Fidelity Sound Bites

Why this comeback story is gathering momentum.

For years, Japan was seen as a slow-growth market defined by deflation and cautious corporate behaviour. Now, that narrative is changing.

In this month's episode of Sound Bites, Min Zeng, Portfolio Manager of the Fidelity Japan Equities Fund explores how inflation, stronger corporate governance and AI-led investment are reshaping the world's third-largest economy and uncovering opportunities that many investors may have overlooked.

Topics covered:

• The structural shifts transforming Japan's investment landscape
• How banks and other sectors are profiting from inflation's impact on earnings growth
• Opportunities across financials, construction, AI and overlooked areas of the market
• The outlook for Japanese equities amid global uncertainty

This episode was recorded 22 October 2026.

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BHP has delivered a record result, copper has overtaken iron ore as its largest earnings contributor, and resources have become one of the market's strongest-performing sectors. But is this the beginning of a structural shift, or are investors getting carried away by another commodity cycle?

Drawing on insights from the latest reporting season, Fidelity's Sam Heithersay, Portfolio Manager, Fidelity Australian Equities Fund and Cameron Taylor, Mining Analyst unpack what's driving the rally, where the opportunities lie, and the risks investors shouldn't ignore. 

Key topics discussed:

• Why copper has become the market's favourite commodity and what's driving demand.
• The biggest risks to the resources rally, from commodity prices to project execution. 
• How Fidelity is positioning portfolios amid growing divergence across the mining sector. 
• What investors should watch as miners increase spending and pursue growth projects.
• How new market entrants could reshape Australia's listed resources landscape.

Read our full disclaimer. This episode was recorded 31 August 2026.

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Reporting season exposed a market moving in two very different directions. While resources and AI-linked infrastructure businesses continue to benefit from powerful global tailwinds, many consumer and housing-exposed companies are facing a more challenging outlook.

Join Fidelity Australian equity portfolio managers Paul Taylor, Sam Heithersay and James Abela, with host Lukasz de Pourbaix, as they unpack what the latest results revealed about the economy, earnings and where opportunities are emerging.

Key topics discussed:

• Why dispersion is growing across the Australian market, with stark differences emerging between sectors and individual companies.

• Where capital is flowing, from AI infrastructure and resources to quality businesses offering earnings resilience and certainty.

• What separates the winners from the losers, including management quality, margin resilience and capital discipline in a tougher environment.

• Where the team is finding opportunities, as volatility and changing valuations create openings across technology, property, resources and consumer stocks.

Read our full disclaimer. This episode was recorded 31 August 2026.

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Momentum has been one of the market's biggest winners in recent years. But what happens when the trade everyone loves starts to unwind?

In this month's episode of Sound Bites, Matt Jones, Portfolio Manager for the Fidelity Research Global Equities Fund explores why momentum has become such a powerful force in markets, why it can act as a "wolf in sheep's clothing" for investors, and how investors can identify hidden concentrations that may be building beneath the surface of portfolios.

Topics covered:

• Why momentum has become a dominant market driver
• The risks of factor concentration and crowded trades
• How market-cap weighted benchmarks can amplify momentum exposure
• Why diversification goes beyond simply owning more stocks
• The role of differentiated alpha sources in today's market

Read our full disclaimer. This episode was recorded 19 August 2026.

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AI is reshaping business faster than most investors realise, and Fidelity is on the front line.

In this episode, Lukasz de Pourbaix speaks with Sam Heithersay and Sue Lyn Stubbs, who share rare, first-hand insights from over 30 ASX boardroom conversations. They unpack where companies are truly at on AI adoption, the gap between hype and reality, and how governance is emerging as the critical signal for long-term winners. A must-listen for investors navigating the next phase of AI.

We’d love to hear from you! Email us at [email protected] with suggestions for episodes or guests. For more information on Fidelity visit fidelity.com.au.

Read our full disclaimer. This episode was recorded 2 June 2026.

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Asia’s returns are being driven by a narrow group of semiconductor giants at the centre of the global AI boom raising real questions around concentration, valuation and what investors are actually getting. In this episode Lukasz and Fidelity Investment Director for Asian equity, Gary Monaghan unpack whether the momentum in AI-linked tech is sustainable, and what happens if expectations start to run ahead of earnings.

