US equity markets opened in the red, with the S&P 500 on its fourth-straight day of losses. The market narrative has shifted sharply in recent weeks, with AI enthusiasm giving way to skepticism - and investors questioning whether heavy capex will deliver the returns once expected. Adding to the uncertainty is concern that the Federal Reserve may hold off on a third rate cut in December. So what does this changing backdrop mean for the evolution of defensive stocks—are they still playing the same role in portfolios? And how does quality bias fit into this environment, especially as global markets take on a barbell structure? Joining today's episode to explore these themes, and discuss why the case for dividends may be stronger than before, is Portfolio Manager Ramona Persaud. Ramona manages several Fidelity funds including Fidelity U.S. Dividend Fund and Fidelity Global Dividend Fund.

Recorded on November 18, 2025.

At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information.

For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.