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Denise Chisholm, Director of Quantitative Market Strategy is back for another instalment of her sector watch. A reoccurring series sharing Denises’s perspectives on sectors and factors making headlines. Denise begins today’s show looking at energy. She notes energy impacts every consumer and every producer. Additionally, Denise believes we may have a long runway to higher crude oil prices rising before investors reach a tipping point reacting to these higher prices. Denise also looks at oil and gas, and possible global risks and supply shortages. Host Pamela Ritchie also asks Denise about technology and that sector goes in a rising rate environment. They also discuss financials and capital markets, gold, using disruption in a portfolio, and the ever popular topic of inflation.

Recorded on October 14, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_chisholm_oct14.pdf

Fixed income portfolio manager Jeff Moore is back for his monthly perspectives on the fixed income environment. Jeff looks at impending tapering from the U.S. Federal Reserve, rate hikes and the yield curve. Jeff also comments that transitory inflation is now embedded in expectations, and he believes the Fed is keeping their eye on changing expectations. Jeff manages, co-manages, or manages the fixed income sleeve of many Fidelity Canada funds, and he shares with host Pamela Ritchie how he and his team have diversified as much as possible to benefit from the multi-sector environment. This includes looking at emerging markets for opportunities and staying aware of how U.S. rate hikes could effect emerging markets countries.

Recorded on October 13, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_moore_13oct.pdf

Today we shine a light on balancing income and risk in fixed income investing with Adam Kramer, portfolio manager, and Scott Mensi, institutional portfolio manager. Adam and Scott share that Fidelity Tactical High Income Fund offers a flexible mandate with a full spectrum of income producing asset classes, aiming to provide a consistent yield for investors, and a cushion during periods of market volatility. Adam believes it’s the markets tendency to misprice risk, which makes it beneficial to offer a broad range of asset classes in the fund. He explains if you’re in an asset class that has too much bad news, and that bad news doesn’t happen, that is where you make money, and that is where the fund is trying to be. In addition to their investment approach, Adam and Scott also share their current market perspectives, and outlook for 2022. Scott adds that it’s beneficial to maintain a long-term approach.

Recorded on September 29, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_access2021_kramer_mensi.pdf

Portfolio manager Mark Schmehl is back to discuss positive change investing, and how he uncovers opportunities in Canada, the U.S., and abroad. For Canadian investors, Mark runs Fidelity Canadian Growth Company Fund, Fidelity Special Situations Fund, and Fidelity Global Innovators Class. In speaking with host Pat Bolland, Mark shares how his portfolios are currently positioned, noting he is more heavily focused in companies that haven’t done that well and are starting to get better. Mark has repositioned with purchasing cheap resources and cyclicals, and reminds us he plays in the tails of the market, where things are changing the most. Mark comments he is paying attention to the software sector and the metaverse theme. He also shares his thoughts on biotech, electric vehicles, bitcoin and crypto, and the Fidelity research resources.

Recorded on September 29, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_access2021_schmehl.pdf

Director of Global Macro, Jurrien Timmer, reminds us the market only goes up 60% of the time, so having a strategy for the other 40% of the time is one of the most important things an investor can do. As he’s commented on in past shows, Jurrien also looks at inflation pressures, and actions by the U.S. Federal Reserve. Diving into earnings and P/E ratio, Jurrien shares we’re starting to see slowing earnings growth and no longer a P/E tailwind, with the market progressing from early-cycle expansion and into mid-cycle expansion. Jurrien also looks at energy, bitcoin, and host Pamela Ritchie poses an important question right now – could tensions in the Chinese markets spill out globally, and to what extent are these tensions affecting trade and supply chains? Head to @TimmerFidelity on Twitter to follow along with a few charts.

Recorded on October 12, 2021.

Tom Stevenson, Investment Director at Fidelity International, is back on the show for his global look at the markets. The current investment climate may feel uncertain to many investors with rising inflation, supply chain disruptions, and questions surrounding the pandemic’s ongoing impacts, as we head into the final months of 2021. Today, in speaking with host Pamela Ritchie, Tom addresses what’s on the minds of investors, including parallels to the 1970’s. Tom shares that in London, England, he’s seeing people lining up for gas, and supermarket shelves being empty of some products. Among other topics, Tom looks at the signs of inflation shifting throughout the year, how a balanced portfolio has performed over the last year and a half, and the differences in stock market performance in countries that reopened at different times.

