Portfolio manager Ramona Persaud reflects on 2020, a year that required immense flexibility and resilience. Ramona took a defensive approach at the beginning of the year, and shares how Fidelity’s research resources allowed her and other portfolio managers to get ahead of the pandemic. If you’re looking for dividends, today’s podcast is for you. Ramona believes that value wins over, quality enhances downside protection, and capital allocation drives income. Ramona thinks of income as an outcome of her process, rather than a target. In all her funds, she is looking for good investment return, with low levels of volatility and reasonable income, and this generally equates with strong risk-adjusted returns. She believes valuation drives returns and quality drives downside protection and can also drive income. If Ramona focuses on valuation and quality, income can be a natural outcome of the process.

Recorded on January 27, 2021.