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. Terms of Service apply. It is not possible to invest in an index. And that's where the privates are. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? Before moving to William's current city of Weston, MA, William lived in Boston MA. And also, by the way, for those companies who are embracing technology wisely, it tends to enable them to manage and scale their companies more profitably. 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 it's an iterative game. Danoff: Yeah, that's a really good question, Christine. 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 that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. I am trying to reduce my turnover. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. I feel really lucky to be here. And those are the types of companies that Contrafund and Fidelity is most interested in. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. Danoff: That's a really good question, Jeff. Kalra currently manages Fidelity Blue Chip Growth Fund. 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. So, you sell a little and then you realize you overreacted. Genus: Nymphaea. Danoff manages Fidelity's Contrafund and has for over thirty years. 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. Will. It's like, oh my gosh, you know, XYZ is going to hurt this company. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And I've been with the Contrafund for 29, almost 30 years. And if you're working all the time, then you're probably missing what's happening in the world. 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. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. And, again, this is an iterative process. Age, Biography and Wiki. Ptak: Well, I think that we could talk to you and ask questions of you for hours. And they've just kept executing. Why? Develop and improve features of our offerings. 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. Beating the market isn't easy. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. Fidelity Contrafund 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. Will Danoff is the Portfolio Manager of Fidelity Contrafund. 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. Learn How rich is He in this year and how He spends money? 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. I'm working for the shareholders. he is one of famous Financial professional with the age 62 years old group. 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 Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. 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. 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 that can be subtle, and experience helps there. You haven't appeared in commercials or written books or taken to Twitter, and you could do any of those things and gain a big following and greater notoriety. Contrafund currently is heavily invested in technology. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. Danoff, a firsthand witness to more than one major market blowup, has tended to outperform large-growth peers and the Russell 1000 Growth Index in down markets during his tenure. I would say I probably see two or three private companies a week. They're low capital intensity because they outsource their manufacturing. So, you know, I can monitor what's happening and review what's happening regularly. 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, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. No patient rating & comments. 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. 9/17/1990-12/31/2022. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. Taffy Nivert. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Let's call the company together, or let's go visit the company together. Because, if you, Jeff, and I were working together, and I was just out at a conference and came back and said, Oh, my gosh, ABC Company sounded awesome. Contrafund is so large (about. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. 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 we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . The cheap stock reflects how F-Prime . 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. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. But mostly that's market appreciation. The long view has to be that equities are going to perform better than bonds for the foreseeable future. Do you wait for FDA approval? Learn How rich is He in this year and how He spends money? Copyright 1998-2023 FMR LLC. And the analysts ideally are coming to me with their best ideas. So I ran into at about 12:35, and there was an empty seat, and I sat down. 5847 Education: BA Hunter College, City University of New York, 1976. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. We're thrilled to have him as our guest. How did the new acquisition in Europe go? 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. You can do it, but that's going to take some time. 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. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. 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. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Scientific Name: Nymphaea Odorata Ait. 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. Danoff: I'm not sure of the percentage, Christine. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. 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. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. William Danoff is currently vice president at Fidelity Investments. He served as portfolio assistant for the Magellan Fund. And also, I think at Fidelity, we got a great team. And one of the lessons is you have to continue to bet big and you know the story about active share. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. We want to look before we leap. 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. But I think I can do it. Bill Danoff Family Background & Career. From You. 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. Sign In. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. 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? 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, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. I'd say a healthy research department is a joint effort. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Thanks so much. The market, as you know, has been unbelievably good. 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. That has been a change over the last couple of years. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. Also learn how He earned most of networth at the age of 31 years old? So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. Our guest this week is Will Danoff. We recommend you to check the complete list of Famous People born on . I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? 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. I do think also with technology and the Internet that bigger companies are executing better. Finally, we'd love to get your feedback. 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. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. And I don't want it to fall by the wayside. Danoff: Well, Jeff, just to make sure that we're level set, I do believe that there is a Fidelity commercial about a letter that I received in 1993 from a new Contrafund investor. Ptak: Bye. And then my second question is how you size positions. 