FidelityConnects

Finding dividends in changing markets – Ramona Persaud

In today’s episode, Portfolio Manager Ramona Persaud sits down with host Pamela Ritchie to discuss strategies for finding dividends in today’s evolving markets. Ramona kicks off the conversation by addressing the growing valuation dispersion across various sectors and geographies. She explains how smaller caps, international markets, and higher-risk financial sectors offer opportunities to capitalize on valuation differences, particularly in areas where market fears and volatility are high. The discussion then shifts to how Ramona navigates market volatility. She shares her approach of deploying cash when opportunities arise, using recent examples like the Japanese yen carry trade volatility. She leverages these spikes to buy quality companies at more attractive valuations to provide more stability in uncertain times. Ramona also touches on the dispersion in China, where market fear has created selective opportunities. While these valuations are rising, she also continues to find value in Chinese-exposed companies or those benefiting from Chinese demand. To close off, Ramona emphasizes the importance of keeping cash on hand to capitalize on the expected U.S. election-driven volatility. While she remains cautious to not hold excessive amounts, she does remains ready to invest when the time is right.

 

Recorded on September 24^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.

Crunching the numbers - U.S. financials – Lee Sotos

Today on the show, we welcome Senior Analyst Lee Sotos to the program. Lee is also assistant portfolio manager for the Global Financial Services Fund. He shares his thoughts on the latest rate cut by the Fed and what it may mean for the U.S. financial sector, consumer and credit. Lee says overall the financial sector responded to the cut positively, but at the same time the data is a little confusing he adds. Recent CPI numbers, increased terminal rate and near-term unemployment numbers suggest the market is still figuring things out. Lee says with all this data, we still can’t predict how this all plays out. Lee says the fund is not positioned to make major rate bets, but at the same token is not blind to the fact that rates could go down and keep going down. He emphasizes that the fund is positioned for lower rates, but also has exposure to higher for longer investments.  He adds the team currently has little exposure to China and is focused on Singapore for wealth management and on India for banks. 

 

Recorded on September 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.

Live from London – Bank of England decision – Tom Stevenson

Today, Investment Director Tom Stevenson joins our host Pamela Ritchie to dive deep into global market trends and what top issues are facing the global economy.  Tom highlights rising inflation and interest rates, and how central banks in the US and UK are grappling with these challenges. He says it’s still an ongoing debate between classifying the current trend as a mild economic slowdown, or an indicator of deeper recession, emphasizing continuous uncertainty surrounding these potential outcomes. He points out Germany’s economic struggles, particularly in its manufacturing sector, where some automobile companies face declining demand from China, as well as a loss of access to cheap energy. This downturn reflects broader global pressures and impacts electric vehicle tariffs.  Tom also discusses his optimism about the UK and European commercial real estate market, suggesting there are opportunities to be had in its current pricing. 

 

Recorded on September 23^rd , 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.

Explore the legendary Fidelity Chart Room with Jurrien Timmer

On today’s podcast, host Glen Davidson sits down with Jurrien Timmer, Director of Global Macro, for an interview in a very captivating space – the Fidelity Chart Room. We’ll hear the history of how this esteemed room came to be decades ago, was used over the years, and how it is still used today.

 

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 – September 19, 2024

The Federal Reserve cuts interest rates by 50 basis points. Its first cut in more than four years. We check in with Director of Quantitative Market Strategy Denise Chisholm to get her thoughts on the recent announcement and what it could be signal for the broader economy. Denise said she expected the Fed to cut rates, but she’s not so sure that there's going to be an instantaneous reaction in the stock market.  She says there very strong pockets of the market, small caps and parts of the consumer that are very rate sensitive that in some ways have felt the impact of the Fed's cycle much more than large cap corporate America. She says that’s where the most excitement will be felt.  But she adds that it doesn’t mean it will translate directly into all stocks on the spectrum. Denise says real estate and financials are showing strong valuation support and wide valuation spreads and are something to consider as the current risk-reward is skewed to the upside.  She also says defensive sectors such as consumer staples, healthcare, and utilities face margin and profitability issues.

 

Recorded on September 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.

Alternatives strategies for the fourth quarter – Dave Way

Canada's annual inflation rate has reached its target 2 percent. Largely pushed by lower gasoline prices, it's the lowest level since February 2021. To explain how he is finding opportunities as Canada's economic picture shuffles, is Fidelity Long/Short Alternative Fund Manager David Way. David explains to the audience and host Pamela Ritchie how the fund is navigating the transition from a higher interest rate environment to a lower one, and how he is positioning the portfolio to take advantage of the sectors that stand to benefit. He also highlights the potential of AI and how the fund is looking for companies that can effectively deploy this technology to drive business growth rather than just cost savings. On the short side, David explains that it's often easier to identify companies that may struggle with technological disruption, such as those with functions that can be automated with AI. David also discusses the impact of consumer behavior, noting that value-conscious consumers are gravitating towards businesses that can offer compelling value propositions.

