Darren Lekkerkerker, portfolio manager for Fidelity North American Equity Class, and equity subportfolio manager for Fidelity Canadian Balanced Fund, discusses where he’s uncovering opportunities for long-term growth as the continent gradually reopens its economies. During this indiscriminate sell-off period, Darren looked at defensive companies that he owned and slowly started to sell them and buy great names that were badly beaten up during the March volatility. The consumer discretionary sector - particularly retail and restaurants - was an area of focus, especially fast food. These companies were not hit as hard, so long as they already had takeout and delivery strategies, and they have tended to have higher year-over-year sales because people are not frequenting dine-in restaurants. Also, Darren believes that many cyclicals that did not fully participate in the market recovery, relative to growth stocks, may perform better.

Recorded on May 27, 2020.