Nous sommes heureux de vous présenter aujourd’hui une émission un rien plus longue que d’habitude. Nous souhaitons la bienvenue aux gestionnaires de portefeuille Hugo Lavallée et Patrice Quirion pour une discussion approfondie les leçons tirées de leurs en 2021. Ils partagent également leurs réflexions sur ce que les marchés pourraient nous réserver en 2022. MM. Lavallée et Quirion traitent de nombreux sujets avec l’hôte Charles Danis, notamment les enjeux ESG, le climat et la gestion en période de volatilité. Ils s’en tiennent tous deux à leur propre démarche de placement et ne se laissent pas distraire par les placements qui ont la cote. M. Lavallée explique que la volatilité crée des occasions de placement pour les gestionnaires actifs, surtout pour lui qui est un investisseur à contre-courant. Pour ce qui est de 2022, il établit aussi des comparaisons avec le cycle du marché de 2011. Selon lui, nous avançons dans la bonne direction, mais nous faisons trois pas en avant, puis deux pas en arrière. M. Quirion, quant à lui, estime que 2022 sera l’année où nous apprendrons à vivre avec la COVID-19. Pas seulement du point de vue de la santé, mais aussi de l’économie et des marchés, qui devraient être moins affectés par la pandémie.

Date : 9 décembre 2021.

Transcription : https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_theupside_lavallee_09dec.pdf

Director of Global Macro, Jurrien Timmer, touches on inflation, the global money supply, geopolitical tensions, and value prospects in this episode. Commencing with inflation, Jurrien notes that CPI came in as expected, year over year at 6.8% and that the market is moving beyond that - believing that the bond market is reflecting that the worst is behind us. Jurrien adds that the U.S Federal Reserve is likely to announce this week that they are going to turbo taper in March 2022 instead of June 2022. In terms of political tensions and possible effects on supply chains, Jurrien explains to host Pamela Ritchie that geopolitical tensions are not a good thing for markets, but believes that the current Russia and Ukraine tensions are not going to be market moving . He also adds it’s important to distinguish if a tension is systemic. Jurrien will be sharing a few charts so please head to @TimmerFidelity on Twitter to follow along.

Recorded on December 13, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_fidelityconnects_timmer_globalmacro_13dec.pdf

Join Hugo Lavallée, Portfolio Manager of Fidelity Climate Leadership Fund™, Fidelity Greater Canada Fund and Fidelity Canadian Opportunities Fund, for a discussion of his contrarian investment strategy, the future of climate-focused thematic investing and his views on investing in Canada in 2022. As a contrarian investor, Hugo focuses on pushing through short term dislocation and looking at opportunities within companies over the next two to three years. Hugo also discusses how Europe is years ahead in getting closer to net zero carbon emissions and how North American countries can adopt their thinking to also reach a net zero goal. Hugo states he is not here to convince people on climate change but rather to show them how the world is changing, and investors should embrace change to protect themselves and their investments. With the energy transition, Hugo explains how oil and gas companies are pivoting their business model for carbon capture, the use of EVs and the impact of circular fashion on our climate.

Recorded on December 9, 2021.

Portfolio manager Mark Schmehl joins FidelityConnects for an insightful discussion with host Pamela Ritchie. For Canadian investors, Mark manages Fidelity Global Innovators Class, Fidelity Special Situations Fund, and Fidelity Canadian Growth Company Fund. Today, Mark reflects on the market volatility seen throughout November and December, noting it gave him a chance to add to his favourite positions. He has high conviction in his top ideas, and attributes the recent volatility to a collective panic from a lot of investors who have the same bets. Mark also discusses the overall economy and market cycle, oil, and regulation for tech companies. Mark shares the differences and similarities between his funds, including the opportunity to invest in private companies. Also today Mark looks at the big topic of the metaverse, believing people are going to spend more time in these immersive worlds. Mark sees many investors incorrectly viewing the metaverse more like a video game, whereas Mark compares it to a different version of TV.

Recorded on December 8, 2021.

HyunHo Sohn, Portfolio Manager of Fidelity Technology Innovators Fund, reflects on recent trends in the tech industry throughout the pandemic, recent investor pressures, and overall modernization. Overall, HyunHo recognizes the general importance of technology when it comes to efficiencies and increased digitization, therefore, HyunHo believes mega-cap tech companies are projected to continue doing well. Some big opportunities that come from these efficiencies include process automation for many different industries, software management that reduces time, money and resources and connecting businesses to customers, as well as other businesses. Privacy risks are constantly being improved as social media and cyber security become widely used in our society, and HyunHo believes there will be more need to traffic data centres as a result. Japan is also noted as a leading innovator, recently developing robotics, automation technology and trading at more attractive multiples than US companies. Additional thoughts are shared on the Metaverse, government infrastructure, regional positioning, semi-conductors and opportunities and barriers for Chinese companies.