 

Recorded on September 17th, 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 – September 16, 2024

Fidelity Director of Global Macro Jurrien Timmer is back on the show today for his analysis on the latest market action, including the much-anticipated Fed announcement and what it may mean for you. He explains that the size and speed of the rate cut are not as important as the terminal rate and the Fed's path to reaching a neutral policy rate. He believes the Fed has room to be more aggressive with a 50 basis point cut to jump-start the rate cutting cycle, as inflation has moderated and the economy is not in crisis. Jurrien and host Pamela Ritchie also discuss the rotation in the market away from the mega-cap growth stocks towards the broader market, and how active management can help capitalize on this shift. Jurrien also touches on the favorable financial conditions, the strength of the earnings outlook, and the implications of fiscal dominance for gold prices. 

 

Recorded on September 16th, 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.

How are consumers responding to recent rate cuts? – Aneta Wynimko

Portfolio manager Aneta Wynimko manages Fidelity Global Consumer Industries Fund. She is based in London, but we caught up with her on a recent visit to Toronto. On today’s podcast, Aneta shares a 5-minute update on how consumers are responding to rate cuts. Now that rate pressures are starting to ease, where are consumers choosing to spend and save their money?

 

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.

Factor investing for the market cycle – Bobby Barnes

Today we’re joined by Bobby Barnes, Fidelity’s Head of Quantitative Index Solutions. He’s shares his thoughts on the current market environment, why buying the dip could be a winning move in large caps, and what opportunities to stay in invested in economic downturns. Bobby explains why focusing on permanent layoffs might provide a more accurate recession signal, and cautions against reacting too quickly to rising unemployment rates. Bobby also looks at the importance of long-term thinking in the current socioeconomic climate. With rate cuts taking long to materialize within the economy, to the potential impacts of the U.S. election outcome, Bobby remains focused on long-term trends, despite tactical opportunities that may come with current events.

 

Recorded on September 13^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.

Maneuvering market movements in 2024 – Will Danoff

Today, we sit down for a brief update with renowned Fidelity portfolio manager Will Danoff. In speaking with Glen Davidson, Will shares his strategies for navigating market changes as we transition from summer to autumn 2024. He also comments on the power of Fidelity, and why he's excited about the investing potential of artificial intelligence. For Canadian investors, Will manages Fidelity Insights Class and Fidelity Global Growth and Value Class.

 

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 – September 9, 2024

U.S. equity markets popped at the start of this week - a sign of hope for investors following a bleak trading week last week. After another soft jobs report last Friday, the focus is squarely back on growth. The JOLTS report shows that all of the excess labor demand from the pandemic has been corrected. So now the question is - does it stop here? Back on the show to shed light on this and much more is Director of Global Macro Jurrien Timmer. Jurrien reminds listeners and host Pamela Ritchie that market conditions have remained stable. He discusses the Federal Reserve's anticipated rate cuts, noting skepticism about the need for aggressive cuts, while emphasizing the shift in focus from inflation control to supporting economic growth. He addresses the debate over whether rate cuts indicate economic deterioration or a controlled slowdown, and of course, references many historical examples. Jurrien also touches on broader market trends, such as the potential unwinding of the dominance of the Mag Seven tech stocks and the strengthening of other sectors, and he considers the impact of AI on productivity and economic growth.

 

Recorded on September 9th, 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: Banks and the consumer – Brendan Cochrane and Thomas Goldthorpe

How’s the state of the Canadian consumer? Is the Bank of Canada on the right pace in terms of rate cuts? And what does Canada’s recent unemployment rate mean for the broader economy? Joining us to discuss this and more are research analysts Thomas Goldthorpe and Brendan Cochrane. Brendan discusses the recent 25 basis point cut by the BOC saying the consumer would have probably benefited more from a bigger cut. He says with the refinancing of mortgages, this recent cut still affects the consumer’s discretionary spending. But Brendan adds they are still bearish on the Canadian consumer and there are still great opportunities in the Canadian consumer discretionary sector. Thomas says there may be more cuts are on the way, but it will take some time for the cuts to be fully made. Inflation is at 2.5 percent, down from where we were before, but he says it feels like we’re trending towards an inflation regime that could look something like pre-COVID days. They also touch on luxury consumer goods, on-going discussion on a soft landing vs. a hard landing, and the Canadian banking sector. 

 

Recorded on September 6, 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.

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 we are in the business cycle: August 2024 – 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 29, 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.