William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. 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. Honestly, Jeff, you have to play to your strengths. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. Dudley S. Danoff, MD. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. 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. Please see additional standard performance information. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Bill Danoff Family Background & Career. 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. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. I'd say a healthy research department is a joint effort. There are obviously trade-offs. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. The market, as you know, has been unbelievably good. I prefer improving stories where I can double down if things get even better. I'm investing less. Los Angeles 8635 W 3rd St Los Angeles, CA. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. And then they want to talk to the largest shareholders, the potential largest shareholders. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. I think they're managing their size very, very well. There are some tricks to the trade that I implement. 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. So, I'd say my emotional coefficient has improved. 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. What are they going to be doing? And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. And so far, we've done well. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. Danoff: That's a great question, Christine. 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. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Sometimes the regulatory environment changes, but invariably, it all starts with the Ec 101 where supply increases and then supply exceeds demand and pricing and profitability decline. 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 up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. 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 hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. Identification: Nymphaea odorata is an aquatic perennial plant. And I think as human beings, it's a lot easier to do the latter. I'm considering fcntx- fidelity contra fund- .82 ER. Often, that executive will figure out what they want to do for six months. he is one of famous Singer with the age 75 years old group. And I think Fidelity lets people be who they are. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Copyright 1998-2023 FMR LLC. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. William Danoff was born on 1960. 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. Go to YouTube and hear the story. I don't whip the fund around. An error has occurred, please try again later. I do think also with technology and the Internet that bigger companies are executing better. 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. Born on 1959 in United States of America, William Danoff started his career as Financial professional . What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. In the biotech area--I took biology 40 years ago--so, I am way out of date. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. [2] Early life and education [ edit] The band recorded for John Denver's Windsong label. But the real key is not just to hear the story but to follow up. And I've been with the Contrafund for 29, almost 30 years. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. How did the growth initiative in China go? Taffy Nivert. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. So that'swhatever--coming up on 16 years, and I don't know, maybe 10 years ago, we decided that we needed to visit Mountain View more regularly and asked for visits with somebody other than just the CFO. This year, he marks three decades of managing the $131 billion And I introduced myself to the person to my left, who turned out to be the CEO of the company. 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. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. You may have a gain or loss when you sell your shares. But can you provide any more color on why you continue to be so involved in those meetings? Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . 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, if I had to guess, I'm going to spend less time with privates in the future. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? Will Danoff is one of the best stock investors in the world. Masters in Business. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. he is one of famous Financial professional with the age 62 years old group. 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. And if you're out there, somebody, I think, famous once said, You don't learn anything if you're talking all the time and something about You got one mouth and two ears, you should use them in that rough proportion, but it's just who I am. I think it would be hard if I hadn't grown up with the fund. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. 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. 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. 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 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. I just feel more comfortable with the idea of touching and feeling, interviewing management, trying ideally to go to as many company presentations or user conferences. Copyright 2023 Morningstar, Inc. All rights reserved. Ptak: Well, I think that we could talk to you and ask questions of you for hours. 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 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. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Maybe it's growing faster than people think. So, I think you mentioned the word edge, I don't think about edge at all. And they were a relatively small player with a differentiated product and mostly selling balances to labs. Gear advertisements and other marketing efforts towards your interests. 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. It's like, oh my gosh, you know, XYZ is going to hurt this company. But we're working for the shareholders here at Fidelity, and I take that quite seriously. Order: Nymphaeales. 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 . I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. His name is Will Danoff. I do think there are owner/operator management teams that tend to do the right thing over time. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. Why? And do you expect that to ramp up further in the future? I would say I probably see two or three private companies a week. Benz: So, you've mentioned circle of competence a couple of times. Adam Danoff net worth is $900,000. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. Contrafund currently is heavily invested in technology. I'm tasting the soup in the kitchen every day and tweaking it, but generally, I like the taste and I'm aware of the taste profile that I have. All investments are subject to investment risk, including possible loss of principal. 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. 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. Thank you again, so much, for joining us on The Long View. Over the past year through February 11, Contra returned 27.6%,. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. Permanent link Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. 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. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. That includes . And I'd say try and stay optimistic. This article about an American businessperson born in the 1950s is a stub. Our guest this week is Will Danoff. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. So, I look at the fund. 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. I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. Please see additional standard performance information. The doctor practices in an office or specialty that we currently do not survey. Owen Danoff s birth sign is Scorpio. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. I mean, Apple is the largest company in the world; they're very profitable. But I think I can do it. So, I'd say it's a very healthy give-and-take and dialogue. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. I'm working for the shareholders. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. 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. Genus: Nymphaea. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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. This chart is not intended to imply any future performance of the investment product. 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. But do you wait for good phase 2 data? But this is what we do, and we try to do the best we can. 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. Opinions expressed are as of the date of recording. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. How has that changed in the last few decades in which you've been running money? Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. Thanks so much. He was previously married to Taffy Nivert. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. 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? indexs 10.4%. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. Danoff: I'm not sure of the percentage, Christine. So, I don't think it's bad that I've increased my weighting in technology and the business models of some of these larger technology companies. And again, experience plays a role here. And I only knew the name of the company. How high are expectations? The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. And whether that informs the way you manage the portfolio. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 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. And I'm constantly looking for better ideas. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). So, the bar has risen for the Contrafund. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. And I hope everybody has a great year. But that's just speculation. And that can be subtle, and experience helps there. Mistakes are made, but I think that's the other advantage I have at Fidelity where we have a lot of young analysts and associates who are more open to new ideas. 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. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Danoff: I think over time, maybe, you grow as an individual and you gain experience. The cheap stock reflects how F-Prime . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. 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. And I'd say that we have meetings with these managements just like the other large institutions. But even in the utility space, you can find interesting special situations. 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. Popular As. 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. And then two weeks later a packet would arrive. To make it into the starting lineup is not easy. For a long time, I was a little late to the software-as-a-service sector. These are behemoth companies. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. They've got their EarPods, they've got an iPad, they've got a computer. It's really hard for me to get excited about it like you. They're low capital intensity because they outsource their manufacturing. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. What are you doing to grow your company's earnings per share? Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. And 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. 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. 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. 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. 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 then, as we talked about earlier, being so big gives me perhaps slightly better access to key decision-makers than a lot of sophisticated smaller investors would. 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. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. So, you know, I can monitor what's happening and review what's happening regularly. They made some mistakes and learned from their mistakes. We want to look before we leap. 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