And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. Danoff: Jeff, just again, to make sure the facts are correct. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. As with any search engine, we ask that you not input personal or account information. So, seven or eight years ago, there were a lot of very good opportunities. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] And that it's really hard to know that you're going to win the hand when everybody only has two cards. How good is this management team?. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. And maybe you have a king showing, and the other players have low card, so you can bet. 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. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. Maybe that's a good place for us to start. And now people have two devices. 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. I prefer improving stories where I can double down if things get even better. As of July 2018, the fund has continued its outperformance over the S&P 500. 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. This article about an American businessperson born in the 1950s is a stub. But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. We so appreciate the time and insights you've shared with us and our listeners today. This year, he marks three decades of managing the $131 billion And I only knew the name of the company. I mean, I was the retail analyst at Fidelity in the mid 80s. Danoff: Yeah, no, it's a combination, Jeff. Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. Copyright 2023 Morningstar, Inc. All rights reserved. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Jeff Ptak: Hi, and welcome to The Long View. This has been a lot of fun. I'm aware of that. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Owen Danoff s birth sign is Scorpio. 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 we're always learning, we're trying to stay flexible, we're trying to keep an open mind. 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. And it's an iterative game. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. 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.). 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, I'm trying to bet big with the bigger companies. And our real challenge or our job is to ask for a picture. Benefit (s): Of the fourteen snail species introduced to Hawaii for the biological control of A. fulica, only three have become established: Euglandina rosea, Gonaxis kibweziensis and Gonaxis quadrilateralis . 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. And being a very large fund has enabled me to have an unbelievably strong research department. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. ! And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. I am trying to reduce my turnover. 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. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. 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. By using this service, you agree to input your real email address and only send it to people you know. 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). 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. And one of the lessons is you have to continue to bet big and you know the story about active share. India is emerging as an important experimental ground for a lot of new technology as well. How has that changed in the last few decades in which you've been running money? Identification: Nymphaea odorata is an aquatic perennial plant. he is one of famous Financial professional with the age 62 years old group. So, it's a little easier. Performance data shown represents past performance and is no guarantee of future results. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. 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. William Danoff was born on 1960. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. And so far, we've done well. So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. Danoff: Yeah, Jeff and Christine. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. 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? I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. So, I don't know that many great investors who aren't great analysts. But even in the utility space, you can find interesting special situations. I'm working for the shareholders. How did the new acquisition in Europe go? I have to explain that I've become a little stodgy in my old age. You haven't appeared in commercials or written books or taken to Twitter, and you could do any of those things and gain a big following and greater notoriety. Adam Danoff net worth is $900,000. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? You know, these are very, very smart executives. Often, that executive will figure out what they want to do for six months. 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. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And then two weeks later a packet would arrive. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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 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. Consistently outperforming the market is very hard. But you and your listeners--you're sophisticated investors. If you think ABC Company is the best in your group, I'm willing to accept that. 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. But the real key is not just to hear the story but to follow up. Or do you just keep that to yourself? This site is protected by reCAPTCHA and the Google 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. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. So, I look at the fund. And hopefully small mid-cap companies can grow into bigger companies. The managers are less experienced, but everyone has to hustle. And I'm constantly looking for better ideas. 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. I think they're managing their size very, very well. At the helm of Fidelity's Contrafund,. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. Order: Nymphaeales. 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. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. 2. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Or do you play to your strengths and just put all your energies into what you're good at? Are you content to really to try to hit for average, come what may? So, the question is, Why haven't you? I tend not to do well when we have to make a quick pivot. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. 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: 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. And so, one has to be very careful. Ptak: Well, I think that we could talk to you and ask questions of you for hours. 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. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. 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. I respect you. Do you wait for FDA approval? 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? Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? For a long time, I was a little late to the software-as-a-service sector. 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. How did the growth initiative in China go? Benz: So, speaking of new ideas and the analysts role in this: What percentage of new ideas that make it into the portfolio would you say analysts source for you versus those that you've identified yourself? She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. So Hey, that sounds really good. 