As volatility related to US tariffs continues to spook markets, Nick Price and Chris Tennant, portfolio managers of Fidelity Emerging Markets Ltd, examine the impact on portfolio holdings. In a fast-changing environment, they highlight the importance of remaining pragmatic and avoiding anchoring on any one outcome, while continuing to explore a range of scenarios.

In this monthly video series, our Multi Asset team break down what’s changed in markets, what’s new, and what they’re watching next. This month, portfolio manager Caroline Shaw reflects on recent market volatility driven by heightened geopolitical tensions and explains why portfolio positioning has remained broadly stable. Despite sharp market moves and unusual behaviour from traditional defensive assets, the focus has been on staying disciplined, avoiding knee‑jerk reactions, and waiting for greater clarity on growth and inflation.

Alex Wright, portfolio manager of Fidelity Special Situations & Special Values shares his perspectives on the recent tariffs-related market volatility. Against a backdrop of global uncertainty, he highlights why the UK market with its low valuations, strong earnings growth and high dividends remains an attractive environment for contrarian stock pickers, and well positioned to weather the tariff storm.

Conflict in the Middle East and the associated rise in energy prices has shaken confidence and seen market volatility increase, but the long-term drivers of emerging market equities remain in place. Here, we explain why growth in emerging regions is expected to outpace developed markets, and some of the other factors that are expected to support emerging market equities over the long term.

The unpopularity of the UK market in recent years has made it an attractive hunting ground for contrarian value investors. While investors continue to be seduced by the charms of the US technology sector, we believe the UK market has an underappreciated richness of opportunity, combining strong earnings growth, high dividend yields and low valuations.

Our Multi Asset team's views on which asset classes and markets are presenting the greatest opportunities and risks.

The new US tariffs sound the death knell of globalisation. Markets have under-estimated their scale and there are substantial risks to global growth as a result

Tariffs, funding freezes, and government spending cuts have caused investors to reassess the outlook. The chances of stagflation have grown, but policy will stabilise, and opportunities will appear, both domestically and globally.

Ongoing conflict in the Middle East, lingering tariff-related uncertainties and the prospect of slower growth in China leave Asian equities trading at a discount relative to developed market peers. But the prospects remain bright for a wide range of regional companies, particularly those recognising that good governance and effective management of ESG-related issues can improve operating performance.

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund, provides an overview of the macroeconomic environment and outlines his views across the strategy’s main alpha sources. Against a backdrop of increased global market volatility, potentially signalling the end of the US exceptionalism trade, he outlines why the team has become less bullish on US Treasuries in the context of less attractive valuations.

The impact of the Middle East conflict is spreading through the global economy. The latest Fidelity Answers podcast hears what Fidelity’s analysts are saying about the effects on companies and supply chains.

Sam Morse and Marcel Stötzel, portfolio managers of Fidelity European Fund and Fidelity European Trust PLC, examine the challenges and opportunities facing investors in European equities. Despite an uncertain macro backdrop, they explain why a focus on high quality companies with strong balance sheets and sustainable dividend growth can continue to drive attractive long-term returns for investors in the region.

Since its launch in 2009, Bitcoin has become the de facto leader of the cryptocurrency world and a reference point for emerging blockchains and digital assets. For investors looking to find out more about Bitcoin, this Fidelity Digital Assets “Coin Report” provides a useful overview of its potential strengths and weaknesses.

China's economic landscape presents a mix of challenges and opportunities for investors. While tariffs and regulatory concerns have impacted sentiment, the focus on domestic revenue-generating companies and supportive government policies offer a cautiously optimistic outlook. Fidelity China Special Situations PLC portfolio manager Dale Nicholls shares his latest thoughts on the investment outlook for China and how the trust is positioned to navigate the current environment.

A volatile geopolitical environment and valuation risks pose a challenge to equity market investors today. Against an uncertain backdrop, global equity income portfolio manager Tristan Purcell highlights the benefits of anchoring on sustainable dividends, resilient earnings and valuation discipline to navigate what comes next.

Fidelity Emerging Markets portfolio managers Nick Price and Chris Tennant discuss their outlook for emerging market equities, exploring signs of stabilisation in China, as well as opportunities in markets as diverse as Mexico and India.

Amid increased uncertainty over the future path of policy rates, including renewed inflation risks linked to higher energy prices and geopolitical tensions, the role of money market funds has come back into focus. In this environment, our investment team highlight why money market funds offer a disciplined framework for navigating a higher-rate world.

Fidelity China Special Situations PLC portfolio manager Dale Nicholls shares his outlook for 2025 and provides an insight into how he is looking to position the portfolio against an evolving macro backdrop.