Recent spikes in market volatility, slowing macro signals and stretched valuations are among the many signs that are pointing to a global slowdown. In this environment, portfolio managers Kris Atkinson and Shamil Gohil outline why they are de-risking portfolios and shoring up liquidity as they focus on high quality alpha opportunities and lock in still attractive all-in-yields in investment grade credit markets.

As we enter the Year of the Horse, our investment team assess the risks and opportunities facing investors across China’s markets. With the Year of the Fire Horse symbolising energy, ambition and endurance, we examine the macro and micro factors that are combing to strengthen the investment outlook for Asia’s largest economy.

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?

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

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.

European equities are trading at a historically wide discount to US equities across almost all valuation metrics and sectors. While part of this gap reflects weaker growth, lower returns on equity, and Europe’s sector mix, the scale of the discount is increasingly difficult to justify on fundamentals alone. With pessimism deeply embedded in prices and expectations low, our investment team highlight why the selective upside is now increasingly compelling.

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.

A year on from the Sustainability Disclosure Requirements (SDR) marketing rules being applied to UK funds, new definitions of what constitutes a sustainable product have reshaped the market. Fidelity’s Chief Sustainability Officer Jenn-Hui Tan outlines why progress from here will depend on the extent to which providers navigate regulatory complexity, distributors gain comfort with the new labels and market dynamics affect sentiment towards sustainable funds.

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.

Short dated high quality corporate bonds are once again emerging as an attractive opportunity for cautious income focused investors. The 1-to-5-year investment grade segment delivers a clear yield premium over cash and government bonds, offers low duration risk and retains a much stronger credit profile than high yield. Here, we highlight how this profile has driven one of the strongest long-term risk adjusted returns across major fixed income markets and why it remains a compelling choice for investors seeking income without taking on unnecessary risk.

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.

Huge artificial intelligence capital expenditure has been a key theme for the technology sector and wider global equity markets this year. Fidelity Global Technology portfolio manager, Hyun Ho Sohn, discusses whether this is sustainable and highlights where he sees attractive opportunities across broader global technology, both within AI and beyond.

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.

In this monthly video series, our Multi Asset team dissect what's changed in markets, what's new and what they're keeping an eye on. This month, portfolio manager Chris Forgan turns the spotlight on emerging markets – where lower valuations, a softer US dollar, and policy flexibility are creating a compelling backdrop.

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.

With markets now pricing further interest rate hikes, the outlook for money market solutions is becoming more favourable. As higher yields make cash increasingly attractive, portfolio manager Tim Foster highlights why changing rate expectations are also reinforcing the importance of active maturity management, reinvestment flexibility and credit discipline.

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.

In this monthly video series, our Multi Asset team break down what's driving markets, how positioning is evolving, and what they're watching next. This month, Caroline Shaw explores the key themes influencing global markets, including the resilience of technology stocks, the outlook for interest rates, and why diversification remains critical in an increasingly concentrated market environment. With a handful of companies continuing to drive returns, what opportunities and risks should investors be considering as they position portfolios for the months ahead?