And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Life is such that clearly all the new growth initiatives won't meet expectations. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. They have one child. But we're working for the shareholders here at Fidelity, and I take that quite seriously. Will Danoff32 years And maybe you have a king showing, and the other players have low card, so you can bet. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Contrafund is so large (about. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Soundtrack: Kingsman: The Golden Circle. 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.*. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . Popular As. We recommend you to check the complete list of Famous Singer. Our guest this week is Will Danoff. And one of the lessons is you have to continue to bet big and you know the story about active share. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. I'm leveraging your industry expertise. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Copyright 1998-2023 FMR LLC. Contrafund currently is heavily invested in technology. We so appreciate the time and insights you've shared with us and our listeners today. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. indexs 10.4%. Jeff Ptak: Hi, and welcome to The Long View. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. 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. On the other hand, you do have to find the right balance in life. 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. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. If you think ABC Company is the best in your group, I'm willing to accept that. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? 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. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. And also, I think at Fidelity, we got a great team. Thanks for the help! Do you wait for good phase 3 data? Finally, we'd love to get your feedback. Danoff: I think over time, maybe, you grow as an individual and you gain experience. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. Are we going to get sold again to some conglomerate or to some private equity firm?. Dudley S. Danoff, MD. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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. I think the book of business is about $185 billion now, maybe a little higher. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. I think it would be hard if I hadn't grown up with the fund. 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 The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. Beating the market isn't easy. 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. He graduated from YALE UNIVERSITY in 1963. Do you attempt to improve what you're not good at? But you and your listeners--you're sophisticated investors. Do you wait for, God forbid, revenue and profit? The older mind is not as nimble as the younger mind. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. So I would say they're higher risk. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. 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. India is emerging as an important experimental ground for a lot of new technology as well. 5847 Education: BA Hunter College, City University of New York, 1976. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. 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. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. 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. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. I hadn't really prepared, but I was just going to just learn about this new company. And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. It is a violation of law in some jurisdictions to falsely identify yourself in an email. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. Owen Danoff s birth sign is Scorpio. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. 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. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. 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. Danoff: Yeah, that's a really good question, Christine. Information that you input is not stored or reviewed for any purpose other than to provide search results. Excited to be here. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. 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. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. A lot depends on how the markets go. This chart is not intended to imply any future performance of the investment product. Develop and improve features of our offerings. But there's something to be said for not going to any meetings. And hopefully small mid-cap companies can grow into bigger companies. 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. 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. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. Will. 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. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. The cheap stock reflects how F-Prime . But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. The managers are less experienced, but everyone has to hustle. Our guest this week is Will Danoff. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. This site is protected by reCAPTCHA and the Google Age, Biography and Wiki. 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. How good is this management team?. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. We're thrilled to have him as our guest. And, if I had to guess, I think that trend might slow down. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. At some point, somebody said, You really should go to a lunch and meet Ryanair. And I said, Really? And they're the low-cost operator in Europe. Masters in Business. 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 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. You know, you think about the great Warren Buffett. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 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