One of the most consistent themes in financial markets over the past 15 years has been the outperformance of US equities. A dollar invested in the S&P 500 at the low of the financial crisis in 2009 would now be worth over $10, more than double the return from European equities and around three times the return from UK, emerging markets or Chinese equities. An allocation of 100% US equities would have been difficult to beat. Why have US equities been so successful and will the trend continue?

Recent months have served a timely reminder that market dynamics can shift rapidly. As investors mull the shape of portfolios amid potential concentration risks, Asia offers attractive long-term growth and income potential at compelling relative valuations, alongside diversification benefits. Marty Dropkin, Head of Equities, Asia Pacific, outlines how investors can position to capture long-term value and embrace what’s next in the region’s development.

Global CIO Andrew McCaffery shares his latest outlook for Asia. He discusses how the region is likely to fare against a global backdrop of looming stagflation and outlines three themes we will be focusing on over the coming months: China’s direction, inflation dynamics, and the search for income.

Value stocks and sectors have rallied sharply over recent times, driven by shifting expectations for inflation and monetary policy. Our value-focused portfolio managers discuss what lies ahead for investors in the US and UK markets, with a focus on the evolving opportunity set in the financials sector.

As we move further away from a decade of ultra-loose monetary policy, bonds are once again proving their attractive diversification benefits. Our UK fixed income portfolio managers reflect on the recent bout of market volatility and outline the benefits of duration in an environment where investors are increasingly sensitive to weak macro data.

With visitors heading to Paris for this summer’s Olympics, which French companies stand to benefit? Marcel Stötzel, portfolio manager of the Fidelity European Fund and Fidelity European Trust PLC, examines the changing dynamics of the luxury goods market. He highlights why he continues to favour companies with strong pricing power, which will be well-placed to grow in an uncertain market environment.

Having recently gone through a successful 10 years at the helm of Fidelity Global Situations, portfolio manager Jeremy Podger looks ahead to what the next decade could have in store for investors. In particular, he identifies 10 trends that are set to increasingly influence returns and discusses what this means for stock selection and portfolio construction.

After years of underperformance, UK equities could be on the cusp of a much-needed revival in fortunes as the fundamental environment becomes more stable. Alex Wright, portfolio manager of Fidelity Special Situations and Special Values PLC, outlines how the political and economic backdrop is likely to evolve and the unloved areas of the market that could set to benefit.

Steve Ellis, Global CIO Fixed Income, provides his outlook for bond markets against a challenging macro backdrop of slowing growth and inflationary risks. He outlines why investors should not fear duration in the current environment and, within this construct, reveals three key areas where we are focusing our attention: inflation protection, high quality credit and Asia.

Following months of pain for bond markets hit by stubborn inflation and high interest rates, front-end credit remains a relative safe haven for investors, continuing to provide attractive relative risk adjusted returns. Here, our portfolio managers analyse the impact of so-called “wipeout” yields and spreads and outline why current attractive levels mean that the performance of front-end bonds is now much more insulated from further yield rises or spread widening than it has been in the past.

Something unusual has been happening in China’s currency and bond markets. As several major currencies have weakened against the US dollar this year, China’s renminbi has held up surprisingly well. Chinese government bonds have also been an oasis of relative stability as yields have shot up elsewhere. So, is China flirting with global safe-haven status?

Tech stocks have continued to perform well in 2024 relative to the broader market, but there has been wide divergence in returns, even among the ‘Magnificent 7’. Fidelity Global Technology portfolio manager Hyun Ho Sohn outlines why tech themes could broaden out beyond recent high profile winners and discusses some of the underappreciated opportunities he sees across the sector.

Discover the key themes set to drive markets and the investment implications. We have also included the asset class views and investment implications for Q2 2022.

From US ADR de-listings to geopolitics and rising Covid cases, there have been no shortage of issues for investors in China to face of late. Fidelity China Consumer Fund portfolio manager Hyomi Jie shares her latest thoughts on the market backdrop and outlines where she sees a disconnect between sentiment, valuations and fundamentals.

The world is changing rapidly, with three key demographic trends at play: we are living longer lives; we are living better lives; and there are more lives on the planet than ever before. We deep dive into the economic and investment implications of these shifts, outlining some of the areas that appear best placed to reward investors over time.

As shocking events continue to unfold in Ukraine, and sanctions on Russia tighten, the impact on markets and the policy outlook is growing. Fidelity’s Global Head of Solutions & Multi Asset considers the direction of travel for commodities, inflation and policy moves.

As the Ukraine crisis unfolds, Fidelity’s Global CIO Andrew McCaffery reviews recent developments and outlines potential implications for economies, markets and asset allocation decisions.

The shape of economic recovery varies significantly across regions, despite most countries facing the same Covid-19 variants. Here we look at key regional trends forecast by our analysts for the year ahead.