Recorded on October 7, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_stevenson_oct7pdf

Portfolio manager of Fidelity Global Real Estate Fund, Steve Buller, joins us today to share his outlook for global real estate and where he is finding opportunities. Inflation is on everyone’s minds, and Steve notes that inflation can be good for real estate securities overall, but the potential for rising interest rates raise some doubts. Steve shares that office demand will be disrupted by remote work in the future as flexible scheduling will impact the need for office space going forward. Steve describes a war for talent happening, where employees are choosing companies that have flexible policies, and this is impacting how companies react. Steve also unpacks what this means for cities and downtown urban centres. Looking at Steve’s current positioning he shares he’s balancing the consistent long-term growers like logistics facilities and data centres, with the reopening trade such as hotels, gaming, retail, and assisted living. One shift Steve notes is the traditional malls in the past catered towards apparel shopping but now sees an increase in leisure activities. Also, with retail logistics, stores are leasing the same amount of space as before but with less space allocated to foot traffic and more for inventory and prepping online orders.

Recorded on October 7, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_buller_07oct.pdf

Portfolio managers Joel Tillinghast and Ramona Persaud join us to discuss using Fidelity’s resources and strength to uncover opportunities in value investing and dividend investing. For Canadian investors Joel manages Fidelity Global Intrinsic Value Class alongside Salim Hart, Fidelity NorthStar Fund alongside Dan Dupont and Kyle Weaver, and Fidelity Global Growth and Value Class alongside Will Danoff. Joel first joined Fidelity in 1986 and now serves as a mentor for the next generation of investors. Host Pat Bolland asks Ramona for her perspectives on the role Joel has played for her and others both in the office and during COVID’s work-from-home. Ramona is a dividend investor who has been with Fidelity since 2003. For Canadian investors she manages U.S. Dividend Fund in addition to several private pools, and sub-portfolio manager responsibilities on many multi-asset funds including Global Monthly Income Fund. Both Joel and Ramona share their investment approaches and principles, reflect on their current positioning, and share where they are finding opportunities. They also offer their perspectives on the current market environment, different sectors valuations, U.S politics affecting the markets, and the value vs. growth discussion.

Recorded on September 29, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_access2021_tillinghast_persaud.pdf

Portfolio managers Hugo Lavallée and Kris Atkinson join the show today to discuss Fidelity Climate Leadership suite of funds, which were launched earlier this year. The topic of the day is investing in the future. Hugo shares that climate change is very real and people are changing their day-to-day habits in response to climate change. The suite of Fidelity Climate Leadership Funds are apart of that with the funds being designed to reduce the risks and benefit from opportunities created by the global decarbonization trend. Hugo and Kris speak with host Pamela Ritchie about the research that goes into the funds, with Hugo commenting on equities and Kris on bonds. Kris notes he needs to ensure that the bonds they are selecting for the fund are in-fact having a positive impact on the climate. So leveraging Fidelity’s global research capabilities are important when making investment decisions.

Recorded on September 29, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_access2021_lavallee_atkinson.pdf

Portfolio manager Will Danoff joins the show today. For Canadian investors, Will manages Fidelity Insights Class, and also co-manages Fidelity Global Growth and Value Class with Joel Tillinghast. U.S. investors know Will as manager of Fidelity Contrafund since 1990. Will reflects on the current positioning of Fidelity Insights Class, which remains having a focus on technology names. Insights aims to invest in “best-of-breed” firms which Will believes will offer sustained, above average earnings growth. Will discusses how the market is up significantly off the March 2020 bottom, and corporate earnings are quite high. Will notes the market right now is not cheap, but it is not necessarily expensive. He shares that in speaking with CEOs he is seeing a lot of innovation and that there is a remarkable amount of entrepreneurial spirit out there. Will looks at inflation, the types of companies he stays away from, and shares his observations about his industry.

Recorded on October 5, 2021.

Transcript (PDF): https://www.fidelity.ca/cs/Satellite/doc/transcript_podcast_danoff_oct5.pdf