Today on the program, portfolio manager Ramona Persaud joins us, as she discusses how she’s positioning herself in today’s sensitive market environment and where she is finding opportunities, specifically alpha in US equities. Ramona manages Fidelity U.S. Dividend Fund, which includes Private Pool and Registered versions, and also sub-manages several income mandates. Ramona speaks about valuations from a global perspective. She says one thing that’s stayed true is inside developed markets. The US has done extremely well so US valuations are much richer. Ramona talks about areas of potential for alpha in discretionary. She says discretionary is a middle ground zero and has been in this very inflationary time. For her, they are really interesting valuations and valuation dispersion inside of discretionary. In terms of where she is seeing discretionary opportunities, she points to the US and the UK. But she notes that when you can buy the business at a compelling valuation, a lot of those risks are already priced in. So you’re not trying to buy the stock for six months, you’re buying it for two, three plus years.

Recorded on March 7, 2023.

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