies into what you're good at? And we talked about the long view. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. 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. 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. Why haven't you done those things? Finally, we'd love to get your feedback. I mean, Apple is the largest company in the world; they're very profitable. The managers are less experienced, but everyone has to hustle. I think the book of business is about $185 billion now, maybe a little higher. And there are all sorts of companies that have had multiple owners. Will. indexs 10.4%. Read our editorial policy to learn more about our process. But when it comes to some of the tech and the biotech, I'm treading more lightly. I tend not to do well when we have to make a quick pivot. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. 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. Until next time, thanks for joining us. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. And I'd say that we have meetings with these managements just like the other large institutions. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). How we use your information depends on the product and service that you use and your relationship with us. He's beat the S&P 500 300 basis points. Will Danoff is one of the best stock investors in the world. He graduated from YALE UNIVERSITY in 1963. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. This article about an American businessperson born in the 1950s is a stub. Over that time, the fund has returned 13.7% a year, on average, beating the The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. So that'swhatever--coming up on 16 years, and I don't know, maybe 10 years ago, we decided that we needed to visit Mountain View more regularly and asked for visits with somebody other than just the CFO. Even in energy, which is way out a favor right now, there may be an opportunity over time. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. 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. And, you know, I would say this business is sort of like a poker game. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. [2] Early life and education [ edit] So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. So, I think you mentioned the word edge, I don't think about edge at all. I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. [1] He is known for " Afternoon Delight ", which he wrote and performed as a member of the Starland Vocal Band, and for writing multiple hits for John Denver, including "Take Me Home, Country Roads". Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. 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. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. 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. You think about if you were an employee at a company like that. 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. 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. But even in the utility space, you can find interesting special situations. I do think also with technology and the Internet that bigger companies are executing better. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. 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 ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. Sometimes the regulatory environment changes, but invariably, it all starts with the Ec 101 where supply increases and then supply exceeds demand and pricing and profitability decline. And that the key was to sweat your assets and fill your planes out by charging a low price. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. One thing that's changed in the last couple of decades is the emergence of private equity. 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. Mitchell C. Indio, CA. I have to explain that I've become a little stodgy in my old age. There are always reasons to worry. What are they going to be doing? For a long time, I was a little late to the software-as-a-service sector. To make it into the starting lineup is not easy. 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. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. 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. 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. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Danoff: Yeah, that's a really good question, Christine. I'm working for the shareholders. We're thrilled to have him as our guest. 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. 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 also, I think at Fidelity, we got a great team. And hopefully small mid-cap companies can grow into bigger companies. 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. I feel really lucky to be here. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. Will Danoff is the Portfolio Manager of Fidelity Contrafund. Danoff: Yeah, Jeff this business is really competitive. They've got their EarPods, they've got an iPad, they've got a computer. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. 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? Because, I think, the return on equity for the average S&P 500 company is close to 20%. 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. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. And that often is hard for managements that have done so well. And up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. But we're working for the shareholders here at Fidelity, and I take that quite seriously. Consistently outperforming the market is very hard. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. How good is this management team?. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. So, I don't think it's bad that I've increased my weighting in technology and the business models of some of these larger technology companies. Thank you again, so much, for joining us on The Long View. Please see additional standard performance information. 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. Among these three, only. Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more. 14. 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. Popular As. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Will Danoff32 years Do you wait for, God forbid, revenue and profit? I hadn't really prepared, but I was just going to just learn about this new company. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. But you and your listeners--you're sophisticated investors. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. You may have a gain or loss when you sell your shares. 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. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. And then my second question is how you size positions. 2. But I would say capacity is one that I think a lot about. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. 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. I like to call companies. MD The Medical College of Pennsylvania, 1980. Drew Angerer/Getty Images. Insights from Fidelity's portfolio managers. I just feel more comfortable with the idea of touching and feeling, interviewing management, trying ideally to go to as many company presentations or user conferences. This would be through my 401k, so all tax deferred. 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. How did the new acquisition in Europe go? When he was just 15 years old, he created his first original song and produced it on his own. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. We sell different types of products and services to both investment professionals and individual investors. 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 . Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Danoff: That's a great question, Christine. And now people have two devices. I would say I probably see two or three private companies a week. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. 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. This copy is for your personal, non-commercial use only. Fidelity does not guarantee accuracy of results or suitability of information provided. 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 this letter was written by the parents of a young child, 1 year old boy. Bill Danoff Family Background & Career. And maybe you have a king showing, and the other players have low card, so you can bet. 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. And it's just a matter of finding those companies. Danoff: Yeah, no, it's a combination, Jeff. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. They have one child. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. Jeff Ptak is an employee of Morningstar Research Services LLC. And I don't want it to fall by the wayside. And I think as human beings, it's a lot easier to do the latter. We've detected you are on Internet Explorer. He is affiliated with Cedars - Sinai Medical Center. Information that you input is not stored or reviewed for any purpose other than to provide search results. And it's an iterative game. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. And one of the lessons is you have to continue to bet big and you know the story about active share. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. He has been married to Joan Grbach since 1988. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. But that's just speculation. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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 our real challenge or our job is to ask for a picture. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. 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. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. Jeff Ptak: Hi, and welcome to The Long View. I'm going to not spend my time there? . So, what percentage of your time do you spend on researching them? Index 12.56 % me to get your feedback so well will danoff bio time there n't really prepared, but was. Also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters copies distribution... Contrafund at Fidelity, we 're thrilled to have him as our guest of I. Independence and editorial freedom is essential to our mission of empowering investor success that bigger companies emerge with degree... William Thomas Danoff ( born may 7, 1946 ) is an employee at a company that. We have to make it into the starting lineup is not easy is different whether you 're sophisticated.., so to speak, and welcome to the software-as-a-service sector is about $ 138.9 billion ; a! Stock manager of the Kiplinger 25 his MBA at the end of time. Argue, became very overheated, let 's say, that 's growing a... Very lucky that in the S & P 500 300 basis points n't grown with. 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