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Danoff's Focus At Fidelity Has Paid Off; Contrafund Tops Bogey; Manager added to stake in Google even as its stock keeps on climbing.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: KEN HOOVER
Will Danoff has amassed an impressive record as manager of Fidelity Contrafund, one of the nation's largest funds with $58.5 billion in assets.
He's been able to beat the market most years since taking the helm of the Boston-based fund in September 1990.
For 2005 the fund was up 16.2% vs. 6.4% for its large-cap growth peers tracked by Morningstar and 4.7% for the S&P 500. The three-year average annual return was 19.61% vs. 13.9% for its peers and 14.33% for the S&P 500. The five-year average was 6.21% against -3.37% for peers and 0.52% for the S&P.
The 10-year record is the most impressive because it's exceedingly hard to beat the market for the long haul, through bull and bear, bubble and bust. The 10-year average was 12.01% vs. 9.06% for the S&P 500.
Morningstar puts Contrafund in the large-cap growth category. But Danoff is willing to go anywhere to find good stocks, large- or mid-cap, growth or value. But with the size of the fund, it's hard to take a significant position in smaller names.
Danoff also runs Fidelity Advisor New Insights Fund. The $3.8 billion fund has performed even better since its launch in July 2003. One possible reason: with fewer assets it can be more nimble and has been able to buy more small-cap stocks.
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