Portfolio manager Brett Dley joins host Rory Poole to discuss Fidelity Market Neutral Alternative Fund. Brett talks about the diversification benefits that alternative investing brings to the table and why one should consider a long-short strategy. Brett explains the way he invests in this fund is by relative value investing. He doesn’t focus on the direction of the underlying market or asset class, rather he focuses on identifying situations where there are discrepancies between valuations and fundamentals. The aim is to have returns come strictly from stock vs. stock as they don’t have any market or style biases. Furthermore, he focuses on fundamentals and asks “has anything changed? Is my thesis incorrect? If nothing has changed, Brett maintains his conviction. In addition to his investment strategy, Brett discusses his thoughts on long and short positioning in 2023 and underlying themes and trends in health, tech and consumer discretionary.

Recorded on January 6, 2023.

Transcript (PDF): https://www.fidelity.ca/content/dam/fidelity/en/documents/transcripts/transcript-podcast-fidelityconnects-dley-jan6.pdf

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