Value versus growth, or a bit of both? We welcome U.S. equities portfolio manager Steve MacMillan to weigh in on this topic and discuss his funds as we move ahead to the second half of 2021. Steve manages Fidelity American Equity Fund and recently celebrated his 10th anniversary managing Fidelity Small Cap America Fund. He discusses the phases the market has gone through since the November 9 vaccine announcement day. Leading up to the vaccine day the market was led by growth stocks, but cyclical stocks have done well post vaccine day. Steve also discusses factors that have driven stocks over the last year and notes that the lowest market cap stocks did the best. He looks at what has been driving the biotech sector, how he allocates cash, and shares his thoughts on gold and oil. Steve shares that one of the most significant changes to the portfolio has been reducing exposure to Information Technology, noting that at one point, Information Technology was 30% plus of the fund, and now it’s more mid-teens. Additionally, he discusses the difference between Fidelity American Equity Fund and Fidelity Small Cap America Fund.

Recorded on May 26, 2021.