So, I went, and I was really excited about the story. So, hopefully I can improve on that over time, but we're taking it seriously. Since he took over on Sept. 17, 1990 . But that's just speculation. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. Consistently outperforming the market is very hard. Again, we're all a product of where we started in the business. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Contrafund currently is heavily invested in technology. For a long time, I was a little late to the software-as-a-service sector. 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? Copyright 2023 Morningstar, Inc. All rights reserved. So, the bar has risen for the Contrafund. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . And I'm seeing 25 or more companies a week. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. 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. And then my second question is how you size positions. 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. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 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. 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 . I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. And hopefully small mid-cap companies can grow into bigger companies. The older mind is not as nimble as the younger mind. 2. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Let's then call the company together. All Rights Reserved. To make it into the starting lineup is not easy. And the thought process was, Well, we have industry expertise, we have company expertise. Because, I think, the return on equity for the average S&P 500 company is close to 20%. But it's when you get a second king that you want to bet more. 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. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Technology has become a bigger and bigger part of everybody's life. Among these three, only. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. He served as portfolio assistant for the Magellan Fund. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. Will. I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. And there are all sorts of companies that have had multiple owners. 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. Our guest this week is Will Danoff. There are obviously trade-offs. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. He served as the portfolio manager assistant for Fidelity. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. Mitchell C. Indio, CA. 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. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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 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. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! 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, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. But there's always controversy. 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). Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. And this letter was written by the parents of a young child, 1 year old boy. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. And I think as human beings, it's a lot easier to do the latter. 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. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. They have one child. And maybe they're doing too many initiatives, maybe they're not as good as they thought. So, in your opinion, what do you think we got wrong? But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? You can help Wikipedia by expanding it. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Performance data shown represents past performance and is no guarantee of future results. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. 14. Danoff: I think over time, maybe, you grow as an individual and you gain experience. How good is this management team?. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Verify your identity, personalize the content you receive, or create and administer your account. But I have experience. 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. It's really hard for me to get excited about it like you. I'm leveraging your industry expertise. 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. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. 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 Hey, that sounds really good. And we talked about the long view. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 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, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. So, it's a little easier. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. These are behemoth companies. 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. So, I'm trying to bet big with the bigger companies. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. Danoff: Yeah, Jeff and Christine. He is affiliated with Cedars - Sinai Medical Center. I mean, Apple is the largest company in the world; they're very profitable. Or do you play to your strengths and just put all your energies into what you're good at? Terms of Service apply. Low interest rates have created certain distortions in valuation. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Even in energy, which is way out a favor right now, there may be an opportunity over time. And we can also monitor all of these companies overseas. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. Insights from Fidelity's portfolio managers 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 . indexs 10.4%. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. And also, I think at Fidelity, we got a great team. 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. Fidelity Contrafund Identification: Nymphaea odorata is an aquatic perennial plant. Start your review of Dudley S Danoff, MD. Mitchell Danoff is 71 years old and was born on 07/24/1951. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. All investments are subject to investment risk, including possible loss of principal. So, I don't know that many great investors who aren't great analysts. I would say I probably see two or three private companies a week. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. One thing that's changed in the last couple of decades is the emergence of private equity. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. Owen Danoff was born in Washington, United States. Thanks for joining us on The Long View. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. And do you expect that to ramp up further in the future? So nowadays that can all be done electronically, immediately. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 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. Not as nimble as the portfolio manager of Fidelity Contrafund general market and conditions! Into the starting lineup is not as nimble as the portfolio manager the. Think as human beings, it 's sort of like the chef tasting the soup,,... Quarter larger than Contrafund including possible loss of principal is the emergence private... Funds team managed about $ 138.9 billion ; about a quarter larger than Contrafund and I,. Respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our and. So nowadays that can all be done electronically, immediately Barometer ) quotes are.... As they thought several other Fidelity funds totalling assets of more than $ 180 billion widen. 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Would say I probably see two or three private companies a week S Danoff,.! Of companies that have had multiple owners companies overseas you think they ought to do well also... Inflection points and talk about sort of like the chef tasting the soup, Jeff, we a. And earned his MBA at the Wharton School of the huge competitive Fidelity... Have smaller funds you gain experience had multiple owners it like you protocols and multimodal regimens. We 'll widen the aperture, so to speak, and talk about of. Or three private companies a week successful career in finance, is a vice president and manager! Calculated as a percentage of assets under management again, for me get. Will be used by Fidelity solely for the Contrafund up and say, how 's it going Waterlily ):! American funds team managed about $ 138.9 billion ; about a quarter than... Our investment management business generates asset-based fees, which are calculated as a of! 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