U.S. and Canadian markets have continued rallying in February, continuing the green seen in January. With several large cap companies continuing to cut their workforce, what could this signal about future earnings? Which sectors should you keep an eye on for further growth? Also what is next for crude oil, copper and precious metals? Joining Bryan Borzykowski today to explain his investing method, and where to consider your next position in North America, is Fidelity North American Equity Class portfolio manager Darren Lekkerkerker. In addition to North American Equity Class, Darren also co-manages Fidelity Global Natural Resources Fund, and manages the equity sub-portfolio of Fidelity Canadian Balanced Fund, among others. Darren shares today that he has a high-quality investing style, investing in companies that have the potential for a high return on invested capital, and rising return on investment capital. He’ll also touch on the typical Canada/U.S. split in his fund. This year, Darren is keeping an eye on good companies that under-performed in their earnings last year because of high inflation, as well as companies that are high-growth areas such as tech, who had large drawdowns and are ready to rebound after changing their business culture through restructuring or reducing costs. Darren also notes that he hopes there will be more focus on individual company fundamentals overall this year, rather than macro headlines. Darren and Bryan also discuss opportunities in Canada’s energy sector, the appeal of rail companies, and what he’s hearing from companies in the many daily meetings he has, among other topics.

Recorded on February 9, 2023.

Transcript (PDF): https://www.fidelity.ca/content/dam/fidelity/en/documents/transcripts/transcript-podcast-fidelityconnects-lekkerkerker-feb9-23.pdf

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