Fidelity Global Consumer Industries Fund portfolio manager Aneta Wynimko discusses the new global consumer landscape, where consumer spending is taking place and how that might change in 2021. Aneta calls 2021 a year of “two halves”. In the first half, we’ll still be living with the pandemic, but in the second half, there’s a possibility that we could be able to return to socialization again. Because share prices came down so fast, Aneta rebuilt exposure to companies that she believes will benefit from a reopening (about 25% of the portfolio), but she still owns companies that benefit from the stay-at-home trend as she believes they’ve created strong businesses, that will continue to be successful. Looking forward, she is trying to find companies that can do well in both worlds.
Recorded on December 18, 2020.