FidelityConnects

Kyle Weaver is the portfolio manager of Fidelity U.S. Growth Opportunities Class, and portfolio co-manager of Fidelity NorthStar® Fund, alongside Joel Tillinghast and Dan Dupont. Kyle believes this market volatility has created buying opportunities as attractive businesses go on sale. Through this market correction, Kyle maintains his investment approach of looking at growth stocks that are not macro-dependent, and that have a set of secular business model drivers that can create significant value over a long-term horizon. Kyle explains how he invests by concentrating on dislocations between stock prices and business models, which has been amplified during this period of volatility.

Recorded on April 16, 2020.

Harley Lank, Portfolio Manager and President of Fidelity’s High Income and Alternatives division, shares his insights on current market conditions and what significant forces are moving the high-yield market globally. Harley believes that from a long-term investment standpoint, the U.S. high yield market is attractive.

Recorded on April 15, 2020.

Jurrien Timmer, Director of Global Macro, joins us again for his weekly global macro update. Jurrien reiterates that the current economic focus is on – apart from new COVID-19 cases – the upcoming earnings season. Reflecting on the market volatility seen in the last quarter, Jurrien observes that for active investment managers like Fidelity, there were lots of opportunities created. During this period, strong-performing and low-performing companies alike were discounted, which means there were lots of buying opportunities, especially for value managers.

Recorded on April 14, 2020.

Thank you for listening and subscribing! We're pleased to present our first French podcast, featuring Hugo Lavallée.

Le gestionnaire de portefeuille d’actions canadiennes Hugo Lavallée discute des points suivants :

- l’incidence de la COVID-19 sur l’économie et les marchés canadiens;- l’effet des mesures budgétaires et monétaires prises par le Canada; et- son point de vue sur les occasions de placement à long terme pour les investisseurs.

Date : 9 avril 2020

David Wolf, global asset allocation portfolio manager, continues to look at macro themes that will unfold over one to three years and is not overly concerned by sporadic increases in volatility or risk aversion. David and his global asset allocation colleagues think value is emerging in equities, but patience is warranted, and that this unprecedented market shock has been met with an unprecedented policy response. They are looking at asset classes that have moved too far in either direction (overvalued and undervalued), with an eye to taking the other side once some clarity emerges, policymakers respond, and the panic subsides.

David Wolf and David Tulk’s quarterly paper, “This too shall pass”, for second quarter 2020, is now available on fidelity.ca

Recorded on April 9, 2020.

Don Newman is a portfolio manager focused on high-quality dividend-paying companies. He is currently looking at the durability of businesses following the market correction in March. Don emphasizes that Fidelity’s analysts are continually examining the potential duration of COVID-19 and assessing how long a company can continue to generate decent returns and pay dividends. Don notes that March was the busiest month of his career at Fidelity, with stock prices moving from peak price points coming into the market volatility to a trough of over 30%.

Recorded on April 8, 2020.

Salim Hart, portfolio manager, and Naveed Rahman, institutional portfolio manager, emphasize that the goal of their portfolio is to find stocks that trade at their intrinsic value, but that are still cheap. They manage Fidelity Global Intrinsic Value Class alongside Joel Tillinghast, and place an emphasis on companies that are high quality in nature, generate above-average returns, are less leveraged, and are found at the intersection of where value meets quality - in other words, companies one would expect to hold up in a period of volatility and that are defensive by nature.

Recorded on April 7, 2020.

Jurrien Timmer, Director of Global Macro, believes this market is a very good opportunity for well resourced active managers. Government response, both fiscal and monetary, during the past quarter has been a lot faster than during the financial crisis in 2008, and Jurrien thinks that once a recovery begins, marking the start of a new market cycle, the consumer discretionary, financials and energy sectors are expected to do well. Also, with the current market volatility there is potential for a shift from growth to value, and the emerging markets sector traditionally does well on the value side.

Follow @TimmerFidelity on Twitter for Jurrien’s comprehensive charts and graphs.

Recorded on April 6, 2020.

David Tulk, portfolio manager, believes the COVID-19 pandemic is a shock without precedent in modern times, and so too is the policy response. David and his global asset allocation colleagues are positioning their funds for short term-protection and long-term outperformance. Today, David shares his insights on opportunities and challenges in the global markets that investors need to know about.

“This too shall pass”, David Wolf and David Tulk’s quarterly paper for second quarter 2020, is now available on fidelity.ca

Recorded on April 7, 2020.

Hugo Lavallée, portfolio manager, reconfirms that despite these tough times, it is a good time for active management and to be a contrarian investor. His investment watchlist has opened up, and he is able to start looking at companies that were previously of interest but perhaps had been too pricey to invest in; he is focusing on companies that are now struggling, but whose strong balance sheets and liquidity position them to be profitable over the next year or two.

Recorded on April 3, 2020.