A Legendary Stock Picker is Retiring This Year. Here's What He's Looking For in 2026.

• Danoff achieved 14% annualized returns through January 26, 2026, outperforming both the S&P 500 and comparable growth indexes since taking over in 1990
• A hypothetical $10,000 investment in Contrafund in 1993 would now be worth more than $650,000 net of fees
• The fund is shifting focus toward international stocks, small- and mid-cap companies, and recently public firms (past 5-7 years) expected to grow faster than current top holdings like Meta, Nvidia, and Amazon

Summary: Legendary Fund Manager Will Danoff Retires After 35 Years of Market-Beating Returns

Key Personnel and Performance:

Will Danoff, manager of Fidelity Contrafund since 1990, will retire at year-end after achieving a 14% average annualized return through January 26, consistently outperforming the S&P 500 and Russell 1000 Growth Index. The fund manages over $176 billion in assets. Danoff will remain with Fidelity in an advisory role. Co-portfolio managers Jason Weiner and Asher Anolic, who joined in 2025, will succeed him.

Investment Strategy and Holdings:

The fund's current top holdings include tech giants Meta Platforms, Nvidia, Amazon, Berkshire Hathaway, and Alphabet. Danoff demonstrates exceptional long-term conviction, having held Google since its 2004 IPO and Amphenol since at least 2004. The portfolio also includes small allocations to private companies SpaceX, xAI, Anthropic, and Stripe—several expected to go public in 2026.

2026 Outlook:

The management team is pivoting toward "tomorrow's blue chips," seeking increased exposure to international stocks, small- and mid-cap firms, and companies that went public within the past five to seven years. They believe these businesses can grow faster than current market leaders.

Market Concerns:

While the near-term outlook appears favorable for continued economic expansion, the team flags policy uncertainty, inflation persistence, and elevated asset valuations as key risks to monitor.

Notable Achievement:

A $10,000 investment in Contrafund in 1993 would now be worth over $650,000 net of fees, demonstrating Danoff's remarkable long-term value creation for investors. His consistent outperformance across multiple decades distinguishes him from peers whose success was typically confined to shorter periods.