At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And I was going to as many meetings as I could and just wanting to learn as much as I could. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. And I think as human beings, it's a lot easier to do the latter. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. In the biotech area--I took biology 40 years ago--so, I am way out of date. indexs 10.4%. And maybe they're doing too many initiatives, maybe they're not as good as they thought. And I'd say try and stay optimistic. At the helm of Fidelity's Contrafund,. They made some mistakes and learned from their mistakes. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. 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. 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. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Family (1) Spouse He was previously married to Taffy Nivert. This year, he marks three decades of managing the $131 billion This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . And whether that informs the way you manage the portfolio. 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. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. 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. Why are you here? And often there is a story to be told, and they want to express it to potentially large shareholders, and sometimes there is a subtext, and you've got to try to anticipate what are the other person's objectives. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. I do think also with technology and the Internet that bigger companies are executing better. Develop and improve features of our offerings. 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. Verify your identity, personalize the content you receive, or create and administer your account. But when it comes to some of the tech and the biotech, I'm treading more lightly. Low interest rates have created certain distortions in valuation. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Learn How rich is He in this year and how He spends money? Privacy Policy and The doctor practices in an office or specialty that we currently do not survey. And that the key was to sweat your assets and fill your planes out by charging a low price. Bill Danoff Family Background & Career. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. Already a member? Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. 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: Will Danoff is the Portfolio Manager of Fidelity Contrafund. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Life is such that clearly all the new growth initiatives won't meet expectations. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. How high are expectations? William Danoff was born on 1960. I'm going to not spend my time there? 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. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. On the other hand, you do have to find the right balance in life. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. Identification: Nymphaea odorata is an aquatic perennial plant. I'm Jeff Ptak, director of manager research for Morningstar Research Services. 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. And so, one has to be very careful. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. 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. Go to YouTube and hear the story. And this is always the great debate. Such opinions are subject to change. William Danoff: Thanks, Jeff. And I'd say that we have meetings with these managements just like the other large institutions. 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. 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. Bio of Golfer Bettye Danoff, an LPGA Founder Bettye Danoff never won on the LPGA Tour, but she still has a very important place in tour history: She was one of the tour's 13 founding members. 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. But there's something to be said for not going to any meetings. I think they're managing their size very, very well. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. Popular As. 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. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. It's really hard for me to get excited about it like you. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. Danoff: I'm not sure of the percentage, Christine. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. And they've just kept executing. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. Mr. But I have experience. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? . Or do you just keep that to yourself? And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. 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 like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. This is sort of who I am. So, you sell a little and then you realize you overreacted. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. 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 it's just a matter of finding those companies. 2. Thanks so much. So, I think you mentioned the word edge, I don't think about edge at all. 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. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. And if I like the management team, and I'm confident that they're going to be able to grow, and I like what they're doing. Please see additional standard performance information. And again, I referenced low interest rates. Also learn how He earned most of networth at the age of 31 years old? Listen and subscribe to Morningstars The Long View from your mobile device. Danoff: That's a really good question, Christine. 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. 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. To make it into the starting lineup is not easy. We sell different types of products and services to both investment professionals and individual investors. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. And, you know, I would say this business is sort of like a poker game. Let's call the company together, or let's go visit the company together. Because, if you, Jeff, and I were working together, and I was just out at a conference and came back and said, Oh, my gosh, ABC Company sounded awesome. 5 stars. 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. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. 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? But if they don't, what are we learning from that? How did the initiative in India go? They've got their EarPods, they've got an iPad, they've got a computer. Are we going to get sold again to some conglomerate or to some private equity firm?. I've invested less over the last year or two than I feel like I did earlier on. Danoff: Yeah, Jeff this business is really competitive. Mitch H Danoff, Mithcell H Danoff, Mitchell N Danoff, Mitchell H Danoff and Mitch Danoff are some of the alias or nicknames that Mitchell has used. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. And I hope everybody has a great year. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . 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. I think it would be hard if I hadn't grown up with the fund. Often, that executive will figure out what they want to do for six months. 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. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. Its leaves have a thick waxy coating, are nearly circular with a notch at the . 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. The cheap stock reflects how F-Prime . Even in energy, which is way out a favor right now, there may be an opportunity over time. But that's just speculation. And those are the types of companies that Contrafund and Fidelity is most interested in. 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. He runs Fidelity's Contrafund. 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. 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. So maybe 10% of my time. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. It is not possible to invest in an index. And that's one of the challenges--we talked earlier about size--that it's harder for me to make a new idea a meaningful bet. And up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. 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. I would say I probably see two or three private companies a week. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Ami Kuan Danoff has held many leadership roles in finance, including vice president at Putnam Investments, but most recently has dedicated her time to philanthropic endeavors. And if you haven't seen it, it's a very good letter. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. 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. 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. Maybe it's growing faster than people think. Mitchell C. Indio, CA. As of July 2018, the fund has continued its outperformance over the S&P 500. But it's when you get a second king that you want to bet more. And it's an iterative game. The long view has to be that equities are going to perform better than bonds for the foreseeable future. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. Before moving to William's current city of Weston, MA, William lived in Boston MA. Will. 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. Knowledge to anticipate the future say, in the last 10 years, these mega-cap companies been. 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