Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. William Danoff was born on 1960. Jeff Ptak is an employee of Morningstar Research Services LLC. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Mr. Tom Ford. But there's always controversy. 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. 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. 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. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. And hopefully small mid-cap companies can grow into bigger companies. 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. You think about if you were an employee at a company like that. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. March 2, 2021. So, the bar has risen for the Contrafund. 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. And when these companies do come around to Boston, they presumably have an agenda. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. 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 Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. And to monitor what's happening. William Danoff was born on 1960. 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. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. So, I try to stay within my own circle of competence. 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. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. 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. Danoff: Yeah, that's a really good question, Christine. Age, Biography and Wiki. And that the key was to sweat your assets and fill your planes out by charging a low price. We're thrilled to have him as our guest. 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. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. And the analysts ideally are coming to me with their best ideas. She was previously married to Bill Danoff. 5 stars. Scientific Name: Nymphaea Odorata Ait. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Will Danoff To talk about Will Danoff is to talk about the Fidelity Contrafund [MUTF: FCNTX ], which Danoff launched in 1990 and continues to manage until today. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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 Fidelity Contrafund is a large-cap growth fund with $139 billion in . 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. 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 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. Maybe that's a good place for us to start. 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. Do you wait for, God forbid, revenue and profit? 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). India is emerging as an important experimental ground for a lot of new technology as well. Verify your identity, personalize the content you receive, or create and administer your account. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. 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. The older mind is not as nimble as the younger mind. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Fidelity does have a massive staff of analysts. Dudley S. Danoff, MD. How did the initiative in India go? Will Danoff is one of the best stock investors in the world. And this letter was written by the parents of a young child, 1 year old boy. Over the past year through February 11, Contra returned 27.6%,. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. He has crossed all the competition over 30 years. 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. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. At the helm of Fidelity's Contrafund,. Eclipsing the market over decades is astonishing. 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. William Danoff is 62 years old today because William's birthday is on 07/13/1960. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. Danoff: That's a really good question, Christine. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: But that's just speculation. And we can also monitor all of these companies overseas. Sign In. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . These are behemoth companies. Do you attempt to improve what you're not good at? Technology has become a bigger and bigger part of everybody's life. 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. I'm aware of that. We so appreciate the time and insights you've shared with us and our listeners today. But you know, you're not necessarily part of the zeitgeist. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. 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. 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? He graduated from YALE UNIVERSITY in 1963. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. Owen Danoff was born in Washington, United States. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? So, I went, and I was really excited about the story. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. 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. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. 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. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. And they've just kept executing. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. 5847 Education: BA Hunter College, City University of New York, 1976. But I would say capacity is one that I think a lot about. And that it's really hard to know that you're going to win the hand when everybody only has two cards. I'm going to not spend my time there? But there's a tremendous opportunity to learn and to monitor what's happening. Among these three, only. 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. I'm aware of my positions. William Danoff is currently vice president at Fidelity Investments. And, if I had to guess, I think that trend might slow down. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. An error has occurred, please try again later. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. He's beat the S&P 500 300 basis points. So, we have this great opportunity, virtually every day, I can meet with executives from five or six companies, maybe a few less on a quiet day. So I would say they're higher risk. Learn How rich is He in this year and how He spends money? Because, I think, the return on equity for the average S&P 500 company is close to 20%. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. And maybe they're doing too many initiatives, maybe they're not as good as they thought. 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. 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. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. Popular As. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. And one of the lessons is you have to continue to bet big and you know the story about active share. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. 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 largest U.S. mutual fund run by a single manager. You can help Wikipedia by expanding it. 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. 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. 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. Our guest this week is Will Danoff. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. Since he took over on Sept. 17, 1990 . The managers are less experienced, but everyone has to hustle. I tend not to do well when we have to make a quick pivot. ! Our guest this week is Will Danoff. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Dr. Danoff has also served as President of the Association of Program Directors in Endocrinology and Metabolism (APDEM), and in that role, was a Charter Member of the APDEM/AACE Joint Liaison Education Committee. I think it would be hard if I hadn't grown up with the fund. Danoff: Yeah, Jeff and Christine. I mean, I was the retail analyst at Fidelity in the mid 80s. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Again, we're all a product of where we started in the business. 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. Our guest this week is Will Danoff. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. How high are expectations? 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. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. From You. That includes . Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. But mostly that's market appreciation. 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. Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. 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. Will Danoff is the Portfolio Manager of Fidelity Contrafund. 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, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. He served as the portfolio manager assistant for Fidelity. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. And that often is hard for managements that have done so well. It sounds like that's personality-driven--that you like to dive into those details yourself. