Fidelity Contrafund’s Will Danoff No Longer Running It Solo

Fidelity Contrafund FCNTX remains one of the world’s largest actively managed mutual funds. But as of April 11, it is no longer the largest solo-manager fund. Longtime steward Will Danoff remains its key decision-maker, but he now shares the reins with seasoned Fidelity stock-pickers Asher Anolic and Jason Weiner.

The move could help the gigantic fund cope better with its large asset base, as well as set it up for an eventual, future manager transition, though Danoff has not announced any plans to retire.

Anolic and Weiner are worthy additions. They each have quietly built a strong track record at Fidelity Advisor Equity Growth EPGAX and Fidelity Capital Appreciation FDCAX. Anolic and Weiner will gradually take responsibility for about 10% of the fund’s assets over the coming months.

They won’t be starting from scratch. For the better part of a decade, Anolic and Weiner have comanaged Fidelity Advisor Equity Growth and Fidelity Capital Appreciation, which aim to beat a US all-growth index and the S&P 500, respectively. Weiner previously ran Advisor Equity Growth solo, and he has a deep background in tech and biotech. Anolic covered pharmaceuticals as a Fidelity analyst. Their areas of expertise are complementary—and an advantage in the large-cap growth arena.

Anolic and Weiner have formed a good partnership. They debate every stock together rather than dividing coverage by sector, so they have a fuller understanding of their picks’ upsides and risks. They rely less on Fidelity’s in-house analyst recommendations than some of their peers. When they consult analysts, it’s not for buy-or-sell tips but for insights on fundamentals. While an analyst may balance growth and valuation evenly, Anolic and Weiner tend to favor growth—like revenue acceleration or rising gross margins.

Other Danoff-led funds are evolving, too. Fidelity Advisor New Insights FINSX, long split between Danoff and Nidhi Gupta, now has a third manager: Matt Drukker. Though relatively new to managing public diversified portfolios, Drukker began overseeing 40% of Fidelity VIP Contrafund (an insurance account) in 2024. Danoff still runs the lion’s share of that portfolio with 50% of assets. Gupta has just joined as a comanager there to run 10%. Drukker joined Fidelity in 2007 and spent years as an analyst covering internet and communications giants like Alphabet GOOG, Amazon.com AMZN, Meta META, and Netflix NFLX—stocks that have delivered strong returns for Fidelity investors. He also managed several sector funds.

Why the Change Now?

Contrafund’s performance over the past decade remains impressive. But size is its Achilles’ heel. With roughly $280 billion across all accounts, it dwarfs its peers. Most large-cap funds manage less than $10 billion. That sheer scale makes Contrafund harder to maneuver. Danoff has adjusted by trading less frequently and leaning into highly liquid mega-cap stocks. It has worked—but in part because the biggest stocks in the US market, like Meta and Berkshire Hathaway BRK.B, have also been the best performers. That tailwind, however, won’t last forever.

Fidelity knows this. By bringing in new managers, it hopes to make the fund more agile and broaden the opportunity set. Giant funds like Contrafund often sprawl across hundreds of positions, most kept small to ensure liquidity. An individual only has so much bandwidth to scrutinize each stock. A team can cover more ground and with more depth.

Anolic and Weiner, in particular, could help explore less well-trodden territory. Their other portfolios have made selective bets on smaller companies and international stocks.

There’s another reason Fidelity may be making these moves: succession. Danoff, now in his mid-60s, is closer to the end of his career than the beginning. Fidelity has in recent years shown a preference for gradual transitions, letting new managers take on responsibilities slowly rather than rushing to replace a star. This may be the next step toward handing off one of the fund family’s crown jewels.