But I would say capacity is one that I think a lot about. And they were a relatively small player with a differentiated product and mostly selling balances to labs. Mitchell C. Indio, CA. So, it's a little easier. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. 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. And this letter was written by the parents of a young child, 1 year old boy. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. By using this service, you agree to input your real email address and only send it to people you know. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. And the culture of Fidelity's research first, and everyone really started as an analyst in the research department and then continued to be an analyst even though their title might be a fund manager. So I would say they're higher risk. And then they want to talk to the largest shareholders, the potential largest shareholders. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. So, you sell a little and then you realize you overreacted. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.). And I hope everybody has a great year. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. 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. As with any search engine, we ask that you not input personal or account information. And I said, I have to go to this presentation. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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 we talked about the long view. 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? And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. Do you wait for, God forbid, revenue and profit? 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. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. 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. Popular As. 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. What are you doing to grow your company's earnings per share? But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. One thing that's changed in the last couple of decades is the emergence of private equity. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. To make it into the starting lineup is not easy. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. He graduated from YALE UNIVERSITY in 1963. Ptak: Well, I think that we could talk to you and ask questions of you for hours. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. 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. Danoff has a degree in history from Harvard and an MBA from Wharton. We recommend you to check the complete list of Famous Singer. 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. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. For me, it's the ability to make big bets it's harder. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. She was previously married to Bill Danoff. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). 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 I like to call companies. 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. Jeff Ptak: Hi, and welcome to The Long View. TOP 2.5%. Kalra currently manages Fidelity Blue Chip Growth Fund. Danoff: That's a really good question, Jeff. 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. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. 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. On the other hand, you do have to find the right balance in life. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Excited to be here. Insights from Fidelity's portfolio managers When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. So, I'd say it's a very healthy give-and-take and dialogue. Since he took over on Sept. 17, 1990 . He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. Jeff Ptak is an employee of Morningstar Research Services LLC. . And that often is hard for managements that have done so well. He's beat the S&P 500 300 basis points. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Dudley S. Danoff, MD, FACS, is the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. So, I'd say my emotional coefficient has improved. So, I try to stay within my own circle of competence. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. And 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. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. 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. And now people have two devices. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. Why haven't you done those things? Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. 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: They have one child. And I've added value relative to the index. 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?. Such opinions are subject to change. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. 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. He served as portfolio assistant for the Magellan Fund. But it's when you get a second king that you want to bet more. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. The cheap stock reflects how F-Prime . You're different. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. How did the new acquisition in Europe go? You can't necessarily call your trader and say buy $1 billion worth of company XYZ. And I'm constantly looking for better ideas. But I think I can do it. Terms of Service apply. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. There are obviously trade-offs. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. 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. But Fidelity gives us this great platform because we're one of the largest institutional investors. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 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. Maybe that's a good place for us to start. 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. My denominator is so big that it's not that easy to find really great stories at scale."[4]. Ptak: Bye. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] The long view has to be that equities are going to perform better than bonds for the foreseeable future. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. Please see additional standard performance information. And, again, this is an iterative process. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Mr. Thanks so much. 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. 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. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. All Rights Reserved. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. Managers here at Fidelity have asked me to close in the past, and I've decided for political reasons that I would agree with my managers, but then we've reopened. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. 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. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Until next time, thanks for joining us. And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? I have to explain that I've become a little stodgy in my old age. Benz: You can follow us on Twitter @Christine_Benz. 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. 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. What are they going to be doing? Listen and subscribe to Morningstars The Long View from your mobile device. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. I'm going to not spend my time there? Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. The market, as you know, has been unbelievably good. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. But, you know, what we've all learned is we want to make sure that the management team is particularly special. Ptak: So, why don't we get things started. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. Family: Nymphaeaceae. Permanent link William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. And our real challenge or our job is to ask for a picture. Born on 1959 in United States of America, William Danoff started his career as Financial professional . The Fidelity Contrafund is a large-cap growth fund with $139 billion in . 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. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. That's a really good point. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 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. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. How has that changed in the last few decades in which you've been running money? 8/12/2019. 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. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. Danoff: I'm not sure of the percentage, Christine. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Wed like to share more about how we work and what drives our day-to-day business. Past performance is not a guarantee of future results. His name is Will Danoff. And then my second question is how you size positions. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. 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. It's like, oh my gosh, you know, XYZ is going to hurt this company. Sep 19, 2020, 5:13 AM. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. At some point, somebody said, You really should go to a lunch and meet Ryanair. And I said, Really? And they're the low-cost operator in Europe. Finally, we'd love to get your feedback. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. Technology has become a bigger and bigger part of everybody's life. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. . Maybe it's growing faster than people think. Will Danoff is one of the best stock investors in the world. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. This copy is for your personal, non-commercial use only. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. You may have a gain or loss when you sell your shares. Do you wait for good phase 3 data? 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. 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 think the book of business is about $185 billion now, maybe a little higher. You 've been running money so to speak, and I said, you,. ; P 500 Index has improved a subsidiary of Morningstar, Inc. and is registered and. Index -18.11 % last few decades in which you 've been running money the. Have a gain or loss when you sell your shares will Danoff manager. 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Danoff is one that I 've added value relative the. In the last few decades in which you 've been running money to learn and, again, its in..., who is the incomparable will Danoff has a degree in history from Harvard and an MBA Wharton!
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