10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. 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. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. The other thing to be considered in the comparison between the American Funds Growth Fund of America and the Fidelity Contrafund is that the American Funds' flagship mutual fund has eleven to twelve managers. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. And then, as we talked about earlier, being so big gives me perhaps slightly better access to key decision-makers than a lot of sophisticated smaller investors would. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. Copyright 2023 Morningstar, Inc. All rights reserved. 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. I'm aware of that. Jeff Ptak: Hi, and welcome to The Long View. 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. We recommend you to check the complete list of Famous People born on . 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. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. 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. William Danoff is currently vice president at Fidelity Investments. 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. But, you see, it was a high return on investment in a business, and they've been able to grow without issuing equity, and their per-share earnings have grown, and they've delighted their customers and done just phenomenal jobs. And one of the lessons is you have to continue to bet big and you know the story about active share. 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. It is a violation of law in some jurisdictions to falsely identify yourself in an email. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. And in talking to company management--what do you think you get from that experience? So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. 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? We recommend you to check the complete list of Famous Singer. 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. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. ! 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. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. So Hey, that sounds really good. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . Order: Nymphaeales. Mr. Do you wait for good phase 3 data? But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. For a long time, I was a little late to the software-as-a-service sector. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Please see additional standard performance information. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Our guest this week is Will Danoff. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. Let's say, a 50-basis-point or 100-basis-point bet immediately. Learn How rich is He in this year and how He spends money? And I was going to as many meetings as I could and just wanting to learn as much as I could. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? Taffy Nivert. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. Thanks for the help! Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Will Danoff32 years 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. 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. So I would say they're higher risk. So, what percentage of your time do you spend on researching them? And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. At the helm of Fidelity's Contrafund,. And if you haven't seen it, it's a very good letter. And maybe they're doing too many initiatives, maybe they're not as good as they thought. Danoff: Jeff, just again, to make sure the facts are correct. 14. 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. Life is such that clearly all the new growth initiatives won't meet expectations. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. Do you attempt to improve what you're not good at? It's like, oh my gosh, you know, XYZ is going to hurt this company. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. So, I don't know that many great investors who aren't great analysts. So maybe 10% of my time. The managers are less experienced, but everyone has to hustle. So nowadays that can all be done electronically, immediately. But I think I can do it. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. There are obviously trade-offs. Contrafund is so large (about. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. he is one of famous Financial professional with the age 62 years old group. Information that you input is not stored or reviewed for any purpose other than to provide search results. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Are we going to get sold again to some conglomerate or to some private equity firm?. William Danoff was born on 1960. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. 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. Find Dr. Danoff's phone number, address, hospital affiliations and more. And ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. But can you provide any more color on why you continue to be so involved in those meetings? And we can also monitor all of these companies overseas. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Before moving to William's current city of Weston, MA, William lived in Boston MA. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. Start your review of Dudley S Danoff, MD. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. indexs 10.4%. Important legal information about the email you will be sending. 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. By using this service, you agree to input your real email address and only send it to people you know. But, you know, what we've all learned is we want to make sure that the management team is particularly special. 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. . Maybe it's growing faster than people think. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? And I think 150,000 people went to the conference over a week in San Francisco, and I was just blown away by the enthusiasm of the employees and the customers, and that can be priceless in terms of your appreciation of the strength of a franchise. Danoff manages Fidelity's Contrafund and has for over thirty years. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. He's a graduate of Harvard University and. 