Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:'Woody Allen of Fidelity' Opens Up to The Times Not Rated 1.0 Email Routing List Email & Route  Print Print
Monday, January 12, 2009

'Woody Allen of Fidelity' Opens Up to The Times

by: Armie Margaret Lee

William Danoff, longtime manager of the recently reopened Contrafund and self-proclaimed "Woody Allen of Fidelity," talked to The New York Times' Tim Gray about his fund's performance and his preference for face-to-face meetings.

Contrafund, which had been closed since 2005, reopened on December 16, as did Fidelity Low-Priced Stock, which had been closed since 2003 (see The MFWire, 12/2/08). The two funds' performance in 2008 wasn't far from that of the S&P 500-stock index. Contrafund lost 37.2 percent last year and Low-Priced Stock lost 36.2 percent. The S&P 500-stock index, meanwhile, dropped 37 percent.

Danoff said he understood why investors were pulling out of the two funds for most of 2008.

"We have not done a very good job with our shareholders' hard-earned money," he said. It isn't impressive, he added, "to say I'm in line with the index."

Contrafund had $47.7 billion in assets at the end of October. Low-Priced Stock had $18 billion.

Walter Donovan, president of Fidelity's equity division, insisted that falling revenue was not the driver behind the reopenings.

“This isn’t a business decision, other than what’s right for the shareholders,” Donovan said. “The market’s down, and we’re all up to our ears in investment opportunities.”

Danoff, for his part, said he holds at least 500 meetings a year -- two to three each business day -- with executives of companies hoping that Danoff invest in their firms.

"Woody Allen said that 80 percent of life is just showing up," Danoff said. "I’m the Woody Allen of Fidelity — I show up a lot.” 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

1.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  2. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  3. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  4. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  5. MFDF webinar - ETF Conversions, July 17
  6. MFDF Director Discussion Series - Open Forum (New York), July 22
  7. MFDF Ask Anything webinar - AI Edition, July 24
  8. MFDF webinar - Use of Derivatives by RICs, July 29
  9. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  10. Samfund Soiree Boston 2025, August 21
  11. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  12. ICI ETF Conference, Sep 8-10
  13. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  14. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  15. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  16. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  17. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  18. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  19. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  20. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  21. 10th annual Fuse Forum, October 8
  22. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  23. 2025 MMI Annual Conference, Oct 15-17
  24. MFDF webinar - Series Trust Funds - Effective Board Relationships with Advisers, October 15
  25. MFDF In Focus webinar - Audit Committee Chair, November 5
  26. MFDF webinar - Mutual Fund CCO Compensations: The MPI Annual Survey Update, November 13




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use