A renowned stock investor is stepping down this year. Discover what he anticipates for 2026.

Main Insights

• Fidelity Contrafund has achieved an impressive annualized return of 14% as of January 26, outperforming major stock market indices.

• Managed by Will Danoff, who was an early backer of Google and Facebook, the fund also holds stakes in private firms such as SpaceX and Anthropic, according to recent disclosures.

Consistently outperforming the market is a rare feat for fund managers, but Will Danoff has managed to do just that over many years.

Since taking the helm of the Fidelity Contrafund (FCNTX) in 1990, Danoff has delivered an average annual return exceeding 14%, surpassing both the S&P 500 and the Russell 1000 Growth Index, which benchmarks similar funds.

This consistent outperformance has attracted significant investment, with the Contrafund's assets recently topping $176 billion. Danoff is preparing to retire at the end of the year, though he will remain at Fidelity as an advisor, according to recent filings.

Robby Greengold, an analyst at Morningstar, told Investopedia that Danoff stands out because his achievements span his entire career, not just a short period. While some managers see most of their gains in a few standout years, Danoff has maintained strong performance both early and late in his tenure.

Why This Is Important for Investors

The fund’s investments in private companies—such as SpaceX and Anthropic—may interest investors who are looking for the next generation of tech giants.

Danoff’s co-managers, Jason Weiner and Asher Anolic, joined him last year and will continue to work alongside him for several more months. Their outlook for 2026 suggests they are seeking out new opportunities beyond their current large-cap holdings, which include Meta Platforms (META), Nvidia (NVDA), Amazon.com (AMZN), Berkshire Hathaway (BRKA), and Alphabet (GOOGL).

In a note from the end of December, Danoff, Weiner, and Anolic wrote, “We are increasing our focus on international equities and small- to mid-cap companies,” noting that they expect to find promising investments among firms that have gone public in the last five to seven years. “We believe many of these businesses, which we call ‘tomorrow’s blue chips,’ have the potential to grow faster than the market’s largest players.”

Danoff’s Investment Approach and Legacy

Danoff in Sun Valley, Idaho, in 2021.

Photo: Kevin Dietsch / Getty Images

Danoff is known for his long-term investment strategy. He has held Google since its IPO in 2004 and bought into Facebook (now Meta) before it went public—both now among the world’s most valuable companies. Another example is Amphenol (APH), a high-speed cable company that Contrafund has owned since at least 2004, when its shares were just a few dollars. Today, Amphenol trades near $146 and is a key player in AI data center infrastructure.

Although Danoff was unavailable for comment, the Contrafund team noted in their late-2025 letter that the short-term outlook is positive for continued economic and business growth, but they remain cautious about policy changes, persistent inflation, and high asset valuations.

Despite his success, Danoff has not sought the spotlight on social media. He became well-known after a 1993 letter from early investors was featured in a Fidelity commercial. The letter, from parents who invested $10,000 in the fund for their child’s education, included a photo to remind Danoff of the real people relying on his expertise. According to Investopedia, that $10,000 investment would now be worth over $650,000 after fees.

Today, Contrafund’s portfolio of over 400 stocks includes small positions in private companies like SpaceX, xAI, Anthropic, and Stripe—some of which are rumored to be considering major IPOs this year.

In a 2020 interview with Morningstar’s The Long View, Danoff said, “A key to successful investing is casting a wide net and keeping an eye on sectors that are out of favor.”