Portfolio manager Steve DuFour joins the show today. Steve, who first joined Fidelity in 1992, manages Fidelity U.S. Focused Stock Fund for Canadian investors. His fund is a concentrated U.S. equity portfolio focused on investing in large-cap growth companies. Steve discusses his view on U.S. equity valuations in today’s market environment, where he is finding opportunities, and expands on his investment approach. Steve holds a firm focus on companies that are trading at a reasonable price, while expected to grow over the long term. Steve shares he is very interested in the future of hydrogen, explaining that wind and solar power have been reducing the reliance on coal, but hydrogen’s advantage is not being dependent on the weather. Steve also notes that one big area of focus during the economic reopening in the U.S. has been on casinos. In addition to physical casinos, Steve explains how the U.S. Supreme Court allowed online gambling a few years ago, so there are opportunities focusing on companies benefiting from this digital shift. Steve also discusses inflation, commodities and supply chains.

Recorded on October 21, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_dufour_21oct.pdf