Recorded on December 3, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_fidelityconnects_sohn_03dec.pdf

Vivian Hsu, Director ETFs and Alternatives, and Meghan Chen, Senior Product Solutions Analyst, are featured on this episode discussing Bitcoin investing and the potential offerings it can provide to investors. In addition to introducing the new Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund, Vivian provides an industry update, highlighting recent ETF success and the increased demand for cryptocurrency and Bitcoin related products. Meghan provides a high-level overview and explains some of the main features of Bitcoin. Additionally, Meghan discusses who is responsible for tracking all the Bitcoin transactions that occur around the network. The blockchain was also highlighted extensively throughout the episode, where Meghan discusses consumers perception of the blockchain. Further in the episode, Meghan discusses Bitcoin mining and how miners can be found across the world on a global scale. Additionally, Meghan discusses the energy requirements needed in mining for Bitcoin. Vivian and Meghan also discuss the opportunities for investors and the potential exposure that investors could see in the cryptocurrency space. Finally, Meghan discusses the storage capabilities of Bitcoin and the safety related to investors.

Recorded on December 2, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript-podcast-chen-bitcoin-investing-02dec.pdf

Le gestionnaire de portefeuille Daniel Dupont est de retour à notre émission aujourd’hui pour nous faire part de ses réflexions sur les marchés en 2021 et ses perspectives pour 2022. M. Dupont investit en mettant l’accent sur la protection en cas de baisse. Il gère les Fonds Fidelity Grande Capitalisation Canada et Valeur mondiale à positions longues/courtes pour le compte des investisseurs canadiens. Il est également cogestionnaire d’autres produits de placement, dont le Fonds Fidelity Étoile du Nord. En compagnie de l’animateur Charles Danis, M. Dupont discute de la volatilité récente sur les marchés et partage son opinion sur les évaluations boursières, l’inflation et l’incertitude entourant les politiques fiscales et monétaires. À son avis, les actions américaines se négocient à des cours trop élevés alors que celles du Royaume-Uni sont plus attrayantes. Le gestionnaire rappelle également aux investisseurs de demeurer très vigilants. Il considère que l’inflation est élevée et qu’elle pourrait augmenter encore plus, et ajoute que le haut niveau d’endettement pose problème, car si les banques centrales tentent de freiner la situation, la tendance économique pourrait être complètement renversée.

Date: 2 décembre 2021

Lire la transcription : https://www.fidelity.ca/cs/Satellite/doc/transcript_webcast_dupont_02dec_f.pdf

Jurrien Timmer, Director of Global Macro, joins for this weeks “global macro view” to give a weekly market overview. He discusses rising inflation reaching a CPI change of 6.2% in the U.S. and going well above the Fed’s comfort zone, although there still are some transitory elements present. Jurrien talks about the U.S. unemployment report which was released Friday December 3rd, that has shown employment rates are now beyond full capacity. He touches on the supply chain bottle necks potentially causing a significant slowdown in economic activity coinciding with the Fed normalizing policy in 2022. He also spoke on the historical trend of the Fed using lagging indicators to set forward looking policies that caused many policy errors in the past. Jurrien touches on the “stealth correction” seen where the market has rotated to favour different investment styles and sectors compared to earlier this year.

Recorded on December 6, 2021.

In this episode of the Fidelity ETF Exchange - powered by FidelityConnects, co-hosts Étienne Joncas Bouchard and Himesh Patel welcome Andrei Bruno to the show. Andrei is an ETF Strategist at Fidelity Investments Canada. Today’s discussion is centred around fixed-income markets, securities and ETFs. The panel takes the time to recap some of the notable movements among various sectors for 2021. The conversation also includes comments on Central Bank policy, the interest rate environment, as well as a brief outlook for 2022.

Recorded on December 2, 2021.

The Honourable Peter Bethlenfalvy, Ontario Minister of Finance, is featured on this episode providing an economic and regulatory update. Within this episode, Minister Bethlenfalvy discusses Ontario’s debt levels and the plan to get back to a balanced budget. Minister Bethlenfalvy reflects upon Ontario’s environment and provides a variety of aspects that will be detrimental to getting back to a balanced budget. The housing sector was also discussed throughout the episode where the Minister provides his plan and approach to the situation. He also discusses a variety of constraints that are contributing to the overall problems in the housing sector. Finally, Minister Bethlenfalvy discusses the type of role that cryptocurrency might play in the future within Canada and Ontario specifically. He provides his thoughts about cryptocurrency and the attention that it has generated with the Government of Canada and Bank of Canada.

Recorded on November 25, 2021.