Max Lemieux, portfolio manager for Fidelity True North® Fund, says the Fund was in a good position prior to the virus. Max believes the crisis has been a great stress test for the portfolio, allowing him to gradually change positions in the Fund; slowly reducing defensive positions, but not leaving this “bucket” completely. The Fund also has a tilt toward higher-quality companies with healthy free cash flow, solid balance sheets and strong management teams. Max believes there are opportunities to find great, well-managed companies across every sector. Also, Max keeps 10% of Fidelity True North® Fund open to exposure outside of Canada, in order to buy into sectors that are not well represented in Canada, such as technology.
Recorded on May 21, 2020.