They've got their EarPods, they've got an iPad, they've got a computer. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. 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. And we can also monitor all of these companies overseas. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. We've detected you are on Internet Explorer. How high are expectations? How we use your information depends on the product and service that you use and your relationship with us. They have one child. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. So, we have this great opportunity, virtually every day, I can meet with executives from five or six companies, maybe a few less on a quiet day. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. 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. Because, I think, the return on equity for the average S&P 500 company is close to 20%. And, you know, I would say this business is sort of like a poker game. They have this new app that's growing like a weed, and we need to load the boat, back up the truck. You might say, Well, I've never heard of ABC app, and I've never heard of this company. Are we going to get sold again to some conglomerate or to some private equity firm?. indexs 10.4%. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. We recommend you to check the complete list of Famous Singer. Do you wait for FDA approval? He's beat the S&P 500 300 basis points. I mean, Apple is the largest company in the world; they're very profitable. 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. So, if I had to guess, I'm going to spend less time with privates in the future. And then two weeks later a packet would arrive. But you know, you're not necessarily part of the zeitgeist. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Are you content to really to try to hit for average, come what may? Family (1) Spouse 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). I'd say a healthy research department is a joint effort. Los Angeles 8635 W 3rd St Los Angeles, CA. So, in your opinion, what do you think we got wrong? I'm leveraging your industry expertise. 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. [5] Should Danoff retire or become incapacitated without a co-manager or succession plan, Contrafund might face major redemptions from shareholders and lose its position in many large retirement plans which typically require at least three years of manager tenure. Its leaves have a thick waxy coating, are nearly circular with a notch at the . That's a really good point. But partly, it's just this opportunity. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. Soundtrack: Kingsman: The Golden Circle. . 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 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. And that it's really hard to know that you're going to win the hand when everybody only has two cards. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. And then they want to talk to the largest shareholders, the potential largest shareholders. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. And so far, we've done well. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . 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. Identification: Nymphaea odorata is an aquatic perennial plant. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. I would say I probably see two or three private companies a week. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. And then my second question is how you size positions. You can't always assume that managements going to do the right thing. He served as portfolio assistant for the Magellan Fund. Information that you input is not stored or reviewed for any purpose other than to provide search results. 2. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. And this is always the great debate. 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. [2] Early life and education [ edit] Important legal information about the email you will be sending. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . It is a violation of law in some jurisdictions to falsely identify yourself in an email. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. 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. But if they don't, what are we learning from that? Owen Danoff s birth sign is Scorpio. I'm working for the shareholders. 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? 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. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. I respect you. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. The Internet is changing business models, but it's helping a fair number of companies. So, I'd say it's a very healthy give-and-take and dialogue. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. 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. 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. Maybe it's growing faster than people think. 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. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. From You. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. And the name of this show is The Long View. And now people have two devices. Sep 19, 2020, 5:13 AM. [2] The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. And that certainly has been a modest change in the life of a mutual fund manager and a change in the mutual fund industry in the last decade or so. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. So nowadays that can all be done electronically, immediately. Taffy Nivert. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. 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. 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? 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. Ptak: So, why don't we get things started. You can do it, but that's going to take some time. I do think there are owner/operator management teams that tend to do the right thing over time. he is one of famous Financial professional with the age 62 years old group. 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. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. he is one of famous Singer with the age 75 years old group. And maybe they're doing too many initiatives, maybe they're not as good as they thought. The cheap stock reflects how F-Prime . Why haven't you done those things? But I have experience. That has been a change over the last couple of years. But you and your listeners--you're sophisticated investors. Find Dr. Danoff's phone number, address, hospital affiliations and more. He is affiliated with Cedars - Sinai Medical Center. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. 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. He graduated from YALE UNIVERSITY in 1963. We so appreciate the time and insights you've shared with us and our listeners today. And, again, this is an iterative process. Investments in foreign securities involve greater risk than U.S. investments. Opinions expressed are as of the date of recording. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. They hand off responsibility for security research and talking to management. Ptak: Bye. And I've been with the Contrafund for 29, almost 30 years. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. All Rights Reserved. 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? Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. And our real challenge or our job is to ask for a picture. I don't whip the fund around. So, you know, I can monitor what's happening and review what's happening regularly. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. So, I don't know that many great investors who aren't great analysts. Mitchell Danoff is 71 years old and was born on 07/24/1951. They made some mistakes and learned from their mistakes. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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. 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. 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. And whether that informs the way you manage the portfolio. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. I remember being on a panel with Nelson Peltz, and Nelson, who does a great job at Trian, likes to write white papers on the company's business and then start telling management what to do, and I said, the only letter I ever wrote to management was thanking them for a great job and an update that I found particularly helpful. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. 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. There are always reasons to worry. 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. Thank you again, so much, for joining us on The Long View. Among these three, only. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. The market, as you know, has been unbelievably good. Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. These are behemoth companies. But that's just speculation. 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.). Our guest this week is Will Danoff. Gear advertisements and other marketing efforts towards your interests. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And that's where the privates are. Permanent link Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. And this letter was written by the parents of a young child, 1 year old boy. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? He's beat large-cap growth by 400 basis points. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. 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. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Please see additional standard performance information. He runs Fidelity's Contrafund. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. But it's when you get a second king that you want to bet more. So, I try to stay within my own circle of competence. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. But, you know, what we've all learned is we want to make sure that the management team is particularly special. How good is this management team?. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. Fidelity does have a massive staff of analysts. Privacy Policy and Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Danoff: Jeff, just again, to make sure the facts are correct. And I went to a lunch in the mid to early 90s. But there's something to be said for not going to any meetings. Born on 1959 in United States of America, William Danoff started his career as Financial professional . I feel really lucky to be here. 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. I tend not to do well when we have to make a quick pivot. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. Or do you play to your strengths and just put all your energies into what you're good at? 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. Ptak: Well, I think that we could talk to you and ask questions of you for hours. Think there are certain sectors where I 'm willing to trust certain analysts market is a reflection of what happening..., this is an iterative process say, what are we going to get sold again some! Contrafund has beaten the s & P 500 Index 7.66 % research and talking to management said! Firm?, Morningstar is still founder-led, Fidelity is a Family owned company are you content really! Strengths and just put all your energies into what you 're not necessarily part of the Fidelity Contrafund %. 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