FidelityConnects

The Fed decision: Impact on markets in September 2024 – David Tulk

Portfolio Manager David Tulk joins us today to unpack the latest events in interest rate cuts, challenges facing Canada’s economy, and market volatility.  David discusses the recent Bank of Canada rate announcement. He says how it’s clear that the BOC wants to continue to ease interest rates, given growing concerns over inflation. He explains how the BOC needs to get the overnight rate much closer to its neutral setting to battle the current rising unemployment rate. David also talks about the current affairs of Canada vs. Global Opportunities. He explains how U.S. elections coming up could lead to more fiscal spending and protectionist policies, which could impact Canada’s export-led growth. David also touches on diversified investment strategies, broad positioning, and immigration policies.

 

Recorded on September 5^th, 2024.

 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Contrarian investing playbook – Hugo Lavallée

Portfolio Manager Hugo Lavallée joins us today to share his unique perspective on navigating the current market. Hugo discusses the impact of recent interest rate cuts on consumers. While some relief is on the horizon, he notes that it’s coming slowly due to concerns over reigniting inflation. Hugo talks about the importance of time in his investment strategy. He emphasizes the value of patience in a market obsessed with immediate results. Hugo reflects on how his investment style has evolved over the past decade from quick trades to a more deliberate, long-term focus.   With inflation cutting into purchasing power and interest rate pushing borrowing costs higher, Hugo is particularly focused on consumer discretionary stocks. Despite recent struggles, Hugo believes in the underlying strength of these businesses, and sees potential amidst the current market discrepancies.

Recorded on September 4, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

 

September 2024 CIO perspectives – Andrew Marchese

With the Bank of Canada set to make a rate cut announcement in the next coming days, we sit down with portfolio manager and Fidelity Canada’s Chief Investment Officer, Andrew Marchese, to get his latest insights on the market landscape and what a rate cut would mean for the broader economy. Andrew says in his opinion a cut of 25 or 50 basis points doesn’t matter – what concerns him is what a cut would signal to the market. Andrew says when you get into these rate cuts cycles, it's really about making sure that central bank reaction matches the economic backdrop. Most importantly, Andrew notes, the fate of the economy could probably be determined by one, macroeconomic metric and that's unemployment. That’s why you saw a dip in the market in August when the US reported higher unemployment numbers. For him, he’s concerned about the speed and the magnitude by which central banks cut. He also says we should be less concerned about a potential recession and be more mindful of possible leadership changes going into 2025 and what that means from a market perspective.

 

Recorded on September 3, 2024.

 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Where are we in the business cycle? – Cait Dourney

With inflation still above target, and continued evidence of a restrictive labour market, the economy appears to be in a late cycle pattern. Today's guest, however, points out the mid-cycle dynamics that have emerged, leading to broader economic growth globally. Joining us today for a look at the health of the global business cycle, and how it may shape investment decisions in the months ahead, is Fidelity US Asset Allocation Research Analyst Cait Dourney. Cait explains that the US is still in an expansion phase, supported by strong corporate and consumer sectors, with mid-cycle dynamics like profit margin growth. The large-scale stimulus has prevented typical late-cycle excesses, keeping private sector debt low and supporting continued growth. Profit margins and credit conditions are also improving, and the labor market is normalizing, reducing recession risks. Cait and host Pamela Ritchie also touch on international earnings revisions outpacing the US, inflation vs recession concerns, a potential Fed policy easing, and the benefits that rate cuts could have on the Canadian economy. 

 

Recorded on August 29th, 2024.

 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Global high-yield bond perspectives – Peter Khan

Joining us today to discuss what’s shaping the global bond landscape is Portfolio Manager Peter Khan. High yield bonds and other credit assets have generally provided greater risk-adjusted returns for investors. And Peter explains how he’s been navigating the landscape to provide investors with a good cushion. So why might now a good time to buy high yield on the current market weakness? And which strategies is Peter using for today’s market cycle?

