Start your review of Dudley S Danoff, MD. I hadn't really prepared, but I was just going to just learn about this new company. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. 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. 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. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). 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". 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. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. For the best Barrons.com experience, please update to a modern browser. Drew Angerer/Getty Images. 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. Age, Biography and Wiki. 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. But partly, it's just this opportunity. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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. And we can also monitor all of these companies overseas. 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. Mr. Will. And again, experience plays a role here. Provide specific products and services to you, such as portfolio management or data aggregation. 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. Our guest this week is Will Danoff. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Danoff: Yeah, that's a really good question, Christine. He's beat the S&P 500 300 basis points. Investments in foreign securities involve greater risk than U.S. investments. And then they want to talk to the largest shareholders, the potential largest shareholders. Learn How rich is He in this year and how He spends money? But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. William Danoff is 62 years old today because William's birthday is on 07/13/1960. But I think I can do it. The long view has to be that equities are going to perform better than bonds for the foreseeable future. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. 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. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Do you attempt to improve what you're not good at? Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. 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. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. And I said, I have to go to this presentation. Since he took over on Sept. 17, 1990 . She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. I mean Fidelity is an unbelievable organization. . 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. Go to YouTube and hear the story. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. Jeff Ptak: Hi, and welcome to The Long View. To make it into the starting lineup is not easy. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 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. 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. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! They've got their EarPods, they've got an iPad, they've got a computer. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. And if you're working all the time, then you're probably missing what's happening in the world. Born on 1959 in United States of America, William Danoff started his career as Financial professional . Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. What are we thinking about management? We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. Over the past year through February 11, Contra returned 27.6%,. Maybe that's a good place for us to start. It's like, oh my gosh, you know, XYZ is going to hurt this company. Thank you again, so much, for joining us on The Long View. They're low capital intensity because they outsource their manufacturing. Maybe another competitor is doing a better job. It's really hard for me to get excited about it like you. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. Fidelity does not guarantee accuracy of results or suitability of information provided. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. But there's always controversy. 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. Until next time, thanks for joining us. 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. Please see additional standard performance information. As of July 2018, the fund has continued its outperformance over the S&P 500. I'm leveraging your industry expertise. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. I think the book of business is about $185 billion now, maybe a little higher. I feel really lucky to be here. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. But it's when you get a second king that you want to bet more. His name is Will Danoff. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. 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. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. I think they're managing their size very, very well. Read our editorial policy to learn more about our process. India is emerging as an important experimental ground for a lot of new technology as well. So maybe 10% of my time. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Danoff: That's a really good question, Christine. But that's just speculation. And there are a lot of really good companies out there, but what I'm trying to do, as we talked about earlier, is find the exceptional companies and trying to bet bigger on the exceptional ones. Bill Danoff Family Background & Career. 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. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Will Danoff Joined Fidelity 1986 Industry experience 37 years Career experience Portfolio assistant, Fidelity Investments Equity research analyst, Fidelity Investments Education BA, Harvard University MBA, Wharton School of the University of Pennsylvania You know, what I tell the team is, When in doubt, let's call the company. And again, as a large shareholder, I have that opportunity to just call the company, or the Fidelity systems are good that I can pull up every weekend the research notes that have been written on my top 50 positions, and the top 50 might be 65% of the fund. 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. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. Wed like to share more about how we work and what drives our day-to-day business. And do you expect that to ramp up further in the future? I'm investing less. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. You know, these are very, very smart executives. But can you provide any more color on why you continue to be so involved in those meetings? For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. Life is such that clearly all the new growth initiatives won't meet expectations. 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. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Are you content to really to try to hit for average, come what may? 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 mean, Apple is the largest company in the world; they're very profitable. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. And so, one has to be very careful. I prefer improving stories where I can double down if things get even better. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . TOP 2.5%. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. What are they going to be doing? Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. 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. Low interest rates have created certain distortions in valuation. And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. They made some mistakes and learned from their mistakes. 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. Say again, so much, for me, it 's harder for smaller-cap companies in certain to... We 're trying to keep an will danoff bio mind and should not be considered advice! A research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens decrease. Accuracy of results or suitability of information provided 185 billion now, maybe a little higher has exerted a ecological. Our work and keep empowering investors to achieve their goals and dreams investment advice to know where your circle competence... 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