FidelityConnects

Canada’s economic outlook with the Hon. Jason Kenney

On today’s show we welcome former Premier of Alberta the Honorable Jason Kenney. His current position is as senior advisor at Bennett Jones. He speaks to host Pamela Ritchie about his current position, his time as Premier of Alberta and Canada’s longest serving immigration minister, and also his thoughts on government spending and affordable housing. Jason Kenney says this is the first time since post-war history and perhaps modern history where the emerging generation is facing a diminished standard of living compared to their parents. Home equity is out of reach for 90 per cent of young Canadians. He says broadly across Canada this is a cost-of-living crisis. He explains his thoughts on attracting investment and business noting that Canada is attracting less and less foreign investment and to him this is a warning signal. He says policy is driving business away.

Recorded on September 13, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

AI and machine learning trends – Sarah Hoffman

Sarah Hoffman, Vice President of AI and Machine Learning Research, joins host Pamela Ritchie today for a look at how artificial intelligence and machine learning is affecting investing today. Sarah unpacks the latest trends, concerns and issues surrounding AI and the effects it has on companies, people and the overall economy. She notes that Open AI recently released an enterprise-friendly version allowing companies to use the technology more seriously. So how does this relate to security concerns? Sarah points out that generative AI can alleviate data security concerns for companies, but despite improved security, challenges like fabrications, legal issues, and data ownership require attention before adoption. Sarah also touches upon emerging digital financial technologies and how it could change the way we invest and think about money and she also addresses AI in the workplace and how it could affect training and employees.

Recorded on August 30, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Factor investing and trends to watch – Bobby Barnes

Head of Quantitative Index Solutions, Bobby Barnes joins us on the show today to unpack the latest moves in the U.S. equity markets, lower than expected initial jobless claims and rising oil prices and how he’s navigating it all through factor investing. In terms of the current economic cycle, there are mixed signals, Bobby points out. He says some think we’re at the beginning of a bull market and economic activity is going to be accelerated but Bobby is in the camp of a late cycle playbook rather than something that looks and feels like an early cycle. Turning to factor investing, Bobby looks at various drivers of risk and return, including the value of a company, the performance of its stocks, and its profitability over time. He says the way to think about factors is that they are simply a characteristic of stocks. The way to use factors in your portfolio is through structural allocation, a cyclical approach and as a way to fine tune the risk return profile of a portfolio.

Recorded on September 8, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Global asset allocation perspectives – Ilan Kolet

Institutional Portfolio Manager Ilan Kolet joins us on the program and walks us through the inflation story, the resiliency of the market, and how the Canadian consumer is faring in this current market environment. Ilan is part of Fidelity’s Global Asset Allocation team. He says the team expected to see stress in the Canadian economy but that does not seem to be the case. The Canadian Household has also been more resilient than the team would have expected. He says two major things have contributed to the sustainability of the Canadian Consumer – excess savings built up during the pandemic and generational transfer of wealth. But the question remains – when will this cushion of savings run out? The GAA team predicts the middle of 2024. Ilan looks ahead to the Bank of Canada’s upcoming rate announcement and believes until the BOC sees cooled housing, spending, and employment, we can expect further rate hikes. He also gives an overview of the team’s asset allocation – adding that they continue to be underweight Canadian and US equities and overweight international and emerging markets. On the bond side, they are underweight investment grade, overweight credit and spread factors and of course, inflation protected bonds.

Recorded September 5, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Denise Chisholm’s sector and factor perspectives – August 28, 2023

Fidelity Director of Quantitative Market Strategy Denise Chisholm is back on the show today, to share her insights on the current market movers, and the sectors she's keeping an eye on. Denise discusses her views on the recent statements by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium, and shares some potential implications she could see this messaging having on the markets. She highlights that the level of interest rates matters less than the reasons behind rate changes. She believes that if higher rates are driven by economic growth, this can be generally positive for the equity market. Denise also provides insights into the relationship between inflation, wages, and the labor market, highlighting the importance of real wage growth for the market's performance, and touches on the resilience of the banking sector in the face of rising interest rates, noting that consumer strength plays a crucial role in supporting banks.

