Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Benz: So, you've mentioned circle of competence a couple of times. Why haven't you done those things? Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. That includes . William Danoff, better known by her family name William Danoff, is a popular American Financial professional. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. And then they want to talk to the largest shareholders, the potential largest shareholders. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. So, I'd say my emotional coefficient has improved. And, you know, I would say this business is sort of like a poker game. 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. 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. But capacity is what it is--that was a decision that I didn't make. You can help Wikipedia by expanding it. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. Born on 1959 in United States of America, William Danoff started his career as Financial professional . Danoff: That's a great question, Christine. And there are all sorts of companies that have had multiple owners. Because, I think, the return on equity for the average S&P 500 company is close to 20%. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. 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. Maybe it's growing faster than people think. So I ran into at about 12:35, and there was an empty seat, and I sat down. And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. So, I'm trying to bet big with the bigger companies. All investments are subject to investment risk, including possible loss of principal. And it's just a matter of finding those companies. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. 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. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. From You. 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. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: Information that you input is not stored or reviewed for any purpose other than to provide search results. Learn How rich is He in this year and how He spends money? But this is what we do, and we try to do the best we can. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Also learn how He earned most of networth at the age of 31 years old? Among these three, only. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. The band recorded for John Denver's Windsong label. But Fidelity gives us this great platform because we're one of the largest institutional investors. I would say I probably see two or three private companies a week. 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. If you think ABC Company is the best in your group, I'm willing to accept that. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. Family: Nymphaeaceae. I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. And that can be subtle, and experience helps there. This is sort of who I am. 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. And being a very large fund has enabled me to have an unbelievably strong research department. I don't whip the fund around. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Provide specific products and services to you, such as portfolio management or data aggregation. That has been a change over the last couple of years. You know, what I tell the team is, When in doubt, let's call the company. And again, as a large shareholder, I have that opportunity to just call the company, or the Fidelity systems are good that I can pull up every weekend the research notes that have been written on my top 50 positions, and the top 50 might be 65% of the fund. But there's a tremendous opportunity to learn and to monitor what's happening. And they've just kept executing. So hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. Again, we're all a product of where we started in the business. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. Age, Biography and Wiki. 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. And now people have two devices. Bill Danoff Family Background & Career. 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. Insights from Fidelity's portfolio managers 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. Wed like to share more about how we work and what drives our day-to-day business. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. And I don't want it to fall by the wayside. So, I think you mentioned the word edge, I don't think about edge at all. And this letter was written by the parents of a young child, 1 year old boy. Also learn how He earned most of networth at the age of 60 years old? 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. 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. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. During Danoff's 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods; it has outperformed the S&P 500 Index by an average of 3.21 percentage pointsRead More Learn How rich is He in this year and how He spends money? And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. S&P 500 Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. For me, it's the ability to make big bets it's harder. Copyright 2023 Morningstar, Inc. All rights reserved. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. 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?. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. Over that time, the fund has returned 13.7% a year, on average, beating the You've always been different in your approach. 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. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. All Rights Reserved. This would be through my 401k, so all tax deferred. And also, I think at Fidelity, we got a great team. Fidelity Contrafund And, again, this is an iterative process. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. 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. How high are expectations? I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. And the name of this show is The Long View. And that often is hard for managements that have done so 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. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. 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. A lot depends on how the markets go. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. An error has occurred, please try again later. 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. Family (1) Spouse 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. He's beat large-cap growth by 400 basis points. So, I look at the fund. And in talking to company management--what do you think you get from that experience? He's beat the S&P 500 300 basis points. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. 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. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. 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. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . And maybe you have a king showing, and the other players have low card, so you can bet. So, in your opinion, what do you think we got wrong? 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. the largest U.S. mutual fund run by a single manager. Our guest this week is Will Danoff. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. Drew Angerer/Getty Images. It is not possible to invest in an index. And then my second question is how you size positions. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. Taffy Nivert. I think it would be hard if I hadn't grown up with the fund. But mostly that's market appreciation. 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. So Hey, that sounds really good. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. They hand off responsibility for security research and talking to management. Seems like, maybe that's a conscious choice you've made in how it is you're going to spend your time and focus as a portfolio manager. Danoff: I think over time, maybe, you grow as an individual and you gain experience. 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. This copy is for your personal, non-commercial use only. 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. So, I try to stay within my own circle of competence. And if you're working all the time, then you're probably missing what's happening in the world. Identification: Nymphaea odorata is an aquatic perennial plant. Eclipsing the market over decades is astonishing. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. 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. 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. 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. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 14. 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. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. Ptak: Bye. He's a graduate of Harvard University and. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. indexs 10.4%. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. And I'm seeing 25 or more companies a week. Mitchell Danoff is 71 years old and was born on 07/24/1951. And as investors, we all need to play to our strengths and be who we are. So I would say they're higher risk. 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. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. We're thrilled to have him as our guest. How good is this management team?. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. Danoff manages Fidelity's Contrafund and has for over thirty years. Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Genus: Nymphaea. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. 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? 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 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. Mistakes are made, but I think that's the other advantage I have at Fidelity where we have a lot of young analysts and associates who are more open to new ideas. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. 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 . 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. As of July 2018, the fund has continued its outperformance over the S&P 500. The managers are less experienced, but everyone has to hustle. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. 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. 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. His name is Will Danoff. Will Danoff is one of the best stock investors in the world. They've got their EarPods, they've got an iPad, they've got a computer. How has that changed in the last few decades in which you've been running money? And I've been with the Contrafund for 29, almost 30 years. (2008) and Bloodrunners (2017). Or do you play to your strengths and just put all your energies into what you're good at? Call to Schedule. So, you know, I can monitor what's happening and review what's happening regularly. To make it into the starting lineup is not easy. Go to YouTube and hear the story. We so appreciate the time and insights you've shared with us and our listeners today. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Would I be better off choosing an actively managed fund that had a very well established manager with a long track record, like a will danoff at fidelity vs buying etf or index through my 401k? But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? 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. Start your review of Dudley S Danoff, MD. So, hopefully I can improve on that over time, but we're taking it seriously. Past performance is not a guarantee of future results. And our real challenge or our job is to ask for a picture. So, I don't know that many great investors who aren't great analysts. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 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. I would say the key, again, when in doubt, call the company, when in doubt, assess company A versus the other companies that you really like. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Class: Magnoliopsida. 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. And that it's really hard to know that you're going to win the hand when everybody only has two cards. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. What are they going to be doing? And I think that probably partly explains why I haven't been as active on social media. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. And I'd say that we have meetings with these managements just like the other large institutions. And I think as human beings, it's a lot easier to do the latter. The cheap stock reflects how F-Prime . 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. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. Not affiliated with this guest or his or her business affiliates unless otherwise stated P... Invested in Contrafund versus S & P 500 company is close to 20 % companies where you 're good?...: my name is Dr. Dudley Danoff review of Dudley S Danoff, MD iPad, 've. Portfolio manager of the year in 2007 he 's a tremendous opportunity to learn and to what... Business magazines of assets in illiquid Securities faster or harder American Financial professional Danoff... 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