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. Information that you input is not stored or reviewed for any purpose other than to provide search results. 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. All investments are subject to investment risk, including possible loss of principal. 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. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. I have told your colleagues--Katie's done a great job monitoring what I've done at Contra over many years--that if I didn't think I could beat the S&P 500 I would ask to close the fund. 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, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Do you wait for, God forbid, revenue and profit? Go to YouTube and hear the story. I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. The doctor practices in an office or specialty that we currently do not survey. But there's a tremendous opportunity to learn and to monitor what's happening. Mitchell C. Indio, CA. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. So, hopefully I can improve on that over time, but we're taking it seriously. The market, as you know, has been unbelievably good. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. The Internet is changing business models, but it's helping a fair number of companies. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. And I was going to as many meetings as I could and just wanting to learn as much as I could. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. 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. 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. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. Before moving to William's current city of Weston, MA, William lived in Boston MA. 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. 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. 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. You do run a lot of money--I think over $100 billion in assets as of last year across the different strategies that you're responsible for, the largest of which is Contrafund. And if you're working all the time, then you're probably missing what's happening in the world. Turnover is maybe 35%. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. 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. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. 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 . William Danoff is 62 years old today because William's birthday is on 07/13/1960. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. 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. 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. So I ran into at about 12:35, and there was an empty seat, and I sat down. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. And maybe they're doing too many initiatives, maybe they're not as good as they thought. This copy is for your personal, non-commercial use only. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. How did the initiative in India go? William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Thanks for joining us on The Long View. 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. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. Also learn how He earned most of networth at the age of 60 years old? Eclipsing the market over decades is astonishing. No patient rating & comments. So nowadays that can all be done electronically, immediately. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. This is sort of who I am. 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. And if you're out there, somebody, I think, famous once said, You don't learn anything if you're talking all the time and something about You got one mouth and two ears, you should use them in that rough proportion, but it's just who I am. 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. Thank you again, so much, for joining us on The Long View. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. You know, you think about the great Warren Buffett. 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. 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. 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. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. Danoff: I'm not sure of the percentage, Christine. Do you wait for good phase 3 data? And I don't want it to fall by the wayside. He's a graduate of Harvard University and. 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. Tom Ford. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Learn How rich is He in this year and how He spends money? Call to Schedule. Bill Danoff Family Background & Career. All Rights Reserved. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. I hadn't really prepared, but I was just going to just learn about this new company. Benz: So, you've mentioned circle of competence a couple of times. 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. Taffy Nivert. I'm considering fcntx- fidelity contra fund- .82 ER. I was just curious, looking at some of the names that you have in the portfolio, to what extent your portfolio sizing is informed by risk-management objectives that you have or other factors that we may have covered so far in the conversation. Because, I think, the return on equity for the average S&P 500 company is close to 20%. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. We're thrilled to have him as our guest. 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. Our guest this week is Will Danoff. So, I went, and I was really excited about the story. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. And I think that probably partly explains why I haven't been as active on social media. 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. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. That has been a change over the last couple of years. Why? Ptak: So, why don't we get things started. Insights from Fidelity's portfolio managers I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. So, in your opinion, what do you think we got wrong? Masters in Business. William Danoff is currently vice president at Fidelity Investments. You think about if you were an employee at a company like that. Are we going to get sold again to some conglomerate or to some private equity firm?. I'm leveraging your industry expertise. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. Do you attempt to improve what you're not good at? It is not possible to invest in an index. They hand off responsibility for security research and talking to management. How high are expectations? The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. The band recorded for John Denver's Windsong label. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. 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, you sell a little and then you realize you overreacted. Find Dr. Danoff's phone number, address, hospital affiliations and more. 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. I was a little stodgy in my old age continue to engage with private. Deutsche marks and we can parlay our analytical skills into late-stage private companies,,. Your energies into what you 're working all the time, I would say again, private companies are opportunity. Off responsibility for security research and talking to management 1982, and investors should visit Fidelity.com/performance for most month-end. 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