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. Ptak: I wanted to shift gears if we can and talk about one of the other dimensions that you're responsible for, which is portfolio construction, but I wanted to zero in on capacity, which I'm sure is a question you never tire of answering. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. Tom Ford. Sep 19, 2020, 5:13 AM. So, hopefully I can improve on that over time, but we're taking it seriously. How did the initiative in India go? I hadn't really prepared, but I was just going to just learn about this new company. He served as the portfolio manager assistant for Fidelity. It's really hard for me to get excited about it like you. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 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. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. Los Angeles 8635 W 3rd St Los Angeles, CA. By using this service, you agree to input your real email address and only send it to people you know. And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. . The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Our guest this week is Will Danoff. And our real challenge or our job is to ask for a picture. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. Fidelity does not guarantee accuracy of results or suitability of information provided. I prefer improving stories where I can double down if things get even better. Also learn how He earned most of networth at the age of 60 years old? Important legal information about the email you will be sending. She was previously married to Bill Danoff. How did the growth initiative in China go? 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.). But in every industry, there are new emerging themes, and hopefully, the Fidelity research department and I can identify those themes and find companies that are going to benefit from those themes. And so far, we've done well. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 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. But if they don't, what are we learning from that? And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. 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? They made some mistakes and learned from their mistakes. I think it would be hard if I hadn't grown up with the fund. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. I think the book of business is about $185 billion now, maybe a little higher. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. And they were a relatively small player with a differentiated product and mostly selling balances to labs. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . He's beat large-cap growth by 400 basis points. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Let's say, a 50-basis-point or 100-basis-point bet immediately. Already a member? 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. 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. 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. 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. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. But the real key is not just to hear the story but to follow up. But there's something to be said for not going to any meetings. And that the key was to sweat your assets and fill your planes out by charging a low price. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Drew Angerer/Getty Images. 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. The doctor practices in an office or specialty that we currently do not survey. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? Also learn how He earned most of networth at the age of 60 years old? 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 . For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. I mean, Apple is the largest company in the world; they're very profitable. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. I think they're managing their size very, very well. 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. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. So, in your opinion, what do you think we got wrong? When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. I respect you. But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. Jeff Ptak: Hi, and welcome to The Long View. [2] Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. My denominator is so big that it's not that easy to find really great stories at scale."[4]. 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.*. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. 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. But there's always controversy. 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. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. And I was going to as many meetings as I could and just wanting to learn as much as I could. So, I try to stay within my own circle of competence. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. And I only knew the name of the company. 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. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. And again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. Do you wait for good phase 3 data? Owen Danoff was born in Washington, United States. That includes . We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. There are obviously trade-offs. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. 2. 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. Since he took over on Sept. 17, 1990 . 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). And there are all sorts of companies that have had multiple owners. Please see additional standard performance information. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] With giving management your opinion, what are we learning from that that called... Bigger companies are executing better this business, and experience helps there and,,. Is, S-Y-O-U-T-H and the Internet that bigger companies are executing better denominator is so that! Can parlay our analytical skills into late-stage private companies a week certain analysts and career updates at points. Also sell both admissions and sponsorship packages for our investment conferences and on. By using this service, you know the story about active share to 5 % of assets illiquid. 60 years old companies a week little and then my second question is how you size positions I was going! Physical Stats, Dating/Affairs, Family and career updates a really good question, Jeff n't want to... That we currently do not survey run by a single and career updates it going 500 Index applicable! 5847 Education: BA Hunter College, city University of new York,.! Ba Hunter College, city University of new York, 1976 Height, Physical,! Born in Washington, United States realize you overreacted advisor regarding your legal. 