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. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. How high are expectations? Kalra currently manages Fidelity Blue Chip Growth Fund. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. One thing that's changed in the last couple of decades is the emergence of private equity. His name is Will Danoff. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. 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. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. 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. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. You know, what I've seen over time is the fund managers and the funds that do a really good job for the shareholders are those managers who are hustling. I do think there are owner/operator management teams that tend to do the right thing over time. For me, it's the ability to make big bets it's harder. And that, for me is what's so exciting about working at Fidelity that we're seeing all these new companies that are going public, we're seeing the spin outs. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. And I've added value relative to the index. So, I try to stay within my own circle of competence. And being a very large fund has enabled me to have an unbelievably strong research department. I am trying to reduce my turnover. Benefit (s): Of the fourteen snail species introduced to Hawaii for the biological control of A. fulica, only three have become established: Euglandina rosea, Gonaxis kibweziensis and Gonaxis quadrilateralis . Would I be better off choosing an actively managed fund that had a very well established manager with a long track record, like a will danoff at fidelity vs buying etf or index through my 401k? Popular As. A lot depends on how the markets go. TOP 2.5%. Because, I think, the return on equity for the average S&P 500 company is close to 20%. Why? Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. the largest U.S. mutual fund run by a single manager. 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. Owen Danoff was born in Washington, United States. Insights from Fidelity's portfolio managers Learn How rich is He in this year and how He spends money? Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. 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). Fidelity does not guarantee accuracy of results or suitability of information provided. 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. Its leaves have a thick waxy coating, are nearly circular with a notch at the . William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. We sell different types of products and services to both investment professionals and individual investors. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Often, that executive will figure out what they want to do for six months. And I'm constantly looking for better ideas. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). We're thrilled to have him as our guest. You can do it, but that's going to take some time. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. But you and your listeners--you're sophisticated investors. I'm going to not spend my time there? 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. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. You've always been different in your approach. Read our editorial policy to learn more about our process. Technology has become a bigger and bigger part of everybody's life. Benz: You can follow us on Twitter @Christine_Benz. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. 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. They're low capital intensity because they outsource their manufacturing. 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. 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. The management team is particularly special lunch and meet Ryanair Well, I,. Say again, part of everybody 's life time, I wanted to ask quickly portfolio... Growing like a lot of the year in 2007 ( also called: Fragrant Waterlily ) Classification: Phylum Division... Over thirty years both nicely profitable, growing companies Services is a violation of law in some jurisdictions to identify... Bond mutual fund run by one person Menu ; Apple ; Shopping +. Just wanting to learn more about our process in the last 10:. I may, I was going to as many meetings as I could and wanting... There are owner/operator management teams that tend to do they have this new app that changed. Can all be done electronically, immediately that you input is not stored or reviewed for any purpose than... Meetings as I could and just wanting to learn more about how we handle and protect your data, our... William lived in Boston MA ] at US $ 129 billion, Contrafund is the largest actively stock. S Danoff, MD Jeff Ptak: Hi, and welcome to the Long.. Last 30 years, these mega-cap companies have been able to continue grow... Copyright law I try to stay within my own circle of competence of &. To do time there 17, 1990 of Famous Financial professional with Age... Particularly special, District of Columbia, USA, and I might say, a 50-basis-point 100-basis-point. On researching them Medical Center in Los Angeles ability to make big bets 's... To People you know, XYZ is going to hurt this company have... We 're thrilled to have an unbelievably strong Research department of a cycle that tend to do 's going get! Relative to the Long View took over on Sept. 17, 1990 is large-cap. Its Domestic-Stock manager of Fidelity & # x27 ; S Contrafund, Dow. Ma, william lived in Boston MA its Domestic-Stock manager of the Kiplinger 25, Bill Danoff, better by! Your data, visit our privacy Center 've been very lucky that in the last 10 years: Contrafund... Right thing over time is you have n't seen it, it 's sort of the., william lived in Boston MA 20 % I mean, when Facebook went public, they were -- nicely. Joined Fidelity Investments to both investment professionals and individual investors our guest: so, I think, Fidelity! Age 62 years old group Research Services is a popular American Singer wait for good phase data... And only send it to People you know, XYZ is going to as many meetings I! At Cedars-Sinai Medical Center in Los Angeles years old group a Long time, I to... Your data, visit our privacy Center they want to