Or do you play to your strengths and just put all your energies into what you're good at? William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. Danoff: That's a really good question, Christine. At the helm of Fidelity's Contrafund,. He is affiliated with Cedars - Sinai Medical Center. But we're working for the shareholders here at Fidelity, and I take that quite seriously. 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. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. 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. Life is such that clearly all the new growth initiatives won't meet expectations. This would be through my 401k, so all tax deferred. Information that you input is not stored or reviewed for any purpose other than to provide search results. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. Class: Magnoliopsida. 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. So, hopefully I can improve on that over time, but we're taking it seriously. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Why haven't you done those things? What are we thinking about management? Fidelity Contrafund For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. 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. And I'd say try and stay optimistic. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. 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. So, you know, I can monitor what's happening and review what's happening regularly. But the real key is not just to hear the story but to follow up. 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. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. 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. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. By using this service, you agree to input your real email address and only send it to people you know. So, I try to stay within my own circle of competence. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. How did the growth initiative in China go? For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. And it's just a matter of finding those companies. I have to explain that I've become a little stodgy in my old age. 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? And if you like the management team, if you like the business model, and you can't find any better ideas, why not? And so far, we've done well. Sep 19, 2020, 5:13 AM. And that can be subtle, and experience helps there. 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. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. But, you know, what we've all learned is we want to make sure that the management team is particularly special. And again, experience plays a role here. Go to YouTube and hear the story. So, what percentage of your time do you spend on researching them? He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. They're low capital intensity because they outsource their manufacturing. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. He's beat the S&P 500 300 basis points. Please see additional standard performance information. And I've added value relative to the index. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. Performance data shown represents past performance and is no guarantee of future results. 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. Ptak: Bye. 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. All investments are subject to investment risk, including possible loss of principal. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. Wed like to share more about how we work and what drives our day-to-day business. 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. 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. Maybe another competitor is doing a better job. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. It is not possible to invest in an index. They have one child. 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? And I introduced myself to the person to my left, who turned out to be the CEO of the company. Mitchell Danoff is 71 years old and was born on 07/24/1951. And then they want to talk to the largest shareholders, the potential largest shareholders. [2] Early life and education [ edit] He graduated from YALE UNIVERSITY in 1963. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. 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. We recommend you to check the complete list of Famous People born on . 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. So, I'd say it's a very healthy give-and-take and dialogue. The band recorded for John Denver's Windsong label. Copyright 1998-2023 FMR LLC. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. And if you're working all the time, then you're probably missing what's happening in the world. I mean Fidelity is an unbelievable organization. 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. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. 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. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. Our guest this week is Will Danoff. Age, Biography and Wiki. 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. 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? And I said, I have to go to this presentation. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. 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. 14. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Over that time, the fund has returned 13.7% a year, on average, beating the 9/17/1990-12/31/2022. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. 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. Technology has become a bigger and bigger part of everybody's life. As of July 2018, the fund has continued its outperformance over the S&P 500. You've always been different in your approach. Scientific Name: Nymphaea Odorata Ait. And that it's really hard to know that you're going to win the hand when everybody only has two cards. So nowadays that can all be done electronically, immediately. 269. Also learn how He earned most of networth at the age of 31 years old? I mean, I was the retail analyst at Fidelity in the mid 80s. And it's an iterative game. Family (1) Spouse But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. There are some tricks to the trade that I implement. I think the book of business is about $185 billion now, maybe a little higher. And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. These are behemoth companies. And I've been with the Contrafund for 29, almost 30 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. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. The older mind is not as nimble as the younger mind. Popular As. MD The Medical College of Pennsylvania, 1980. 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. Our guest this week is Will Danoff. So, you know, I do have a lot in technology. This article about an American businessperson born in the 1950s is a stub. 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. So, it's a little easier. 5847 Education: BA Hunter College, City University of New York, 1976. Call to Schedule. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. 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. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. 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. 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. Honestly, Jeff, you have to play to your strengths. But I think I can do it. 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. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. The Internet is changing business models, but it's helping a fair number of companies. And in talking to company management--what do you think you get from that experience? And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. But in every industry, there are new emerging themes, and hopefully, the Fidelity research department and I can identify those themes and find companies that are going to benefit from those themes. But partly, it's just this opportunity. And, you know, I would say this business is sort of like a poker game. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. Drew Angerer/Getty Images. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. But there's a tremendous opportunity to learn and to monitor what's happening. 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. 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 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. And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. Are you content to really to try to hit for average, come what may? India is emerging as an important experimental ground for a lot of new technology as well. And we can also monitor all of these companies overseas. S&P 500 Before moving to William's current city of Weston, MA, William lived in Boston MA. Ptak: Well, I think that we could talk to you and ask questions of you for hours. 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? 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. Danoff: That's a really good question, Christine. These are really great management teams, and you can have the kind of experience that I have just on the Internet, and then, everybody can listen to a conference call, just like I can. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. 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. But mostly that's market appreciation. There are obviously trade-offs. That's a really good point. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? ! William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). I mean, it's great, and clearly, culture starts at the top, but when you have access to people who are making the decisions, who are actually out in the field seeing the competitive response or knowing the challenges of delighting the customer, that can really, really help, and I think larger funds like Contrafund have that advantage to do more in-depth research. But it's when you get a second king that you want to bet more. (2008) and Bloodrunners (2017). 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 . But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. Danoff, a firsthand witness to more than one major market blowup, has tended to outperform large-growth peers and the Russell 1000 Growth Index in down markets during his tenure. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. So, I don't know that many great investors who aren't great analysts. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. So, I went, and I was really excited about the story. And the thought process was, Well, we have industry expertise, we have company expertise. 5 stars. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. And those are the types of companies that Contrafund and Fidelity is most interested in. 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. Such opinions are subject to change. And that the key was to sweat your assets and fill your planes out by charging a low price. And one of the lessons is you have to continue to bet big and you know the story about active share. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. One thing that's changed in the last couple of decades is the emergence of private equity. But this is what we do, and we try to do the best we can. 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. Eclipsing the market over decades is astonishing. And then my second question is how you size positions. Order: Nymphaeales. And this is always the great debate. 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 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. I'm Jeff Ptak, director of manager research for Morningstar Research Services. 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.*. 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. For a long time, I was a little late to the software-as-a-service sector. Even in energy, which is way out a favor right now, there may be an opportunity over time. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Danoff manages Fidelity's Contrafund and has for over thirty years. 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. You may have a gain or loss when you sell your shares. 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. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Ptak: I wanted to shift gears if we can and talk about one of the other dimensions that you're responsible for, which is portfolio construction, but I wanted to zero in on capacity, which I'm sure is a question you never tire of answering. This copy is for your personal, non-commercial use only. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. We sell different types of products and services to both investment professionals and individual investors. But you know, you're not necessarily part of the zeitgeist. Will Danoff is one of the best stock investors in the world. Of private equity is a family owned company that you 're not necessarily part of everybody 's.. Do the best Stock investors in the world and fill your planes out by charging a low price probably! 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