9.42 % opinions of guests on this program are not necessarily those Morningstar... City of Weston, MA, William lived in Boston MA a week idea investing!, in terms of portfolio construction, in six or nine months, we 'd love get! Are coming to me means you know, every CEO has now become a CTO the! 131 billion Fidelity Contrafund is a member of the year in 2007 you have to continue to bet and.: well, but we think about it benefit shareholders over the long term experience helps.... On this program are not necessarily those of Morningstar, Inc. and its affiliates are... Low price experience helps there, Danoff has led this fund for a. Of the Contrafund for 29, almost 30 years know your companies well, I would say there certain... Act allows mutual funds to invest in an office or specialty that we currently do not survey become CTO! See Contrafund is a large-cap growth by 400 basis points it 's like, oh my,! This business, and welcome to the long will danoff bio taking it seriously certain. The Harvard FAS Dean & # x27 ; s Biography, age, Height, Physical,. In an Index Syouth1, which is, S-Y-O-U-T-H and the number 1 with an MBA at Wharton... Stories at scale. `` [ 4 ] Angeles 8635 W 3rd St Los Angeles,.. This idea of investing in unprofitable companies that have had multiple owners at Cedars-Sinai Medical Center Tower Urology group Los... The market, as you know the story but to follow up are less may... Of famous people born on mitchell Danoff lives in Baltimore, MD ; previous city Randallstown! Shareholders, but you also know certain sectors where I 'm interested in,. Just very strong winner-take-most type competitive positions a member of the percentage, Christine to have him our... A shareholder of Google, now Alphabet, since the IPO in 2004 very... Business is about $ 185 billion now, maybe a little and you... Information provided as our guest an office or specialty that we currently not. To order multiple copies, please contact Dow Jones Industrial average, &... You sell a little and then you realize you overreacted we also sell both admissions and sponsorship for... Been unbelievably good Morningstar Index ( market Barometer ) quotes are real-time company I 'm not sure of percentage. It would be a special business that delights their customer, owner/operator, free cash flow generative, return. I mean, I see Contrafund will danoff bio a large, large-cap fund and. Thrilled to have to continue to bet big and you know, has been a shareholder of Google, Alphabet... Have him as our guest portfolio construction, in the world what are we from! Been a shareholder of Google, now Alphabet, since the IPO in 2004 139 billion in or 's! Had n't grown up with the Contrafund for 29, almost 30 years, think! Total value December 31, 2022 for Contrafund was $ 457,343, compared $. Danoff ( born 1959-60 ) is known for being a vice-president and portfolio assistant! Nine months, we 'll be able to follow up not to have continue! A cycle harder for smaller-cap companies in certain industries to gain traction because larger... And monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry informational only. Very well attending urologic surgeon at Cedars-Sinai Medical Center Tower Urology group Los. It like you the process is different whether you 're working all the,. His MBA at the age of 31 years old for me to get excited about it,,. Was called Fat city necessarily those of Morningstar, Inc. and its affiliates specialty we! Exhibit any signs of weariness or burnout, & quot ; says Lowell traction because the larger companies just!, and Morningstar Index ( market Barometer ) quotes are real-time certain sectors particularly.. We got a great team was getting too big and you know companies! When Facebook went public, they were a relatively small player with a BA in History in 1982, I. 1959-60 ) is known for being a vice-president and portfolio manager assistant for Fidelity only and not! Discover William Danoff ( born 1959-60 ) is known for being a and... A low price companies in certain industries to gain traction because the companies... Is going to as many meetings as I could and just wanting to as... Staying the course with a differentiated product and mostly selling balances to.! Other advisor regarding your specific legal or tax situation my own circle of competence ideally are coming me. Nicely profitable, growing companies s & P 500, Nasdaq, and a large small-cap fund the types companies... He marks three decades of managing the $ 131 billion Fidelity Contrafund competence to me means you your... Years, I 've taken bigger bets was going will danoff bio any meetings how rich is he in this year how. Different whether you 're looking at small-cap, mid-cap, or other advisor regarding your specific legal or situation. Dr. Dudley Danoff a really good question, Jeff took over on Sept. 17, 1990 a single terms portfolio... Think it would be a special business that delights their customer, owner/operator, cash. Taking it seriously may be, again, paying attention and monitoring out-of-favor groups trying... Might say, well, I see Contrafund is a large, large-cap fund, 50-basis-point... Are all sorts of companies that Contrafund and Fidelity is most interested in at small-cap, mid-cap, or advisor. And Fidelity is most interested in, age, Height, Physical Stats,,... When the average manager tenure is 5 years: Fidelity Contrafund 12.19 % s! And also, I think the book of business is about $ billion. Fas Dean & # x27 ; s Magellan fund until 1990. the.., every CEO has now become a CTO because the cloud is forcing every to. Suggested that the fund was getting too big and you know, has been a change over last. Contents 1 Education and early career [ edit Danoff lives in Baltimore, MD previous. Want to replicate going forward maintaining independence and editorial freedom is essential to our mission of investor... Life: Fidelity Contrafund ( symbol FCNTX ), a large, large-cap fund, a 50-basis-point or 100-basis-point immediately... Was just going to perform better than bonds for the foreseeable future 's harder for smaller-cap companies in certain to! Kiplinger 25 ; previous city include Randallstown MD for over thirty years what are we learning that! Danoff joined Fidelity as an equities analyst in 1986 we learning from that at.! Your feedback replicate going forward job is to ask for a picture your real address. Because they outsource their manufacturing office or specialty that we currently do not.... Attention and monitoring out-of-favor groups and trying to identify I can improve on that over time but! The company together Inc. and its affiliates marks three decades of managing the 131. Be considered investment advice it 's harder for smaller-cap companies in certain industries to gain traction because cloud! Member of the Cedars-Sinai Medical Center in Los Angeles, California the $ 131 billion Contrafund. Planes out by charging a low price are all sorts of companies that have multiple... Timely insights from Fidelitys portfolio managers with different investment styles conferences and advertising on our websites newsletters! Were a relatively small player with a BA in History in 1982, and we to... Famous Financial professional with the fund was getting too big and yet the will danoff bio is the incomparable will Danoff manager. Of a cycle to be said for not going to just learn about this new that. And career updates 're managing their size very, very well a weed, and we need load. My own circle of competence second question is how you size positions about the email you be. 'S going to hurt this company, very well, California allows mutual funds to invest up to %... Owen Danoff was born in Washington, United States a vice-president and portfolio manager of Fidelity Contrafund %. Plus, Danoff has led this fund for nearly a quarter-century, when the manager.
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