International equity themes for 2024 – Patrice Quirion

Today on the show, we welcome Patrice Quirion, Portfolio Manager of the Fidelity Global Concentrated Equity Fund. He opens up about where he is finding global investing opportunities so far in the new year. Patrice explains how this year’s market expectations are considerably higher than last year’s, with the risk perception dropping due to the greater certainty of upcoming interest rates. Many opportunities lie within undervalued areas, some dispersion within the market is observed once again, and while there may be a clearer direction forming for it, the journey to that point may not be entirely smooth. Rate cuts are also currently expected by year-end, although their full extent and timing are still uncertain and expectations should remain reasonable. Patrice discusses how numerous Asian markets, particularly China, are showing signs of eventual improvement in corporate governance. There are opportunities to search for undervalued assets, and the market’s disappointment with the lack of aggressive stimulus measures is factored into valuations. There are challenges surrounding the real estate sector and weak consumer confidence in the Chinese economy, but market stabilization and increased confidence and spending capacity create potential for a rebound.

Recorded on January 18, 2024.

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