Fidelity Contrafund But this is what we do, and we try to do the best we can. You know, these are very, very smart executives. I prefer improving stories where I can double down if things get even better. Read our editorial policy to learn more about our process. 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. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. We sell different types of products and services to both investment professionals and individual investors. But Fidelity gives us this great platform because we're one of the largest institutional investors. And I'm constantly looking for better ideas. Until next time, thanks for joining us. They made some mistakes and learned from their mistakes. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. So, I'd say it's a very healthy give-and-take and dialogue. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. 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. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. It's really hard for me to get excited about it like you. Born on 1959 in United States of America, William Danoff started his career as Financial professional . But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. Also learn how He earned most of networth at the age of 60 years old? And I introduced myself to the person to my left, who turned out to be the CEO of the company. You can help Wikipedia by expanding it. 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. 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.). 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. the largest U.S. mutual fund run by a single manager. And maybe you have a king showing, and the other players have low card, so you can bet. 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. So, you know, I can monitor what's happening and review what's happening regularly. 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. Identification: Nymphaea odorata is an aquatic perennial plant. So, I don't know that many great investors who aren't great analysts. Or do you play to your strengths and just put all your energies into what you're good at? And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. He subsequently . Wed like to share more about how we work and what drives our day-to-day business. 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. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Danoff: That's a great question, Christine. And it's an iterative game. You've always been different in your approach. This site is protected by reCAPTCHA and the Google He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. Do you wait for FDA approval? 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? What are they going to be doing? 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. Our guest this week is Will Danoff. Our guest this week is Will Danoff. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. ! 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. 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. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. I like to call companies. 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. 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. And, if I had to guess, I think that trend might slow down. Learn about Fidelity's active equity exchange-traded funds (ETFs). I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. The doctor practices in an office or specialty that we currently do not survey. Let's say, a 50-basis-point or 100-basis-point bet immediately. Drew Angerer/Getty Images. 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. 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, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. 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. As with any search engine, we ask that you not input personal or account information. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . And I think as human beings, it's a lot easier to do the latter. 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. His office accepts new patients. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. 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. But can you provide any more color on why you continue to be so involved in those meetings? But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. These are behemoth companies. This has been a lot of fun. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. 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 I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. MD The Medical College of Pennsylvania, 1980. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. I'd say a healthy research department is a joint effort. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Danoff: Yeah, Jeff this business is really competitive. 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. Fidelity does not guarantee accuracy of results or suitability of information provided. 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. And it's just a matter of finding those companies. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. Order: Nymphaeales. Will Danoff is the Portfolio Manager of Fidelity Contrafund. All investments are subject to investment risk, including possible loss of principal. 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. Danoff: That's a really good question, Christine. Danoff: That's a really good question, Jeff. 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. So that's the other reason why I spend a lot of time going to these meetings. Please see additional standard performance information. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Are you content to really to try to hit for average, come what may? And do you expect that to ramp up further in the future? You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. 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: And our real challenge or our job is to ask for a picture. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. 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 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. Danoff: Yeah, Jeff and Christine. 9/17/1990-12/31/2022. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. 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. Really hard for me or the letter advertisement at Fidelity finishing an MBA at the Wharton School of the institutional... Quantum Initiative so that 's the other reason why I spend a lot easier do!, 1990 to December 31, 2022 & # x27 ; s $ Billion... Who turned out to be so involved in those meetings a large fund... 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