Recorded on August 28, 2024.

 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Alternative investing strategies – Brendan Sims

Alternative investing could be an asset class that could offer investors greater choice. That’s the topic at hand on this episode of Fidelity Connects. Alternative investment strategist, Brendan Sims joins the program to discuss opportunities within alternative investments and the products Fidelity offers in this space. Brendan talks about the removal of barriers of entry and lower cost alternative solutions that makes alternative funds appealing. He discusses various types of strategies, the growth of alternatives and how it could potentially fit in a client’s portfolio. 

Recorded August 30, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Cybersecurity, AI and privacy – Imran Ahmad

With the rise of AI, cybersecurity is becoming a growing concern for all sectors of the economy. Today we’re joined by Imran Ahmad, Canadian cybersecurity expert and Partner and Head of Technology at global law firm Norton Rose Fulbright. Imran discusses how AI is changing the cybersecurity landscape for the investment sector and how advisors can best safeguard client information. He says the rise of deepfake technology is a real threat. Imran recommends advisors remain cautious and verify any unusual requests directly with clients. Monitoring client behaviour is vital, as is taking note of any financial transactions that deviate from your client’s typical patterns. Imran says advisors should stay on top of evolving and changing privacy laws in Canada. Our country has 24 different privacy and data protection laws, so it’s important to know the obligations under federal and provincial laws in order to fully protect your client’s data.  

Recorded on August 27,  2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Global real estate amid cooling inflation and rate cuts – Steve Buller

Signs of stabilization and potential growth are sprouting in the global real estate market. As economic conditions remain resilient, certain areas within the sector look more promising than others. Joining the show today to discuss the sectors in which he is seeing demand, and the strategies he implements to enhance portfolio resilience is Fidelity Global Real Estate Fund portfolio manager Steve Buller. Steve highlights that recent interest rate reductions have positively impacted real estate performance, especially when compared to broader global equity markets. He notes a significant shift towards income-oriented and defensive real estate sectors, like data centers and industrial properties, due to consistent demand and limited new supply. Going in-depth on data centers, he explains the "land-grab" effect they are experiencing due to the explosive growth in AI and cloud computing. He also discusses the evolving office market, explaining what the trend of companies reducing their office space due to remote work could mean for the future of the sector, particularly the potential of repurposing office buildings for other uses. Steve also touches on Hong Kong's market, the healthcare real estate sector, and the complex relationship between real estate and bonds.

 

Recorded on August 26, 2024.

 

For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

What rate cuts mean for bond markets - Sri Tella

On this episode, Portfolio Manager Sri Tella discusses the outlook for bond markets in the second half of 2024. He anticipates gradual rate cuts, with the Federal Reserve focusing on employment and inflation, while keeping options open for more aggressive cuts if needed. Sri highlights its diversification benefits of fixed income saying it has stability against a high market volatility environment. He talks about how historically; fixed income has shown an asymmetric return profile at market cycle inflection points. Sri also discusses the outlook for rate cuts in Canada. He says he expects the cuts to continue, though much of this is already priced into the market. He touches on the current positioning within defensive sectors, noting a shift towards higher quality within the corporate space, explaining how provincial bonds are favored for their lower volatility and better liquidity.

Recorded on August 23, 2024. 

For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Global consumer spending patterns – Aneta Wynimko

Portfolio manager Aneta Wynimko joins us today as she discusses the latest global consumer spending patterns and where she is finding investment opportunities in the second half of 2024.  Aneta talks about the challenges in the consumer sector over the past few years from spending on all sorts of beauty and health-related products coming out of the pandemic to slowly down spending in some parts of the world including China.  Aneta is shifting her investment focus to India and Vietnam pointing out a lot of big consumption opportunities there. She says the Global Consumer Industries Fund includes large positions with exposure to consumer tech, whether it's Apple or Netflix or Amazon. They have strong growth. They have good visibility of earnings and valuations, so they are core and pillar of the fund.  But Aneta also looks at other opportunities including early cyclicals - companies that will benefit if interest rates come down and when consumers will have more disposable income to spend. 

