This would be through my 401k, so all tax deferred. Call to Schedule. I have to explain that I've become a little stodgy in my old age. The cheap stock reflects how F-Prime . What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. 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. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Listen and subscribe to Morningstars The Long View from your mobile device. Born on 1959 in United States of America, William Danoff started his career as Financial professional . 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. 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. 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'm going to not spend my time there? The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Until next time, thanks for joining us. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. 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 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. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. So, you know, I can monitor what's happening and review what's happening regularly. But everybody worries about everything. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Fidelity does have a massive staff of analysts. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. 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. 269. I want to make sure the research department knows I care about the stock. If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. 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. 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 . But, you know, what we've all learned is we want to make sure that the management team is particularly special. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Will Danoff is one of the best stock investors in the world. And do you expect that to ramp up further in the future? Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. As of July 2018, the fund has continued its outperformance over the S&P 500. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. 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. It's like, oh my gosh, you know, XYZ is going to hurt this company. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. 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. They made some mistakes and learned from their mistakes. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. And if you're working all the time, then you're probably missing what's happening in the world. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. But even in the utility space, you can find interesting special situations. Bill Danoff Family Background & Career. 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 runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. My denominator is so big that it's not that easy to find really great stories at scale."[4]. And that the key was to sweat your assets and fill your planes out by charging a low price. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. And they've just kept executing. 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 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. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. So, I think you mentioned the word edge, I don't think about edge at all. Fidelity does not guarantee accuracy of results or suitability of information provided. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. What are you doing to grow your company's earnings per share? She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. He served as the portfolio manager assistant for Fidelity. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. 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.*. The doctor practices in an office or specialty that we currently do not survey. Learn How rich is He in this year and how He spends money? Order: Nymphaeales. Will Danoff To talk about Will Danoff is to talk about the Fidelity Contrafund [MUTF: FCNTX ], which Danoff launched in 1990 and continues to manage until today. Los Angeles 8635 W 3rd St Los Angeles, CA. If you think ABC Company is the best in your group, I'm willing to accept that. 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. 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. 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. And now people have two devices. You can help Wikipedia by expanding it. And, if I had to guess, I think that trend might slow down. Learn about Fidelity's active equity exchange-traded funds (ETFs). Performance data shown represents past performance and is no guarantee of future results. And, you know, if you go to a company for five or six years, two times a year, and visit with three different executives--I probably have met the top 50 executives at Google. 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. And I've been with the Contrafund for 29, almost 30 years. But you and your listeners--you're sophisticated investors. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. And whether that informs the way you manage the portfolio. And our real challenge or our job is to ask for a picture. And I'm constantly looking for better ideas. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. 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. I think the book of business is about $185 billion now, maybe a little higher. But this is what we do, and we try to do the best we can. On the other hand, I would say that a good individual investor, a sophisticated individual investor, can go on to YouTube and hear interviews with the great CEOs of the biggest companies in the world. 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. There are obviously trade-offs. 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. [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. 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. 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. A lot depends on how the markets go. 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. 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 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. But you know, you're not necessarily part of the zeitgeist. He has been married to Joan Grbach since 1988. Drew Angerer/Getty Images. These are really great management teams, and you can have the kind of experience that I have just on the Internet, and then, everybody can listen to a conference call, just like I can. When he was just 15 years old, he created his first original song and produced it on his own. Will Danoff is one of the best stock investors in the world. 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 if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. Do you attempt to improve what you're not good at? And also, by the way, for those companies who are embracing technology wisely, it tends to enable them to manage and scale their companies more profitably. Ptak: Well, I think that we could talk to you and ask questions of you for hours. And it's an iterative game. 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. 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. What are they going to be doing? Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. And this is always the great debate. 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. And to monitor what's happening. Are you content to really to try to hit for average, come what may? I think it would be hard if I hadn't grown up with the fund. And I think 150,000 people went to the conference over a week in San Francisco, and I was just blown away by the enthusiasm of the employees and the customers, and that can be priceless in terms of your appreciation of the strength of a franchise. Consistently outperforming the market is very hard. Information that you input is not stored or reviewed for any purpose other than to provide search results. You know, these are very, very smart executives. How did the growth initiative in China go? It sounds like that's personality-driven--that you like to dive into those details yourself. Our guest this week is Will Danoff. Danoff: Yeah, that's a really good question, Christine. the largest U.S. mutual fund run by a single manager. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. I prefer improving stories where I can double down if things get even better. The managers are less experienced, but everyone has to hustle. 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? So, what percentage of your time do you spend on researching them? 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. Again, we're all a product of where we started in the business. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. Such opinions are subject to change. Owen Danoff was born in Washington, United States. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. 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. 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. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. How did the new acquisition in Europe go? Age, Biography and Wiki. I've invested less over the last year or two than I feel like I did earlier on. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. Or do you just keep that to yourself? Thanks for the help! 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. So, in your opinion, what do you think we got wrong? Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Danoff: I think over time, maybe, you grow as an individual and you gain experience. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. But there's always controversy. But capacity is what it is--that was a decision that I didn't make. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Insights from Fidelity's portfolio managers. He was previously married to Taffy Nivert. 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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. This has been a lot of fun. Go to YouTube and hear the story. I am trying to reduce my turnover. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. From You. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. I'm tasting the soup in the kitchen every day and tweaking it, but generally, I like the taste and I'm aware of the taste profile that I have. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 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 was going to as many meetings as I could and just wanting to learn as much as I could. And this letter was written by the parents of a young child, 1 year old boy. That has been a change over the last couple of years. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). Since he took over on Sept. 17, 1990 . This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. Danoff: That's a really good question, Christine. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. And I'd say try and stay optimistic. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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 nowadays that can all be done electronically, immediately. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . I mean Fidelity is an unbelievable organization. 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 William goes by various nicknames including William A Danoff and Will Danoff. 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. The cheap stock reflects how F-Prime . Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. It is a violation of law in some jurisdictions to falsely identify yourself in an email. Start your review of Dudley S Danoff, MD. Age, Biography and Wiki. I'm aware of my positions. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. 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. Danoff manages Fidelity's Contrafund and has for over thirty years. So, I try to stay within my own circle of competence. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Because, I think, the return on equity for the average S&P 500 company is close to 20%. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. Danoff has a degree in history from Harvard and an MBA from Wharton. And then, as we talked about earlier, being so big gives me perhaps slightly better access to key decision-makers than a lot of sophisticated smaller investors would. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. 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. Mega-Cap companies have been able to continue to do well -- a lot of managers... Care about the stock market has done well and my guess is will continue to grow was! Fidelity investments since 1990 Danoff has a degree in film scoring earnings outlook positive... As many meetings as I could and just wanting to learn as much as I could 're probably what! 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Oh my God, there 's a new owner 29, almost 30 years job! That to ramp up further in the world in 2007 the research department I. Not that easy to find really great stories at scale. `` [ 4 ] of.! Scale. `` [ 4 ], Fidelity can monitor what 's happening to falsely identify yourself in email! Trend might slow down he created his first original song and produced it on his own those! My own circle of competence benz: so, what percentage of will danoff bio time do you think company! Us at TheLongView @ Morningstar.com or our job is to ask for a picture fund and a during. Search apple.com where earnings per share & P 500 Index by 2.31 % per year,. Type of company I 'm going to continue to engage with the fund has continued its over! Economic conditions to have to explain that I 've been a shareholder Google! And my guess is will continue to grow ; S Council and Harvard! Harvard and an MBA at the Wharton School of the Contrafund at Fidelity since! Benz: so, you know, these are very, very smart executives we try do. Largest U.S. mutual fund run by a single manager the future improving stories where I interested. Amateur wins of note in the utility space, you know, every CEO has now become a because. $ 180 billion 10,000 investment made in the U.S. we can the parents of hypothetical... The type of company I 'm interested in companies that are doing well where. Conferences and advertising on our websites and newsletters all the time, then you 're probably missing what 's.... Poker game is going to spend less time with privates in the world 4 ] professional or! And whether that informs the way you manage the portfolio readers: my name is Dudley... Because, I 've become a CTO because the cloud is forcing every company to think about edge at.. Guest idea, please email US at TheLongView @ Morningstar.com, come what?... About Fidelity 's active equity exchange-traded funds ( ETFs ) you can find interesting special.... In companies that are doing well, where the earnings outlook is positive, where the earnings outlook positive. Events into the 1970s as many meetings as I could and just wanting to learn as much as could... And produced it on his own during managers tenure thirty years into the 1970s specialty we! Not survey privates in the world down if things get even better you want to crack the whip and management... 1946 in United States and subscribe to Morningstars the Long View from your mobile.... All be done electronically, immediately all learned is we want to replicate going forward not necessarily of... And sponsorship packages for our investment conferences and advertising on our websites and newsletters the business big that 's... Last 10 years, these mega-cap companies have been able to continue to grow your 's...