The doctor practices in an office or specialty that we currently do not survey. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. There are always reasons to worry. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. He's a graduate of Harvard University and. And again, I referenced low interest rates. 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 that can be subtle, and experience helps there. 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. The long view has to be that equities are going to perform better than bonds for the foreseeable future. Even in energy, which is way out a favor right now, there may be an opportunity over time. As of July 2018, the fund has continued its outperformance over the S&P 500. You can't always assume that managements going to do the right thing. Eclipsing the market over decades is astonishing. This year, he marks three decades of managing the $131 billion We recommend you to check the complete list of Famous People born on . And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. And I'd say that we have meetings with these managements just like the other large institutions. [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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. Danoff: I'm not sure of the percentage, Christine. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. But you and your listeners--you're sophisticated investors. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. Danoff: That's a really good question, Christine. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). So, what percentage of your time do you spend on researching them? So Hey, that sounds really good. And I think the key point is that every sector, every market has a certain cycle, and Fidelity did a very good job in the 2012 time frame, seven or eight years ago, of seeing some of the early private opportunities and capitalizing on those. That has been a change over the last couple of years. 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. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. And this letter was written by the parents of a young child, 1 year old boy. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Danoff manages Fidelity's Contrafund and has for over thirty years. And that often is hard for managements that have done so well. I'm Jeff Ptak, director of manager research for Morningstar Research Services. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. And I've been with the Contrafund for 29, almost 30 years. 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. Performance data shown represents past performance and is no guarantee of future results. 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. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. We're thrilled to have him as our guest. I like to call companies. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. William Danoff is 62 years old today because William's birthday is on 07/13/1960. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Listen and subscribe to Morningstars The Long View from your mobile device. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? So, in your opinion, what do you think we got wrong? Thanks for joining us on The Long View. Benz: You can follow us on Twitter @Christine_Benz. 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. So I ran into at about 12:35, and there was an empty seat, and I sat down. So, it's a little easier. It's like, oh my gosh, you know, XYZ is going to hurt this company. And as investors, we all need to play to our strengths and be who we are. 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. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. On the other hand, you do have to find the right balance in life. 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. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. Tom Ford. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. Owen Danoff s birth sign is Scorpio. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. Thanks for the help! And if you haven't seen it, it's a very good letter. 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. Danoff: That's a really good question, Christine. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Please see additional standard performance information. And then my second question is how you size positions. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. For the best Barrons.com experience, please update to a modern browser. You can do it, but that's going to take some time. 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. How good is this management team?. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. Are we going to get sold again to some conglomerate or to some private equity firm?. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. In the biotech area--I took biology 40 years ago--so, I am way out of date. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. How has that changed in the last few decades in which you've been running money? In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. William Danoff: Thanks, Jeff. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. 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. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. He was previously married to Taffy Nivert. Do you wait for FDA approval? And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Are you content to really to try to hit for average, come what may? Learn How rich is He in this year and how He spends money? The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. 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. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. At the helm of Fidelity's Contrafund,. But Fidelity gives us this great platform because we're one of the largest institutional investors. 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?. Why? 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. I'd say a healthy research department is a joint effort. 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. So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. And we talked about the long view. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. 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. I would say I probably see two or three private companies a week. Fidelity does not guarantee accuracy of results or suitability of information provided. 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. And the executive said, You know, we're not really competing with the airlines. We want to look before we leap. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. Let's then call the company together. 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. They hand off responsibility for security research and talking to management. I think it would be hard if I hadn't grown up with the fund. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. And that's where the privates are. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. So, I'd say it's a very healthy give-and-take and dialogue. 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. So, you know, I can monitor what's happening and review what's happening regularly. 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. Order: Nymphaeales. Technology has become a bigger and bigger part of everybody's life. Jeff Ptak is an employee of Morningstar Research Services LLC. 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. Soundtrack: Kingsman: The Golden Circle. [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". This article about an American businessperson born in the 1950s is a stub. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Danoff has a degree in history from Harvard and an MBA from Wharton. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. Already a member? But everybody worries about everything. Genus: Nymphaea. Identification: Nymphaea odorata is an aquatic perennial plant. And I think Fidelity lets people be who they are. 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? Bill Danoff In 1976, using Fat City as the core, Bill added Jon Carroll and Margot Chapman to form the Starland Vocal Band, which quickly gained national fame with the monster hit, "Afternoon Delight". Consistently outperforming the market is very hard. And so far, we've done well. Will Danoff is the Portfolio Manager of Fidelity Contrafund. But when it comes to some of the tech and the biotech, I'm treading more lightly. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. And they've just kept executing. Popular As. But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. 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. Also learn how He earned most of networth at the age of 60 years old? I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. And I think that probably partly explains why I haven't been as active on social media. He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. Insights from Fidelity's portfolio managers. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. I'm aware of my positions. When he was just 15 years old, he created his first original song and produced it on his own. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And then they want to talk to the largest shareholders, the potential largest shareholders. 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. I'm considering fcntx- fidelity contra fund- .82 ER. But there's a tremendous opportunity to learn and to monitor what's happening. 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. 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. 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. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. 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. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. She was previously married to Bill Danoff. 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. But capacity is what it is--that was a decision that I didn't make. You think about if you were an employee at a company like that. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Our guest this week is Will Danoff. Danoff: Yeah, Jeff and Christine. He subsequently . One thing that's changed in the last couple of decades is the emergence of private equity. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. I think the book of business is about $185 billion now, maybe a little higher. And there are all sorts of companies that have had multiple owners. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. 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? Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. Will Danoff32 years I prefer improving stories where I can double down if things get even better. 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. Age, Biography and Wiki. During Danoff's 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods; it has outperformed the S&P 500 Index by an average of 3.21 percentage pointsRead More 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. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. Opinions expressed are as of the date of recording. He's beat large-cap growth by 400 basis points. William Danoff is currently vice president at Fidelity Investments. 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. During his ne.- Hren Sie Will Danoff: Succeeding at Scale von The Long View sofort auf Ihrem Tablet, Telefon oder im Browser - kein Herunterladen erforderlich. 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, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. 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. Again, we're all a product of where we started in the business. 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. This chart is not intended to imply any future performance of the investment product. No patient rating & comments. Life is such that clearly all the new growth initiatives won't meet expectations. Class: Magnoliopsida. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. And I hope everybody has a great year. For a long time, I was a little late to the software-as-a-service sector. We've detected you are on Internet Explorer. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. And if you're working all the time, then you're probably missing what's happening in the world. And, if I had to guess, I think that trend might slow down. Danoff: That's a great question, Christine. Over that time, the fund has returned 13.7% a year, on average, beating the Ptak: Well, I think that we could talk to you and ask questions of you for hours. Taffy Nivert. And when these companies do come around to Boston, they presumably have an agenda. 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, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. You've always been different in your approach. 5847 Education: BA Hunter College, City University of New York, 1976. 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. But do you wait for good phase 2 data? I don't whip the fund around. And now people have two devices. I'm working for the shareholders. Bill Danoff Family Background & Career. Wed like to share more about how we work and what drives our day-to-day business. . For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. 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. (2008) and Bloodrunners (2017). 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 . 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. But, you know, what we've all learned is we want to make sure that the management team is particularly special. 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. Is going to perform better than bonds for the foreseeable future contact Jones! Do not survey modern browser company to think about trying to identify I monitor. Ptak is an employee of Morningstar research Services difficult, harder groups understand... 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