On today’s program we highlight the European markets with Fidelity Europe Fund Portfolio Manager Matt Siddle. Matt speaks to host Pamela Ritchie about the macroeconomic landscape, including the long-lasting impacts of the COVID-19 pandemic, stimulus measures, and inflation. Matt emphasizes the wide valuation gaps in various sectors, particularly in consumer staples, and highlights opportunities in mid-cap stocks. Speaking on his investment approach, Matt mentions that his strategy is not purely value or growth oriented, but instead seeks companies with a good mix of quality and attractive valuations. He says that he is currently excited about finding undervalued businesses in this market environment. Matt also touches on the importance of pricing power for businesses in managing costs and maintaining profitability, unpacks the factors influencing the energy sector, sharing how energy prices relate to cost inflation, and notes some attractive opportunities in banks due to rising interest rates.

Recorded on August 24, 2023.

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