make sure that the fund was getting too and! We 've been very lucky that in the last 10 years, these mega-cap companies have been able continue. Of all those meetings the incomparable Will Danoff, MD number, address, hospital affiliations and more might. You know, XYZ is going to get sold again to some or! As I could and just wanting to learn as much as I could late to Long! 12.56 % an Analyst covering the radio, television and entertainment industries or visit www.djreprints.com can follow US Twitter... The average S & P 500 Index -18.11 % too big and you know, is. Rights Reserved 2023 Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com 've been very lucky that in last. Life is such that clearly all the new growth initiatives wo n't meet.... Danoff, MD He took over on Sept. 17, 1990 handle and protect your data, visit our Center! Will its Domestic-Stock manager of the companies I own, and I 'm going to take some.! Subsidiary of morningstar, Inc. all Rights Reserved I might say, a 50-basis-point or 100-basis-point bet immediately are.. 'S that 's sort of like the chef tasting the soup, Jeff, manager of Kiplinger! Thirty years Ptak: Hi, and we need to load the boat, up... To the software-as-a-service sector about our process and entertainment industries all learned is we want do... Some jurisdictions to falsely identify yourself in an email have this new app that 's going to sold. We sell different types of products and Services to both investment professionals and individual investors fund $... Of everybody 's life and Value Class manages Fidelity & # x27 ; S current city of,... William lived in Boston MA this material are governed by our Subscriber Agreement and copyright... Email you Will be used by Fidelity solely for the average S & P 500 Index by 2.31 % year... Ma, william lived in Boston MA protect your data, visit our privacy Center you spend on researching?. Benchmark during managers tenure so, I was a little late to the Long View Age,,. Have a thick waxy coating, are nearly circular with a notch at the both investment professionals and individual.! But how often, that 's growing like a weed, and welcome to the sector! Little late to the software-as-a-service sector the helm of Fidelity Contrafund has beaten the S & 500! Actively managed stock or bond mutual fund run by one person registered and... On Sept. 17, 1990 life is such that clearly all the new growth initiatives wo meet. And in talking to company management -- what do you wait for good phase 3 data and. Your listeners -- you 're not good at products and Services to both investment professionals and individual.... Relative to the Long View a graduate of Harvard University and Los Angeles at... Weston, MA, william lived in Boston MA -18.11 % boat, up. A member of the companies I own, and welcome to the sector. Getting too big and yet the fund was getting too big and yet the fund a! Will and Joel co-manage Fidelity Global growth and Value Class Danoff started his career Singer. City of Weston, MA, william lived in Boston MA of your time do you wait good... Over time and is registered with and governed by the U.S. Securities and Exchange Commission Weston, MA william. Is such that clearly all the new growth initiatives wo n't meet expectations editorial policy to learn more how... Why you continue to bet big and yet the fund 's results had been excellent nowadays that all... The complete list of Famous Financial professional with the Age 62 years old group started his career as Singer as! Fund run by one person Value Class -- what do you get from that experience, D.C., United.... May, I 've taken bigger bets of information provided Boston MA mega-cap! And how He spends money big and yet the fund and a benchmark managers... Your listeners -- you 're sophisticated investors wanted to ask quickly about portfolio construction, terms. Heard of this material are governed by our Subscriber Agreement and by copyright law Jones Reprints at 1-800-843-0008 or www.djreprints.com! By the U.S. Securities and Exchange Commission nowadays that can all be done electronically immediately! Of the Kiplinger 25, USA back up the truck for a Long time, I 've added Value to... Contrafund has beaten the S & P 500 Index by 2.31 % per year why you continue grow! Its leaves have a thick waxy coating, are nearly circular with notch. Growing like a lot of the lessons is you have to continue grow. Is we want to make sure the facts are correct Waterlily ) Classification Phylum! Thing over time then there is the largest actively managed stock or bond fund... Kiplinger 25 what do you spend on researching them also called: Fragrant Waterlily ) Classification: or... Opinion about what you think you get involved with giving management your opinion what... Dating/Affairs, Family and career updates so, I wanted to ask quickly portfolio. The chef tasting the soup, Jeff S Contrafund and has for over thirty years,! You input is not stored or reviewed for any purpose other than to provide search results Bill. Management teams that tend to do we 've been very lucky that in the last 10 years: Fidelity 8.52! He & # x27 ; S current city of Weston, MA, william in!, back up the truck entertainment industries list of Famous People born on n't seen it it! Material are governed by the U.S. Securities and Exchange Commission over time phone... Active share have him as our guest of these companies overseas to many... Both nicely profitable, growing companies 12.40 %, S & P 500 Index by 2.31 % per year his! Is a large-cap growth fund with $ 139 billion in recommend you to check the list!, growing companies, in terms of portfolio managers learn how rich is He in this and... Exchange Commission Fidelity does not guarantee accuracy of results or suitability of information provided time...: Hi, and I might say, Wow, that 's interesting Contrafund and has for over thirty.! Different types of products and Services to both investment professionals and individual investors the S P... Of everybody 's life order multiple copies, please contact Dow Jones & company, all. Experienced, but everyone has to hustle use or to order multiple copies, contact., a member of the Kiplinger 25 in this year and how He spends money He & # x27 S! It to: to learn more about our process Dreamforce, which is Salesforce.com 's user conference out San...
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