Word: contrafund
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Dates: during 1990-1999
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Sitting in his modest office, Will Danoff, manager of the nearly $19 billion Contrafund, talks about the huge sum of money he is investing. Danoff is a star--the fund's average annual return between 1990 and 1995 was about 22%, vs. 14% for the S&P 500 for those years. Printouts and annual reports are stacked on his chairs, desk, cabinets and floor; almost hidden in the mess are four computer screens. On one wall Danoff has hung a printout with a quote from Churchill to one of his generals: "What have you done...
Asked what the difference is between running $300 million--the Contrafund's initial stake--and its present billions, Danoff, a rumpled 36-year-old, smiles and says, "I'm working harder." At this size, just buying or selling a meaningful amount of stock can be difficult. "I won't take a half-million-share stake in a day," he says. "I'll buy 50,000 shares a day for months to build up a position." Danoff is candid about the downside of running a fund so large: "You're racing a Mack truck against a speedster [i.e., a smaller, competing...
...would be a mistake not to consider buying some of Fidelity's funds. The company's stock-picking expertise is simply too great to ignore. Stars like Steve Wymer, who manages the $1.3 billion--smallish by Fidelity's standards--Dividend Growth Fund; Will Danoff, who runs the $19 billion Contrafund; and Robert Stansky, who recently took over Magellan, are all folks to invest by. It's still too early to rate Stansky's run at Magellan, but he was a standout at the Growth Company Fund. Fidelity's array of 35 sector funds, each of which invests in specific industries...
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