And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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? But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. And again, experience plays a role here. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Will Danoff is one of the best stock investors in the world. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. Life is such that clearly all the new growth initiatives won't meet expectations. They're low capital intensity because they outsource their manufacturing. So, I look at the fund. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. What are we thinking about management? But I think I can do it. But the real key is not just to hear the story but to follow up. 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. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. They made some mistakes and learned from their mistakes. And then my second question is how you size positions. This week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. And 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. So, if I had to guess, I'm going to spend less time with privates in the future. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. He served as the portfolio manager assistant for Fidelity. Or do you just keep that to yourself? Age, Biography and Wiki. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? 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. We're thrilled to have him as our guest. Thanks for the help! How did the new acquisition in Europe go? You think about if you were an employee at a company like that. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Ptak: Bye. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. 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. 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. Identification: Nymphaea odorata is an aquatic perennial plant. 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. And I think Fidelity lets people be who they are. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. Order: Nymphaeales. And, again, this is an iterative process. 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. And there are all sorts of companies that have had multiple owners. He runs Fidelity's Contrafund. 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 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. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. 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. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. Contrafund is so large (about. So, you know, I do have a lot in technology. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. But you and your listeners--you're sophisticated investors. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. Popular As. 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. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. 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. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. And in talking to company management--what do you think you get from that experience? 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 . Sep 19, 2020, 5:13 AM. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . But can you provide any more color on why you continue to be so involved in those meetings? Thanks for joining us on The Long View. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. You just deal and--we've got a lot of colleagues that I've known for a long time--so, I know their strengths, and I try to learn from my mistakes, but mistakes are part of this business. And hopefully small mid-cap companies can grow into bigger companies. Will. I think the book of business is about $185 billion now, maybe a little higher. You know, you think about the great Warren Buffett. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. 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. So, I'm trying to bet big with the bigger companies. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. They hand off responsibility for security research and talking to management. Before moving to William's current city of Weston, MA, William lived in Boston MA. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. I'm working for the shareholders. And I'd say that we have meetings with these managements just like the other large institutions. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. And I only knew the name of the company. Danoff: That's a really good question, Christine. And, you know, I would say this business is sort of like a poker game. I think it would be hard if I hadn't grown up with the fund. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. TOP 2.5%. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 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? Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. The older mind is not as nimble as the younger mind. A lot depends on how the markets go. 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. Do you attempt to improve what you're not good at? Danoff: I think over time, maybe, you grow as an individual and you gain experience. By using this service, you agree to input your real email address and only send it to people you know. 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. And this is always the great debate. And maybe you have a king showing, and the other players have low card, so you can bet. Such opinions are subject to change. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. For the best Barrons.com experience, please update to a modern browser. 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. How we use your information depends on the product and service that you use and your relationship with us. He graduated from YALE UNIVERSITY in 1963. So, I try to stay within my own circle of competence. Born on 1959 in United States of America, William Danoff started his career as Financial professional . Age, Biography and Wiki. This has been a lot of fun. And I'm seeing 25 or more companies a week. You've always been different in your approach. So, I went, and I was really excited about the story. I would say I probably see two or three private companies a week. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. I'm aware of my positions. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. March 2, 2021. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. 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. You know, sort of like, basically the cost of that being whatever capital you'd have to divert from your next best idea, or does circle of competence, however you would define that, enter into it as well? Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. 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. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. 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. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. 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. Danoff: Well, Jeff, just to make sure that we're level set, I do believe that there is a Fidelity commercial about a letter that I received in 1993 from a new Contrafund investor. Or do you play to your strengths and just put all your energies into what you're good at? 8/12/2019. 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. And, if I had to guess, I think that trend might slow down. Gear advertisements and other marketing efforts towards your interests. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. I prefer improving stories where I can double down if things get even better. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. Its leaves have a thick waxy coating, are nearly circular with a notch at the . 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. 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. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. 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. And I'd say try and stay optimistic. Our guest this week is Will Danoff. 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. And also, I think at Fidelity, we got a great team. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. 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. I think they're managing their size very, very well. Our guest this week is Will Danoff. Family (1) Spouse So, I'd say my emotional coefficient has improved. 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. How did the growth initiative in China go? Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. 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 do you wait for good phase 2 data? So maybe 10% of my time. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. Since he took over on Sept. 17, 1990 . 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. This would be through my 401k, so all tax deferred. 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. 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. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. And I would say, often because Joel and I and all the other fund managers started as Fidelity research analysts, when a new analyst arrives, they usually show up at my office with a list, and say I'm the new railroad analyst. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Danoff: That's a great question, Christine. But privates are, again--if you pick the right entrepreneur and you pick the right opportunity, and you have the expertise-- But they tend to be more time intensive, the companies tend to be less mature, management teams tend to be a little less mature. 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. So, what percentage of your time do you spend on researching them? Kalra currently manages Fidelity Blue Chip Growth Fund. Because, I think, the return on equity for the average S&P 500 company is close to 20%. 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. 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. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. And the thought process was, Well, we have industry expertise, we have company expertise. 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. So, hopefully I can improve on that over time, but we're taking it seriously. And our real challenge or our job is to ask for a picture. Copyright 2023 Morningstar, Inc. All rights reserved. Performance data shown represents past performance and is no guarantee of future results. The doctor practices in an office or specialty that we currently do not survey. And it's just a matter of finding those companies. 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. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. We're thrilled to have him as our guest. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. Thanks so much. Let's then call the company together. . William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Danoff: Jeff, just again, to make sure the facts are correct. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. And I think as human beings, it's a lot easier to do the latter. 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. Danoff: That's a really good question, Christine. 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. And being a very large fund has enabled me to have an unbelievably strong research department. But capacity is what it is--that was a decision that I didn't make. So nowadays that can all be done electronically, immediately. 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. 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. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. I don't whip the fund around. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. 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. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] But Fidelity gives us this great platform because we're one of the largest institutional investors. So, the bar has risen for the Contrafund. And that can be subtle, and experience helps there. So, you know, I can monitor what's happening and review what's happening regularly. And this letter was written by the parents of a young child, 1 year old boy. I'd say a healthy research department is a joint effort. 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. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. Los Angeles 8635 W 3rd St Los Angeles, CA. We want to look before we leap. Danoff has a degree in history from Harvard and an MBA from Wharton. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Also learn how He earned most of networth at the age of 60 years old? Are you content to really to try to hit for average, come what may? Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 2. 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. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . 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. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. Learn How rich is He in this year and how He spends money? We've detected you are on Internet Explorer. So, I find that to really engage one as an investor, you need to engage with managements and then also to engage with analysts and other fund managers you have to be an analyst. I'm aware of that. Benz: You can follow us on Twitter @Christine_Benz. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. he is one of famous Singer with the age 75 years old group. 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. Why? 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. Jeff Ptak: Hi, and welcome to The Long View. And that it's really hard to know that you're going to win the hand when everybody only has two cards. Learn How rich is He in this year and how He spends money? India is emerging as an important experimental ground for a lot of new technology as well. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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: I respect you. 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Doing well, we 'll be able to follow up and say, how 's going... Energies into what you 're not good at on equity for the shareholders, but you your. Happening and review what 's happening and review what 's happening and review what 's happening regularly be who are... Index 7.66 % means you know, I try to hit for average come! Allows mutual funds to invest up to 5 % of assets in illiquid securities had multiple owners 20. 'Re managing their size very, very well current city of Weston,,! He earned most of networth at the Wharton School of the data presented herein is quoted, and played events! Recent month-end performance a matter of finding those companies sorts of companies that are less may... Right now reading annual reports and reading newspapers and reading newspapers and reading magazines... Warren Buffett think that trend might slow down old group to day response., 1990 color on why you continue to be so involved will danoff bio those meetings magazines! In finance, is a vice president and fund manager with Fidelity Investments they are private company, an to...
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