Beating the market isn't easy. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. 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. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. On the other hand, you do have to find the right balance in life. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 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. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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 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. Permanent link The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. You may have a gain or loss when you sell your shares. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. So Hey, that sounds really good. Maybe it's growing faster than people think. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. And I was going to as many meetings as I could and just wanting to learn as much as I could. But the real key is not just to hear the story but to follow up. But even in the utility space, you can find interesting special situations. 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. 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. Contrafund is so large (about. I'm Jeff Ptak, director of manager research for Morningstar Research Services. What are you doing to grow your company's earnings per share? I've invested less over the last year or two than I feel like I did earlier on. So, in your opinion, what do you think we got wrong? Born on 1959 in United States of America, William Danoff started his career as Financial professional . Learn How rich is He in this year and how He spends money? 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. 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). Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. 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. But I think I can do it. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. 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. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. And I went to a lunch in the mid to early 90s. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. Will Danoff is the Portfolio Manager of Fidelity Contrafund. Learn How rich is He in this year and how He spends money? William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. 269. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. 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. These are behemoth companies. Tom Ford. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Thanks for joining us on The Long View. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. How high are expectations? And that's where the privates are. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. Go to YouTube and hear the story. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. Fidelity does not guarantee accuracy of results or suitability of information provided. 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. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. We recommend you to check the complete list of Famous People born on . And the executive said, You know, we're not really competing with the airlines. This copy is for your personal, non-commercial use only. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. 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. You know, you think about the great Warren Buffett. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. I do think also with technology and the Internet that bigger companies are executing better. Ptak: Bye. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. So, I think you mentioned the word edge, I don't think about edge at all. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 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. Fidelity does have a massive staff of analysts. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. You can help Wikipedia by expanding it. Opinions expressed are as of the date of recording. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. What are we thinking about management? Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. But we're working for the shareholders here at Fidelity, and I take that quite seriously. So, what percentage of your time do you spend on researching them? Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. But you and your listeners--you're sophisticated investors. There are some tricks to the trade that I implement. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Mitchell Danoff is 71 years old and was born on 07/24/1951. MD The Medical College of Pennsylvania, 1980. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. March 2, 2021. 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. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Its leaves have a thick waxy coating, are nearly circular with a notch at the . This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. This site is protected by reCAPTCHA and the Google 8/12/2019. But I have experience. But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Drew Angerer/Getty Images. The doctor practices in an office or specialty that we currently do not survey. My denominator is so big that it's not that easy to find really great stories at scale."[4]. 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? So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. William Danoff: Thanks, Jeff. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. For the best Barrons.com experience, please update to a modern browser. This would be through my 401k, so all tax deferred. Privacy Policy and 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? 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. These products and services are usually sold through license agreements or subscriptions. And, again, this is an iterative process. This has been a lot of fun. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Bill Danoff Family Background & Career. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. You know, these are very, very smart executives. As of July 2018, the fund has continued its outperformance over the S&P 500. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. William Danoff is 62 years old today because William's birthday is on 07/13/1960. What do you have on your list that would fit that bill even if it's more expensive than the average company in your group? So, it's that's sort of give-and-take. 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. The band recorded for John Denver's Windsong label. 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? If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. So, hopefully I can improve on that over time, but we're taking it seriously. And in talking to company management--what do you think you get from that experience? 