Today we welcome portfolio manager David Way. David manages Fidelity’s Long/Short Alternative Fund, which is celebrating its three-year anniversary since its launch in October 2020. The fund seeks to capture alternative sources of alpha and expand the portfolio beyond traditional mutual fund solutions.  David discusses current market trends and explains how liquid alternatives may fit into a client’s portfolio. He explains how the fund’s positioning has changed since the beginning of the interest rate hiking schedule and where geographically he is investing. David says the long/short alternative fund can be thought of as a market neutral fund where there are alternative sources of alpha. He adds the fund is an equity product that will help reduce the overall volatility of an equity allocation. David says he is optimistic about the future because he invests into change.  He also shares his thoughts on valuations of companies, AI, and his thoughts on the continuing high inflationary environment.

Recorded on November 2, 2023.

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