The world’s biggest solo stock-picker is about to have company in his behemoth fund.
Will Danoff, who’s beaten the market over almost any conceivable time frame since 1991, has presided alone over the $145 billion Fidelity Contrafund for 34 years.
From last Friday, he was joined by Fidelity Investments veterans Jason Weiner and Asher Anolic as co-portfolio managers, putting an end to one of the longest runs for a sole-manager in mutual fund history.
The move will likely quell industry questions about key-man risk and lack of succession planning at the fund.
Although there are no current plans for Danoff to retire, the Boston-based firm believed it was the right time to add resources to the team as part of a longer-term succession plan, according to a person familiar with the matter.
Danoff, 64, wants to mentor and train the people who will continue Contrafund’s methodology beyond his time, the person said.
In an emailed statement Danoff, who was mentored by storied Fidelity stock-picker Peter Lynch, attributed the fund’s success to his close collaboration with Fidelity’s research team. He’s now “excited to formalize that collaboration” with “long-time colleagues,” he added.
“With their expertise and help, I am confident we can continue to deliver excellent long-term performance for our clients, in the Contra way,” he said. Bart Grenier, Fidelity’s head of asset management, said the additions ensure the fund will maintain the “disciplined investment process” that has made it so successful.
Since Danoff’s arrival at Fidelity in September 1990, Contrafund has delivered a total return of 7,855%, data compiled by Bloomberg show, more than twice the S&P 500 benchmark.
Overall, Danoff manages more than $300 billion across a number of strategies for clients, including institutions, 401(k) providers and everyday investors.
He’s a big backer of Facebook parent Meta Platforms Inc. and has large bets on Nvidia Corp., Amazon.com Inc. and Warren Buffett’s Berkshire Hathaway Inc., according to data compiled by Bloomberg.
Nidhi Gupta and Matt Drukker, who each co-manage a smaller Danoff fund, will both join the line-ups of other Fidelity funds managed by Danoff.
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