On today’s podcast we welcome portfolio manager Steve Buller, who runs Fidelity Global Real Estate Fund for Canadian investors. Reflecting on the current state of his portfolio in this phase of the pandemic, Steve explains throughout the second half of 2021 he has had a balanced approach for the portfolio – this means owning sectors and companies that are long-term consistent growers. He has also added some reopening beneficiaries. Steve shares with host Pamela Ritchie that in certain areas of the world, he has been underweight bricks and mortar - especially in North America and the United Kingdom. He is favouring centres that distribute necessity-type goods and more recently he has bought into urban high-luxury retail. Steve also comments on restaurants, office space, and the rising rate environment we find ourselves in. Steve shares that inflation is arguably good for real estate. This is due to replacement cost – the price of materials and labour has gone up. As well the land value goes up, and rent increases.

Recorded on December 17, 2021.