Today Portfolio Manager Steve MacMillan joins us on the program as he sits down with Glen Davidson, Regional Vice President of Sales in Ontario. Steve manages Fidelity Small Cap America Fund, American Equity Fund, and co-manages Fidelity CanAm Opportunities Class alongside Mark Schmehl. Steve discusses his current positioning and says small cap industrial companies with a focus on professional services are attractive whereas the utility sector is not appealing because it lacks protection that most investors are looking for. He says that small caps price in a recession much faster and having exposure to the US dollar reduces volatility. In addition to his portfolio positioning, Steve also discusses the impacts of inflation and quantitative tightening, and why businesses he invests in may excel in the later stages of the business cycle.

Recorded on October 20, 2022.

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Transcript (PDF): https://www.fidelity.ca/content/dam/fidelity/en/documents/transcripts/transcript-podcast-fidelityconnects-macmillan-oct20.pdf