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? 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 if you haven't seen it, it's a very good letter. These products and services are usually sold through license agreements or subscriptions. So that's the other reason why I spend a lot of time going to these meetings. 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. 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. 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. And then they want to talk to the largest shareholders, the potential largest shareholders. Masters in Business. 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. Maybe that's a good place for us to start. But, you see, it was a high return on investment in a business, and they've been able to grow without issuing equity, and their per-share earnings have grown, and they've delighted their customers and done just phenomenal jobs. 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. 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. March 2, 2021. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. 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. It sounds like that's personality-driven--that you like to dive into those details yourself. He subsequently . Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. No patient rating & comments. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. 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, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. The band recorded for John Denver's Windsong label. [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. Mitchell Danoff is 71 years old and was born on 07/24/1951. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. 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. Will Danoff is one of the best stock investors in the world. Finally, we'd love to get your feedback. 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 our real challenge or our job is to ask for a picture. Will. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. All Rights Reserved. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Read our editorial policy to learn more about our process. Class: Magnoliopsida. This would be through my 401k, so all tax deferred. Learn How rich is He in this year and how He spends money? 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. But there's something to be said for not going to any meetings. So, in your opinion, what do you think we got wrong? Contrafund is so large (about. 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 there's always controversy. There are some tricks to the trade that I implement. 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. Go to YouTube and hear the story. 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. You can do it, but that's going to take some time. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. At the helm of Fidelity's Contrafund,. Consistently outperforming the market is very hard. Fidelity Contrafund During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. I feel really lucky to be here. Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. 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.*. And again, I referenced low interest rates. How did the new acquisition in Europe go? Thanks for the help! 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. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. You may have a gain or loss when you sell your shares. Performance data shown represents past performance and is no guarantee of future results. It's like, oh my gosh, you know, XYZ is going to hurt this company. And I only knew the name of the company. And, again, this is an iterative process. 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. 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. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. 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. These are behemoth companies. And it's just a matter of finding those companies. And I think that probably partly explains why I haven't been as active on social media. And I don't want it to fall by the wayside. . 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. I respect you. Develop and improve features of our offerings. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . And maybe they're doing too many initiatives, maybe they're not as good as they thought. 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. Dudley S. Danoff, MD, FACS, is the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. What are they going to be doing? But partly, it's just this opportunity. Why? 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. There are obviously trade-offs. Please see additional standard performance information. S&P 500 I do think there are owner/operator management teams that tend to do the right thing over time. And I was going to as many meetings as I could and just wanting to learn as much as I could. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. And this is always the great debate. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. I'm investing less. It's really hard for me to get excited about it like you. 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 so, one has to be very careful. It is not possible to invest in an index. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. Danoff: That's a really good question, Jeff. Our guest this week is Will Danoff. William Danoff: Thanks, Jeff. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. This copy is for your personal, non-commercial use only. 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. Owen Danoff was born in Washington, United States. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. Kalra currently manages Fidelity Blue Chip Growth Fund. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. When he was just 15 years old, he created his first original song and produced it on his own. 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. On the other hand, you do have to find the right balance in life. Information that you input is not stored or reviewed for any purpose other than to provide search results. They're low capital intensity because they outsource their manufacturing. But the real key is not just to hear the story but to follow up. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. 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 . How good is this management team?. 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. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . [1] He is known for " Afternoon Delight ", which he wrote and performed as a member of the Starland Vocal Band, and for writing multiple hits for John Denver, including "Take Me Home, Country Roads". He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. he is one of famous Singer with the age 75 years old group. 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). You think about if you were an employee at a company like that. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Often, that executive will figure out what they want to do for six months. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. 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. He served as portfolio assistant for the Magellan Fund. Danoff: Yeah, no, it's a combination, Jeff. And I'd say that we have meetings with these managements just like the other large institutions. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Insights from Fidelity's portfolio managers. Danoff manages Fidelity's Contrafund and has for over thirty years. 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. Danoff: Yeah, Jeff this business is really competitive. So, you know, I can monitor what's happening and review what's happening regularly. And then my second question is how you size positions. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. 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. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Let's then call the company together. And do you expect that to ramp up further in the future? I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. Gear advertisements and other marketing efforts towards your interests. This is sort of who I am. We so appreciate the time and insights you've shared with us and our listeners today. In the biotech area--I took biology 40 years ago--so, I am way out of date. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. 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. His name is Will Danoff. Why haven't you done those things? William Danoff, better known by her family name William Danoff, is a popular American Financial professional. And that often is hard for managements that have done so well. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? 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. And we can also monitor all of these companies overseas. But mostly that's market appreciation. And so far, we've done well. And when these companies do come around to Boston, they presumably have an agenda. I have to explain that I've become a little stodgy in my old age. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. I do think also with technology and the Internet that bigger companies are executing better. And they've just kept executing. Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. 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. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. The managers are less experienced, but everyone has to hustle. So, it's a little easier. 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? Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. Danoff has a degree in history from Harvard and an MBA from Wharton. 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 again, experience plays a role here. And to monitor what's happening. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. And then two weeks later a packet would arrive. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. And I think Fidelity lets people be who they are. And there are all sorts of companies that have had multiple owners. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. 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. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. He's a graduate of Harvard University and. 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 I hope everybody has a great year. 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.). Sep 19, 2020, 5:13 AM. Dudley S. Danoff, MD. 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. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Call to Schedule. Managers here at Fidelity have asked me to close in the past, and I've decided for political reasons that I would agree with my managers, but then we've reopened. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. Adam Danoff net worth is $900,000. I mean Fidelity is an unbelievable organization. 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. 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