Recorded on August 28, 2023

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Crunching the numbers: Canada’s financial sector today – Nic Bellemare & Connor McGrath

Fidelity equity research analyst Nic Bellemare and equity research associate Connor McGrath join host Pamela Ritchie on the show today to discuss what's shaping the Canadian financial industry, the impact of the Jackson hole Symposium, and what would an extended rate cycle mean for real estate sectors. Nic and Connor unpack the implications of Powell's remarks on Canadian markets, and also take a look at the impact of the broader current economic environment on the specific sectors of Canadian real estate and financials, and the role of regulations in shaping these industries. They emphasize the importance of monitoring credit conditions, housing supply, and demand dynamics, as well as the influence of interest rates on financial and real estate markets. They both also highlight the potential for investment opportunities within the financial services sector, particularly in companies that can navigate challenging environments and capitalize on market dislocations. Among other topics, Nic and Connor also touch on the impact of remote work trends on the commercial real estate sector, sharing some of the operational challenges and the impact of rising vacancy rates on Canadian commercial real estate.

Recorded on August 25, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

The latests European market trends and movements – Matt Siddle

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.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Perspectives on the fixed income market – Beau Coash

Fidelity Institutional Portfolio Manager Beau Coash joins the show today, to speak with host Pamela Ritchie about his expectations for the Economic Policy Symposium in Jackson Hole, Wyoming. Beau emphasizes the importance of Powell's communication, sharing that Powell's statements and messaging are critical in guiding market expectations and shaping investor sentiment. He highlights the key indicators that investors are watching closely, such as owners' equivalent rent and wage trends. Among other topics, Beau touches on his view of the fixed income market, global investment opportunities in areas such as Brazil or Mexico, the need for investors to embrace market volatility, and the role of central banks in market behaviour and investor decisions. He also discusses his views on duration, and potential scenarios for the future, including the possibility of higher rates. He mentions that demographic factors may lead to a "higher for longer" interest rate environment, and discusses the possibility of investors turning to bonds given the current high yield levels.

Recorded on August 23rd, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Engaging the next generation of investors – Robin Taub

Personal finance expert and award-winning author Robin Taub joins us on the program today. The former Chartered Professional Accountant discusses how advisors can engage with the next generation of investors and the importance of financial education. Robin says young adults are struggling to save and the effects of social media have exacerbated it. Financial education can start at home at an early age. She suggests involving your children in conversations about money and finances and most importantly track your kids’ spending habits early on. Robin offers tips on how financial advisors can tailor their communication with the next generation and spark their interest in financial education. Use social media and other platforms catered to the younger generation and speak about their needs and goals. And focus on younger clients. Don’t count out young people who are building up their wealth including millennials and the Gen Y group.

Recorded on August 22, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Opportunities in global real estate – Steve Buller

Despite high mortgage rates, growing demand has kept both Canadian and US real estate markets competitive through the first half of 2023. After a year of resilience, Asian markets posted losses this week after concerns over China's property sectors remain top of mind. Joining the show today to discuss the current global market landscape and share what themes he is evaluating for the remainder of the year is Steve Buller, portfolio manager of the Fidelity Global Real Estate Fund. Steve tells host Pamela Ritchie about the impact he has seen China's property sector have on the global real estate market, focusing especially on the indirect correlations through GDP growth. He explains that while there's no direct contagion, a prolonged downward trend in Chinese property could indirectly impact global GDP, and, subsequently, the demand for commercial real estate. Elaborating on commercial real estate, Steve discusses the evolving dynamics of the office space, considering factors like remote work, hybrid models, and the competition posed by co-working spaces. On a related note, he also touches on alternative real estate segments, such as data centers, which are seeing increased demand due to digitization and AI. Steve also talks us through the effect of rising interest rates on real estate segments, the role of balance sheets, and the potential value of education centers within cities. Throughout the discussion, Steve emphasizes that the fundamentals of real estate, including demand and supply dynamics, remain strong despite challenges and interest rate fluctuations.

