FidelityConnects

Canada’s place in a global market - Max Lemieux

March 15, 2021

Portfolio manager Max Lemieux gives an update on the strength of the Canadian market, where we go from here and how he is positioning Fidelity True North® Fund in today’s markets. Also, Max shares details of his 25-year Fidelity career with host Emily Anonuevo. After graduating from McGill University, Max worked at Fidelity’s Boston office, before the Canadian investment team relocated to Toronto and Montreal in 2009. Max explains being immersed in Fidelity’s strong corporate culture was an incredible learning experience. Max’s process running Fidelity True North® Fund is based on fundamental analysis and research. He keeps a focus on small caps, looking for the tomorrow’s leaders that are expected to grow over the long term, and currently trading at reasonable valuation. Max notes that there are many new “green” companies in Canada that have interesting and resilient business models. He believes many of them are overvalued in the short term, but seem reasonably valued over the next three to five years; investors may just need to put up with some high short-term valuations. Max thinks that in the future, renewables will be a good opportunity, due to the green transition; many governments are already deploying money in this space.

Recorded on March 11, 2021.