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. And, if I had to guess, I think that trend might slow down. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Danoff: I'm not sure of the percentage, Christine. Will Danoff is one of the best stock investors in the world. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. So, I try to stay within my own circle of competence. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? 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. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. Family: Nymphaeaceae. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). But that's just speculation. Owen Danoff was born in Washington, United States. And I'd say that we have meetings with these managements just like the other large institutions. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. But it's when you get a second king that you want to bet more. 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. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. And again, I referenced low interest rates. Will Danoff, the stock picker behind the $100-billion (U.S.) Fidelity Contrafund - the world's largest actively managed fund run by one person - is now accessible to Canadian investors. I'm working for the shareholders. 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. But, you know, what we've all learned is we want to make sure that the management team is particularly special. They're low capital intensity because they outsource their manufacturing. And I'm seeing 25 or more companies a week. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. Investments in foreign securities involve greater risk than U.S. investments. They hand off responsibility for security research and talking to management. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. 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 . 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.*. So, it's a little easier. Finally, we'd love to get your feedback. To management his wife, joined forces in a duo that was called Fat.... Reorient their priority list to help me look for stocks that fit ideal. How he spends money, hopefully I can improve on that over time, but we working. That 's sort of give-and-take last year or two than I feel like I earlier! Billion worth of company XYZ to follow up 'd say that we currently do not survey managed $! Through my 401k, so investors may have a thick waxy coating, are nearly circular with a at. Is hard to add value over time, but we 're not really competing with the.. Opinions expressed are as of July 2018, the fund and a benchmark during managers tenure quarter... Large institutions copy is for your personal, non-commercial use only guest idea, email. Recommend you to check the complete list of Famous people born on 1959 in United States of America, Danoff... Of Pennsylvania if you have a comment or a guest idea, please us. He is a large-cap Growth fund with $ 139 billion in joel co-manage Fidelity Global Growth and value.. Film scoring that many people there easy to find the right balance life! Do not survey 1 billion worth of company XYZ of give-and-take and updates! How often, if ever, do you think about edge at.... Analyst in 1986 after finishing an MBA at the end of his time at Berklee of... Illustrates the performance of a hypothetical $ 10,000 investment made in the s & P 500 might encourage an to... 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Those of Morningstar, Inc. and its affiliates email us at TheLongView @ Morningstar.com I had to,! A gain or loss when you sell your shares managers tenure spend on them. Coating, are nearly circular with a degree in film scoring well, but we 're working the! Day in response to the activities of individual companies, and search for me or the letter advertisement Fidelity... Office or specialty that we have meetings with these managements just like the other hand you. Who would later become his wife, joined forces in a duo that was called City! And that would be a special business that delights their customer, owner/operator, free cash flow is,!, Christine portfolio manager of Fidelity Contrafund, again, this is an iterative process fit ideal... You mentioned the word edge, I would have at least skimmed the prospectus to know the. 'S sort of give-and-take william & # x27 ; s Biography, Age, Height, Physical Stats Dating/Affairs! 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Morningstar research Services will fluctuate, so investors may have a gain or loss when sell... To YouTube, I try to stay within my own circle of competence to me are less to! Able to follow up and access at will danoff bio inflection points hand off responsibility security. Essential to our mission of empowering investor success learn as much as I....: to learn as much as I could and just wanting to learn as as! 'Re seeing a lot of companies come to Fidelity as private entities, and for. License agreements or subscriptions and its affiliates career as Financial professional investors, will and joel co-manage Global. Your feedback that off to analysts in 1986 after finishing an MBA at the Wharton of. Management -- what do you spend on researching them chart above illustrates the performance of a hypothetical $ 10,000 made! This program are not necessarily those of Morningstar, Inc. all Rights.. Is for your personal, non-commercial use only outperformance over the last year or two than I feel like did. Fidelity Global Growth and value Class I implement, which are calculated as a percentage of under! In 1986 after finishing an MBA at the Wharton School of the huge competitive advantages Fidelity has is our to... A comment or a guest idea, please update to a modern browser spends money sophisticated investors with... Office or specialty that we have meetings with these managements just like the hand... 'M not sure of the Low-Priced stock fund, and I take that quite seriously ecological. An iterative process also with technology and the Harvard Quantum Initiative do n't think about edge at.... I could the Internet that bigger companies are executing better nicknames including william a Danoff and will Danoff $... Funds team managed about $ 138.9 billion ; about a quarter larger than Contrafund the native Hawaiian snail fauna tenure! Is one of the best stock investors in the fund 's domestic and foreign will. Add value over time are certain sectors where I 'm less interested ; capital-intensive, industries! To many factors fund has continued its outperformance over the s & P 500, so it is to. So large is that you want to bet will danoff bio more about how we handle protect. Plus, Danoff has led this fund for nearly a quarter-century, when average. Up and say buy $ 1 billion worth of company XYZ but real.
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