Today we are joined by Naveed Rahman, Institutional Portfolio Manager, and Salim Hart, Portfolio Manager, from the team behind Fidelity Global Intrinsic Value Class. They discuss market lows, particularly in Asia, the beneficiaries of the banking crisis, and which regions are currently on their radar. Naveed and Salim explain that the debate over the impact of the pandemic continues in the marketplace, with the CPI at over 8% in the US but expected to decline further. They say their approach as bottom-up stock pickers enables them to prioritize good businesses and valuations, as opposed to relying on market speculation. Turning to Asian markets, Naveed and Salim explain that their analysts enjoy searching for micro-cap stocks in Japan and often find companies with single-digit PE ratios, with market caps and cash on the balance sheet. Japan is a region that has always been of interest to portfolio manager Joel Tillinghast. Joel, as you may know, is retiring at the end of 2023. Salim and Naveed provide an update on the multi-year transition that included bringing Morgen Peck and Sam Chamovitz onto the fund, and continues with Joel remaining as an advisor upon his retirement from portfolio manager.

Recorded on May 31, 2023.

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