Recorded on August 21, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Canada's future in AI, aging and remote work – Linda Nazareth, Economist

Joining us today to delve deeper into the shifting tides of Canada’s economy is economist and futurist Linda Nazareth. Linda is a former Senior Economist with CIBC, and a current Senior Fellow for Economics and Population Change with the MacDonald-Laurier institute. Canada’s economic and labour landscape is continually evolving, and today they are significantly influenced by two major factors: AI and the green transition. So how might these factors be influencing how companies operate? What impact might this have on certain industries, investment decisions, and how we work? We’ll unpack this and more today with Linda, and host Pamela Ritchie.

Recorded August 1, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Exploring fixed income markets in Q3 2024 – Jeff Moore and Michael Plage

Today we welcome Portfolio Managers Jeff Moore and Michael Plage as they discuss the fixed income landscape.  Jeff and Michael touch on topics such as the positive correlation between stocks and bonds, the sustainability of the 60/40 portfolio, and what steeper unwinds mean for the U.S. treasury curve.  With strong bond market flows, there have been significant returns, leading to an increased demand for treasuries in this sector. Jeff and Michael also touch on what geopolitical tensions could mean for fixed income. They explain how these escalations could accelerate Fed rate cuts and benefit bonds, but could also negatively impact equities.

Recorded on August 20, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Jurrien Timmer's global macro view – August 19, 2024

Earnings estimates continue to rise. This rise in earnings combined with falling rates could be a good backdrop for equities, a few high valuations notwithstanding. Joining us to unpack the latest market action is Jurrien Timmer, Director of Global Macro. Jurrien speaks with host Pamela Ritchie about the risks and effects of a possible rotation out of mega caps stocks and how a gradual reduction in rates by the Fed could change the economic landscape. Expanding on his market insights, Jurrien says if we do get a rotation out of the Magnifcent 7, we could be in a “careful what you wish for scenario.” He says wherever big stocks go, people will follow. Jurrien says we’re coming to a normalization in the market in both directions since the pandemic and he believes we are not heading into a recession. Jurrien says yes, we need to stay vigilant and monitor market moves, but investors should also take this as an opportunity to rebalance and diversify their portfolios. You can also see Jurrien’s slides on X, formerly known as Twitter.

Recorded on August 19, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Analyst perspectives: U.S. aerospace and transports – Payton Liske

Today on the program, Fidelity Equity Research Analyst Payton Liske joins host Pamela Ritchie for an in-depth discussion on the U.S. aerospace and transportation sectors. With nearly 11 years at Fidelity, Payton’s diverse background offers a unique perspective on these cyclical industries. Payton dives into the challenges and opportunities facing the transportation sector, which has experienced significant volatility and earnings drawdowns since the pandemic. He also sheds light on the slow but steady recovery of the aerospace industry, where domestic air travel is rebounding, but also touches on the supply chain issues that hinder OEM production. Payton talks about the supply chain dynamics, and how the stronger pricing powers within the less-than-truckload segment has benefitted from the market consolidation. Payton also discusses how advancements in digital brokerage are reshaping the logistics landscape, offering smaller trucking firms greater access to business opportunities.

Recorded on August 16, 2024. 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Timmer Time: Do elections matter to financial markets?

Jurrien Timmer, Director of Global Macro, is back today for his quick hit “Timmer Time” to share why elections may, or may not, matter to financial markets. Also why bonds may be back!

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Value investing in today's market – Naveed Rahman

Today on the show, we welcome Institutional Portfolio Manager Naveed Rahman as he provides an update on Fidelity’s Global Intrinsic Value Class and where he is finding new opportunities globally. Naveed says the team continues to invest in high quality companies that are reasonably priced. The team’s strategy is not looking for cheap companies - rather they are focused on companies with attractive valuations and high margins. Naveed says in most downdrafts the fund has been able to capture 48% downside and about 85-86% upside making this fund a complementary piece to equity portfolios. Naveed adds the team is invested in small to mid-sized cap companies. The fund is not dominated by tech stocks and is not invested in the Mag 7. Rather the fund is invested in tech, but in secondary beneficiary companies that have a significant role in AI-related themes. He adds the fund invests in healthcare, energy and materials.

