Investors continue to remain optimistic about the U.S. recovery as the vaccine rollout continues and some states reopen. Today, we welcome portfolio manager of Fidelity U.S. All Cap Fund, John Roth, to share his insights on whether investors should dial up or rein in U.S. exposure overall. John notes that macroeconomic data can be volatile and believes the market is looking for where the subsequent earnings growth will come. John addresses many important themes, including small-cap vs. large-cap and value rotation. He says that he approaches his portfolio from the bottom up since the more attractive areas tend to be areas where the market has forgotten for a while. John shares his thoughts on speculative activity in the market. The secular narrative now is that we won’t need fossil fuels in the future; however, John believes there are opportunities in Energy. He also walks us through how long the stimulus takes to work through the economy and notes that he is bullish on Canada.

Recorded on May 7, 2021.