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

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

Rating:A Fidelity Stockpicker Ponders His 2008 Missteps Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 03, 2009

A Fidelity Stockpicker Ponders His 2008 Missteps

by: Armie Margaret Lee

In Tuesday's Wall Street Journal Fund Track column, Jon Kamp picks up Fidelity Contrafund manager Will Dannoff's comments, published in Fidelity's Web site, on how the fund fared last year. Returns in the fund, which reopened to new investors in mid-December (see The MFWire, 12/02/09), fell 37.2 percent in 2008, roughly mirroring the drop in the Standard & Poor's 500-stock index and outperforming Fidelity Magellan and Fidelity Growth & Income Portfolio.

Danoff said he is "very disappointed" with his fund's result and adds that he takes "no solace" in nearly matching the S&P's performance.

"I was late in reducing some of my holdings in the tech sector," Danoff said, pointing to Google, Apple and BlackBerry maker Research in Motion.

"In retrospect, I was too ebullient about their long-term prospects," he said, adding that his stock choices in the retailing and capital-good sectors "also hurt" last year.
On the other hand, the fund benefited from its huge stake in biotech firm Genetech and Danoff's decision to pass over "big problems" among financials stocks including AIG and Citigroup.

Looking forward, Danoff said that given efforts by governments and central banks to stabilize the global economy, "I believe it is possible that the outlook for corporate profit growth and equity prices could improve by the end of 2009." 

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

 Do You Recommend This Story?

Return to Top
 News Archives
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:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use