Legendary portfolio manager Will Danoff discusses his outlook for the U.S. and global markets. For Canadian investors, Will manages Fidelity Insights Class. This year, Will reaches three decades of managing Fidelity Contrafund, the largest U.S. mutual fund run by a single manager. Over the last thirty years, Will has seen it all; he believes companies do well over time if they can adapt and rebound. One thing that has amazed Will this year is the concern and care from management teams about the health and safety of their customers and employees. He believes that if you can keep customers and employees safe, productivity will continue, and this in turn will have a positive result for shareholders. Last time Will joined FidelityConnects, he spoke about the challenges ahead for airlines, hotels and aviation companies – and those challenges continue. On the other hand, he believes there are clear winners of the pandemic. Technology and software companies are benefiting from the rush to move to online, and some retailers are investing heavily to improve their online channels, ability to accept multiple forms of payment, inventory management, etc. Many of Will’s bigger positions in Fidelity Insights Class are technology and software companies that are big enablers of e-commerce.
Recorded on October 28, 2020.