Recorded on August 18, 2023

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

From low volatility to quality: A look into ETF factors – Étienne Joncas Bouchard

Today on the program, we are joined by Étienne Joncas-Bouchard, Fidelity ETF strategist and host of the ETF Exchange podcast. Étienne highlights recent trends in global government bonds, including rising yields and inflation concerns. He emphasizes the importance of considering factors as a way to navigate the business cycle, and explains how various factors and bonds are incorporated into Fidelity ETFs to provide a diversified solution for investors. Étienne also touches on the potential impact of inflation, consumer behaviour, and upcoming earnings reports on the markets, discusses the potential implications of Global Monetary Policy shifts, and shares his views on the relevance of sustainable investing in the current market landscape.

Recorded on August 17, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Jurrien Timmer’s global macro view – August 21, 2023

Today on the podcast we are joined by Director of Global Macro Jurrien Timmer to discuss what's moving markets. US equities have been rallying recently, and concerns over prolonged high interest rates seem to be mellowing out as investor sentiment improves. Jurrien notes that the complex relationship between interest rates, earnings growth, and yield curve control is significantly influencing the current market dynamics. Jurrien takes a closer look at the behavior of the bond market, explaining the rise in the 10-year treasury yield due to changes in the term premium, which had been negative during the era of low interest rates. He discusses the potential impact of rising interest rates on equity valuations and the market's anticipation of a soft landing for earnings growth. Jurrien also touches on China's economic challenges and the consequences of excessive debt, potential parallels between China's current situation and historical examples, as well as the differences between policy banks and private banks in China.

Recorded on August 21, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

China at a crossroads and the economic path forward – Catherine Yeung

Today we check back in with Investment Director Catherine Yeung who is located in Hong Kong. She discusses China’s current investment landscape and what investors should be keeping in mind for the rest of 2023. Catherine says China’s economy is on shaky ground right now, but she believes headline news is driving sentiment rather than the actual details. China’s growth has been slower than expected, but Catherine says we need to reset expectations. This recovery isn’t like previous recoveries she points out, the reason being is that policy is different this time around. Each cabinet from a government perspective has been told to focus on growth. But, it’s a different type of growth - it’s a moderate measured growth. So investors need to be patient, Catherine suggests. She also says in other countries around the world, policy response has been quite aggressive. The Chinese have taken a step back and are being very moderate. There’s no golden solution to China’s situation. Catherine says it’s really about ensuring that confidence is restored in China, both from a consumer perspective as well as a corporate perspective. Catherine also touches upon the recent real estate headlines as well as updates us on China’s growth, trade relations and the impact of regulatory and policy changes in the country.

Recorded on August 16, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Focusing on Canadian captial trends – Walied Solomon

Joining us on the program is one of the country’s leading securities lawyers in mergers and acquisitions, Walied Soliman. He highlights the global economy and capital markets. Canada remains one of the top destinations for global investors, so is Canada a capital flight or a capital flow jurisdiction? Walied discusses trends shaping Canada’s capital markets and where investors can potentially find opportunities. Looking at the current state of M&A activities, Walied explains that while there might be a noticeable ebb in formally announced mergers and acquisitions, this doesn’t necessarily imply reduced engagement. The most adept managers and boards, he says, continue to actively explore strategic possibilities. He also touches on potential opportunities beyond India and emerging economies that should be considered.

Recorded on August 15, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Denise Chisholm’s sector and factor perspectives – August 14, 2023

Director of Quantitative Research Denise Chisholm is back on the program. She discusses second quarter earnings results, and whether tech still sits in a leadership position within the market. Denise explains to host Pamela Ritchie that while investors were surprised by market resilience, historic data indicates that heightened inflation increases the likelihood of fewer earnings contractions. She says that on a go-foreword basis, markets are seeing a shift from above-average to modest returns but remain above negative territory. Denise says that although tech has delivered historic outperformance, from a ranking’s perspective, she prefers consumer discretionary over technology. Along with consumer discretionary, Denise adds there is also opportunity in the small cap space with industrials. She also touches on the bond market and what she thinks of the yield curve inversion.

