Following a challenging 2022, portfolio manager Nick Price provides an update on Fidelity’s Emerging Markets strategy. He reviews recent performance drivers and outlines how the strategy is positioned to capture emerging investment opportunities, particularly relating to China’s reopening.

A tale of two markets

Alex Wright, portfolio manager of Fidelity Special Situations & Fidelity Special Values PLC, outlines why he believes the recent rally in UK value stocks and sectors could be just the start of a sustained longer-term rebound. He looks at what’s driving this shift in market leadership and how his portfolios are positioned to capitalise.

Asia has faced a challenging period over the past year, but with China’s reopening improving sentiment and tech-heavy markets such as Taiwan and South Korea rallying sharply, how can investors benefit from this improving backdrop? Fidelity Asia Fund portfolio manager Teera Chanpongsang examines the evolving market environment and outlines where he sees greatest investment potential.

As we move through the second quarter of 2021, the global economic recovery continues apace, although market volatility and ‘mini tantrums’ are testing central bank credibility. Against this evolving market and macroeconomic backdrop, our Global Macro and Strategic Asset Allocation team explain why they are still pro-risk for now and outline their highly selective approach to asset allocation.

Paras Anand, CIO of Asset Management, Asia Pacific, debates the investment outlook for the region. After a strong run in regional markets, he outlines why headline returns could be more modest going forward, with potentially significant shifts in market leadership. How should investors approach this new environment?

A selection of our portfolio managers from across the globe review the key findings and implications of the survey. From the latest sustainability developments to rising funding costs, they discuss how these issues are likely to shape the opportunity set for investors across asset classes moving forward.

With the global economic recovery largely on track, our thoughts are inevitably turning to what the next phase of the cycle will have in store for markets. Against this backdrop, Fidelity Strategic Bond Fund Co-Manager Tim Foster shares his latest views on the evolving opportunity set across fixed income assets, with an eye to sustainability considerations.

Steering through choppy waters

Portfolio manager Anthony Srom provides an update on the Fidelity Asia Pacific Opportunities Fund. From China’s reopening to the US interest rate moves, he shares his views on what’s driving markets and outlines the high conviction stock picks he is backing to deliver in 2023.

EM equities have begun to rally after a protracted period of relative underperformance. Meanwhile, supply constraints, stimulus and a transition to a greener economy lend support to commodities. Fidelity Emerging Markets Fund Manager Nick Price looks at historical correlation of EM equities with commodities, which suggests that the breakout could be sustained.

Bond investors’ loyalties were truly put to the test during 2022 as traditional safe havens exacerbated portfolio drawdowns. Fidelity Strategic Bond Fund co-managers Tim Foster and Claudio Ferrarese reflect on these recent challenges and highlight the themes we expect to impact returns across global bond markets from here.

Paras Anand, CIO of Asset Management, Asia Pacific sets out the case for why growth opportunities in post-pandemic Asia are positioned to propel a long-term boom in equity capital markets. The region continues to draw in ever greater flows from investors starved of returns in global equities and so, with this potential paradigm shift brewing, what’s the case for Asian equities?

As China prepares to welcome the Year of the Rabbit, Dale Nicholls, portfolio manager of Fidelity China Special Situations PLC, shares his latest views after a very tumultuous period for China’s markets. As the country reopens its borders after three years of strict Covid-19 curbs, and with valuations looking attractive, he reviews an increasingly supportive backdrop and discusses the key areas of emerging opportunity.

The Covid-19 pandemic has accelerated numerous pre-existing macroeconomic trends, including a dramatic rise in global debt. Our global macro and strategic asset allocation team examines the primary driver behind this: fiscal spending to mitigate the effects of the pandemic. We also assess the differing approaches to fiscal policy taken by the US, the European Union and China.

With around half of global GDP moderately or highly dependent on nature, it is no surprise that biodiversity is moving up the agenda of companies, policy makers and investors. Global Head of Stewardship & Sustainable Investing Jenn-Hui Tan discusses the risk biodiversity loss poses to investors and outlines what needs to happen to unlock the financing needed to effectively tackle this issue.

The reflation narrative is gathering steam and many investors are questioning the extent to which the recent back-up in core government bond yields can continue. Against this backdrop, Fidelity Strategic Bond Fund Co-Manager Claudio Ferrarese gives his outlook for rates and outlines the factors which suggest that this may well present a buying opportunity.

Global Head of Macro Salman Ahmed debates the potential for a tantrum in markets due to the risks emanating from fiscal dominance and inflation moving higher. He also looks ahead and considers future central bank intervention and how this could impact returns across asset classes.