Also covered:
We explore how rising oil prices are shaping the outlook across Asia, with different impacts across key markets including India, China and ASEAN. We also discuss the implications of extreme market concentration for diversification, where investors may find overlooked opportunities beyond tech, particularly in under-owned areas like China, and why identifying companies with genuine pricing power is critical in a higher-cost environment.

Learn more about the Fidelity Asia Fund

We’d love to hear from you! Email us at [email protected] with suggestions for episodes or guests. For more information on Fidelity visit fidelity.com.au.

Read our full disclaimer. This episode was recorded 4 June 2026.

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Diversification has long relied on bonds offsetting equity risk. That relationship is proving less reliable, with recent shocks exposing how quickly correlations can move together.

These periods tend to emerge when inflation is more volatile, as it is today. At the same time, markets are being driven by a different force, an investment-led cycle tied to AI and infrastructure, which is supporting earnings despite the noise.

In this episode, Matt Quaife sits down with Lukasz to discuss why diversification is behaving differently, what this means for portfolio construction, and why these periods are among the most challenging, but also the most important, for long-term outcomes.

Topics covered:

• The market impact of the Iran conflict and energy shock
• Why bonds and equities are moving together
• What’s driving the current investment-led cycle
• How to think about diversification in a higher inflation world
• Where opportunities are emerging across regions and sectors
• Portfolio construction when correlations break down

For more information on Fidelity visit fidelity.com.au.
Read our full disclaimer. This episode was recorded 19 May 2026

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Quality hasn’t failed. It’s cyclical. Over the past 40 years, quality investing has delivered strong long‑term outcomes, yet it has underperformed roughly a third of the time. The current episode stands out: nearly two years in length and around 30% of relative underperformance.

History shows quality tends to lag during ‘melt‑ups’, early‑cycle recoveries and strongly risk‑on environments, the very conditions markets have experienced amid AI optimism, capex booms and improving growth indicators. Are we at the end of the underperformance cycle, or is there further to go?

In this month’s podcast, Maroun Younes, Co-Portfolio Manager for the Fidelity Global Future Leaders Fund sits down with Lukasz to explore why quality strategies fall behind at certain points in the cycle, how unusual the current drawdown really is and why periods like this are often the most behaviourally challenging but also the most consequential.

Learn more about how we uncover these insights with our Research Advantage.

For more information on Fidelity visit fidelity.com.au.
Read our full disclaimer. This episode was recorded 16 April 2026

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IPO activity in Asia is picking up, but the real story starts well before companies reach the market. Strong pipelines often reflect confidence from founders and improving conditions beneath the surface. That can create opportunities for investors willing to look ahead.

Portfolio Manager for the Fidelity Special Situations and Asia Pre-IPO Strategies, Dale Nicholls and Investment Director for Private Markets, Tony Liu talk through the current IPO environment in Asia and what it reveals about private company activity. Drawing on their experience across the region, they explain how pre‑IPO investing fits into the broader opportunity set and how they think about risk, timing and growth.

Learn more about Fidelity www.fidelity.com.au

We’d love to hear from you! Email us at [email protected] with suggestions for episodes or guests. For more information on Fidelity visit fidelity.com.au.

Read our full disclaimer. This episode was recorded 23 March 2026

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Geopolitics, policy and markets are colliding, but what does a multipolar world mean for portfolios, and why should investors be looking to true, multi‑dimensional diversification in this regime?

In this episode, Salman Ahmed, Fidelity's Global Head of Macro and SAA joins Lukasz de Pourbaix to step back from the noise to frame the big forces: shifting power blocs, policy trade‑offs and changing market structures, translating them into a practical way of thinking about portfolio resilience. Expect a focus on reducing concentration risk, building durability across regimes, and using diversification to handle correlation shifts and macro surprises. 

Discover what to watch, how to weigh trade‑offs, and where diversification can do the heavy lifting -whether recession risk materialises or not.

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Learn more about Fidelity's Global Macro Outlook for 2026.

We’d love to hear from you! Email us at [email protected] with suggestions for episodes or guests. For more information on Fidelity visit fidelity.com.au.

Read our full disclaimer. This episode was recorded 10 January 2026.

See omnystudio.com/listener for privacy information.

See omnystudio.com/listener for privacy information.