Recorded on August 14, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Portfolio construction for the rest of 2023 – Paul Ma

Back on the program today is Fidelity VP and Lead Portfolio Strategist Paul Ma to discuss where we are in the business cycle, how to approach your portfolio construction in today’s market environment, and how the remainder of the summer might shape up for equity markets. Paul suggests we need to see core inflation come down a little more even though headline CPI is down a lot already about 3% at the moment. In terms of the business cycle, we’re still in the late cycle in the US. Down the line, high interest rates will cause a slowing down of the economy. Paul says it’s not a question of if a recession will happen, but rather how long it would take to get there. Paul adds investing in quality names could work in this space and avoid looking at companies with a risky balance sheet . He points out less quality nature companies get swept away when interest rates are high.

Recorded August 9, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

A deep dive into Canadian businesses, the economy, and shifts in public policy – Goldy Hyder

Today on the program, we welcome President and CEO of the Business Council of Canada, Goldy Hyder. He unpacks what could be on the minds of Canadian CEOs and how they are adapting to the current economic environment. In addition, Goldy discusses the challenges of geopolitical tensions, new government measures, and emphasizes the need for collaboration between the private sector, communities, and governments to support the future of Canadian business. Goldy also speaks to the impact of global shifts on business strategies, concerns about the decline of democracy around the world affecting public policy. Overall, he says he is optimistic about the ability of Canadian business to persevere and be competitive.

Recorded August 2, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Saver or spender? Investing in global consumer industries – Aneta Wynimko

Aneta Wynimko joins us on the program today to discuss the latest consumer spending patterns, and share where she is finding opportunities around the globe. Aneta manages the Fidelity Global Consumers Industry Fund, which focuses on companies engaged in various sectors of the consumer industry, such as retail, luxury goods, cosmetics, apparel, electronics, and many more. Aneta shares that her focus is on identifying companies with powerful brands, pricing power, and the ability to adapt to changing conditions. She seeks out high-quality management teams with innovative ideas that have a proven track record of execution, leading to sustainable growth over time. Aneta touches on a variety of topics, including the impact of interest rates on consumer behavior, the interplay between brand loyalty and quality, and a concept Aneta calls "money illusion", where consumers don't realize the impact of inflation on their spending power.

Recorded on August 11, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

U.S. Financials & Focusing on Earnings Season – Lee Sotos

Today we welcome Assistant Portfolio Manager at Fidelity Global Finanical Services Fund, Lee Sotos, as dives into the financial sector and gives an overview of the effect of regulations on banks. He says the regulations involve increasing capital by 20 per cent in risk-weighted assets to slow lending. Banks are adapting to higher regulation but are not completely closed off to lending. They are exploring other forms of income and deposits and not just focusing on loans. Regional banks are trying to keep up and compete with larger banks. They face extra macro-prudential regulation if they have over 100B in assets. They participate in more stress tests and follow more liquidity rules. He adds that there are opportunities in the banking sector, especially for banks with stable deposit bases and better capital situations. And big banks offer diversification in deposits, loan books, and revenues. Lee also points out that despite the potential risks of higher rates or credit losses, banks are already reserving for credit issues, positioning themselves well for any downturn.

Recorded July 28, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.

Denise Chisholm’s sector and factor perspectives – August 3, 2023

Director of Quantitative Research Denise Chisholm joins us once again on the program to discuss credit rating agency's Fitch’s downgrade of the US government credit rating, and how it plays into the ongoing inflation story.  Denise says that valuation spreads remain wide in the equity market and are resting at the exact same levels as they were during the trough of correction after the 2011 debt downgrade, a historical pattern that points to the ability of markets to shrug off current uncertainty.  Denise also explains to host Pamela Ritchie that in some ways the debt story is related to the inflation story, with the debt to GDP ratio markedly higher on the government side than on the consumer side.

Recorded on August 3, 2023.

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 the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.