Recorded on August 15, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Investing in innovation through founder-led companies – Dan Kelley

Today, we chat with Portfolio Manager Dan Kelley about founder-led companies and where he’s seeing opportunities in areas of AI and innovation. He discusses Founders Class Fund, which focuses on companies whose founders are still deeply involved in its daily operations. Dan highlights the appeal of founder-led companies, including those in the "Mag 7," which are closely tied to secular trends. He also anticipates broader opportunities, particularly in cyclically driven companies that have been cautious until now. He adds despite concerns of an economic slowdown, he identifies opportunities in consumer cyclicals and financials, where many companies are currently undervalued and offer promising long-term growth. Dan explains his excitement for the potential of generative AI, seeing it as a transformative technology with the ability to revolutionize daily life. But he adds, the rapid growth in AI, could cause some instability in the long term. And while the fund is predominantly focused on U.S. companies, it does have some international exposure, including Canada.

Recorded on August 13, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Jurrien Timmer's global macro view – August 12, 2024

After a week of volatility, US equity and bond markets are on the rebound. Key economic data will be released shortly, including CPI and retail sales. Joining us to unpack the latest market action, and what it may mean for you is Jurrien Timmer, Director of Global Macro. Jurrien speaks with host Pamela Ritchie, and shares his latest thoughts on the Fed, monetary policy, and valuations. Also, what market movers to keep an eye on in the near future. As always Jurrien will be sharing his ever-popular charts, so we encourage you to follow along by watching this as a video podcast on platforms that support video such as Spotify or YouTube Music. You can also see Jurrien’s slides on X, formerly known as Twitter.

Recorded on August 12, 2024.

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Denise Chisholm's sector and factor perspectives – August 8, 2024

Today we check in with Director of Quantitative Market Strategy Denise Chisholm for her sector watch analysis and what recent data is telling us about the broader economy. As the markets find its footing after last week’s global selloff, Denise shares if this was part of a healthy market correction or if it’s a sign that a recession or even possible hard landing is on its way. She says looking at historical data, what you will find is that when there are big spikes in the VIX, especially relative to the increase in credit spreads which run up , but not very much – what you will find is that in the top 2% of all occurrences, even in the top decile, those spikes tend to happen 85% of the time outside of recessions. So, for Denise, this recent sell off was not a typical recessionary signal. Yes, a shock to the market, but based on history, not shocking enough to tip the market into a recession. Denise says the labour market continues to be strong with the participation rate increasing especially those at prime age between 25 and 54 years old. In terms of strong sectors, Denise says financials and health care are showing potential to outperform. Denise says it may be time to lean into those economically sensitive sectors

 

Recorded on August 8, 2024.

 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.

Yen and Now: Understanding the Carry Trade aftermath – Salim Hart

The Bank of Japan raised interest rates last week, causing a rippling affect that rocked global markets. The Japanese Yen surged, and the carry trade began to unravel. Global markets have rebounded since then, but may investors are searching for answers as to what this means for the markets going forward. Could the carry trade continue to unwind? And what could the Federal Reserve’s next move be as they look to cut interest rates next month? We speak to Fidelity Portfolio manager Salim hart to make sense of the latest events and what the Global Intrinsic Value team are positioning their portfolios for the months ahead. Salim recently visited Japan and provides insights into what the Bank of Japan could do next and what opportunities is finding at the moment. He also discusses the newly launched Global Micro-Cap Fund, which taps into the broad and less explored market and what opportunities he’s seeing with newer, less-established companies.

 

Recorded on August 7, 2024.

 

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 a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.