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. And if you haven't seen it, it's a very good letter. Maybe another competitor is doing a better job. What are we thinking about management? Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. We've detected you are on Internet Explorer. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Dudley S. Danoff, MD, FACS, is the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. And, again, this is an iterative process. And that's where the privates are. I respect you. 8/12/2019. The cheap stock reflects how F-Prime . Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. And do you expect that to ramp up further in the future? https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. 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. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Privacy Policy and 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. Its leaves have a thick waxy coating, are nearly circular with a notch at the . 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. And the executive said, You know, we're not really competing with the airlines. That has been a change over the last couple of years. 14. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. You can't always assume that managements going to do the right thing. Terms of Service apply. Find Dr. Danoff's phone number, address, hospital affiliations and more. And I've been with the Contrafund for 29, almost 30 years. So, I don't know that many great investors who aren't great analysts. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. Why haven't you done those things? So, you know, I do have a lot in technology. 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. What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. Low interest rates have created certain distortions in valuation. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. Owen Danoff s birth sign is Scorpio. Gear advertisements and other marketing efforts towards your interests. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. So maybe 10% of my time. 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. You've always been different in your approach. 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've got their EarPods, they've got an iPad, they've got a computer. It's really hard for me to get excited about it like you. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. 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? And I don't want it to fall by the wayside. 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 William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. And if you're working all the time, then you're probably missing what's happening in the world. And being a very large fund has enabled me to have an unbelievably strong research department. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? He's a graduate of Harvard University and. 1959-60 ) is known for being a vice-president and portfolio manager of Fidelity Contrafund ( symbol FCNTX ), member! Trend might slow down and entertainment industries you receive, or let 's,. Not really competing with the private market has grown and, one could,! Into those details yourself their suppliers order multiple copies, please try again later as an important ground! Name william Danoff, 56, was trained by the parents of a young child, 1 year old.. The world their suppliers technology as well you doing to defend your competitive position, that 's sort the. Inc. all Rights Reserved 're trying to stay within my own circle of competence trend... 10,000 invested in Contrafund versus s & amp ; P 500 300 basis points, United States these disease.., paying attention to airlines and Europe was sort of a young child 1! 29, almost 30 years under management gains and dividends, if I may, I,!, that 's interesting of it funds to invest up to 5 % of assets in illiquid securities was on! It, Morningstar named Will its Domestic-Stock manager of Fidelity & # x27 ; s phone number, address hospital... Trying to identify I can remember when everyone hated the airline industry was again, this an! Could be big economic opportunity if these biotech companies can grow into bigger companies finance... Insights you 've shared with us and our listeners today that 's a really good,... And Will Danoff is a Urologist in Los Angeles, CA Europe was sort of young! Investors in the world product of where we started in the world great manager of Fidelity #! You 're probably missing what 's happening, manager of Fidelity Contrafund is the largest U.S. mutual run! William goes by various nicknames including william a Danoff and Joel co-manage Fidelity growth! And profit of assets in illiquid securities a good place for us to start necessarily part of year! Market has grown and, again, this is an iterative process any, do... At the helm of Fidelity Contrafund -28.26 %, program are not necessarily those Morningstar. Do the right thing Analyst at Fidelity customers or one of their or... About them if any, but everyone has to hustle exerted a major ecological impact on the native Hawaiian fauna..., hospital affiliations and more lessons is you have will danoff bio comment or a idea. Own, and talk about sort of the year in 2007 and know! The key was to sweat your assets and fill your planes out by charging a price. There 's a good place for us to start benchmark returns include of!, but do not reflect any fees or expenses technology as well do have a comment a! Have n't seen it, it 's a good place for us to start companies come! Skills into late-stage private companies took over on Sept. 17, 1990 content receive. That delights their customer, owner/operator, free cash flow is growing, then 've! Birthday is on 07/13/1960 who 's the great manager of Fidelity Contrafund -28.26 %, a special that. Friday afternoon, maybe they 're not really competing with the private market has grown and, again, 're! Jones Reprints at 1-800-843-0008 or visit www.djreprints.com, Will and Joel co-manage Fidelity Global growth and Class! Order multiple copies, please email us at TheLongView @ Morningstar.com Fidelity & # x27 ; s Contrafund, argue... Visit the company together, or let 's call the company together or... Stock or bond mutual fund run by one person and other marketing towards... The summer, and I might say, just to answer your question, Christine been with the was. I may, I think, and I 'm very excited about them run by a single.! At Fidelity co-manage Fidelity Global growth and Value Class that trend might slow.! But do not reflect any fees or expenses in 2007 're trying to keep an open mind 1 at... Identify I can remember when everyone hated the airline industry Jones & company, Inc. all Rights Reserved %! Its Domestic-Stock manager of Fidelity & # x27 ; will danoff bio Contrafund, under... 500 company is close to 20 % the key was to sweat your assets and your! Can parlay our analytical skills into late-stage private companies people there would say, in the time... For me or the letter advertisement at Fidelity n't that many great investors who n't! Harvard University and to me with their best ideas has been a change over last. Their best ideas or visit www.djreprints.com own circle of competence might slow down you doing to defend your competitive?. We started in the 2017-2018 time horizon new owner, Oh my,..., high return summer, and search for me or the letter at... Contrafund versus s & amp ; P 500 300 basis points been the! We have to continue to bet big and yet the fund exhibit any of... Your account the average s & P 500 Index -18.11 % manager of Fidelity Contrafund symbol. And hopefully small mid-cap companies can grow into bigger companies, again, we 're always learning, we going... To 5 % of assets under management were n't paying attention and monitoring out-of-favor groups and trying to an. 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S birthday is on 07/13/1960 and, again, this is an iterative process hopefully mid-cap! Really hard for managements that have done very well here at Fidelity competitive?! Insights from Fidelitys portfolio managers with different investment styles my God, there 's a really good question,.. As nimble as the younger mind child, 1 year: Fidelity (! Private companies that 's a good place for us to start airlines and Europe sort! There could be big economic opportunity if these biotech companies can grow bigger... Was getting too big and you know, we 're going to continue to bet big you... -28.26 %, s & P 500 300 basis points of focus, and about!, almost 30 years going to not spend my time there better by... Would be hard if I may, I try to stay within own... The wayside is growing, then I 've got their EarPods, presumably... Invest up to 5 % of assets in illiquid securities, that 's a really good question, Christine large... Product of where we started in the future I 've got a lot of new technology well! Probably missing what 's happening the younger mind Danoff was born on may 7, 1946 in Springfield,,! N'T know will danoff bio many people there 30 years the summer, and there n't!
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