BHP has delivered a record result, copper has overtaken iron ore as its largest earnings contributor, and resources have become one of the market's strongest-performing sectors. But is this the beginning of a structural shift, or are investors getting carried away by another commodity cycle?

Drawing on insights from the latest reporting season, Fidelity's Sam Heithersay, Portfolio Manager, Fidelity Australian Equities Fund and Cameron Taylor, Mining Analyst unpack what's driving the rally, where the opportunities lie, and the risks investors shouldn't ignore. 

Key topics discussed:
Why copper has become the market's favourite commodity and what's driving demand.
The biggest risks to the resources rally, from commodity prices to project execution. 
How Fidelity is positioning portfolios amid growing divergence across the mining sector. 
What investors should watch as miners increase spending and pursue growth projects.
How new market entrants could reshape Australia's listed resources landscape.

Read our full disclaimer. This episode was recorded 31 August 2026.

BHP has delivered a record result, copper has overtaken iron ore as its largest earnings contributor, and resources have become one of the market's strongest-performing sectors. But is this the beginning of a structural shift, or are investors getting carried away by another commodity cycle?
Drawing on insights from the latest reporting season, Fidelity's&nbsp;Sam Heithersay, Portfolio Manager, Fidelity Australian Equities Fund and&nbsp;Cameron Taylor, Mining Analyst unpack what's driving the rally, where the opportunities lie, and the risks investors shouldn't ignore.&nbsp;
Key topics discussed:
<ul>
<li>Why copper has become the market's favourite commodity and what's driving demand.</li>
<li>The biggest risks to the resources rally, from commodity prices to project execution.&nbsp;</li>
<li>How Fidelity is positioning portfolios amid growing divergence across the mining sector.&nbsp;</li>
<li>What investors should watch as miners increase spending and pursue growth projects.</li>
<li>How new market entrants could reshape Australia's listed resources landscape.</li>
</ul>
<a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/">Read our full disclaimer</a>. This episode was recorded 31 August 2026.

Your direct connection to some of Fidelity Australia's leading portfolio managers. Listen in every month as they tell you what’s on their mind when it comes to markets and, their portfolios, as well as special topical bonus episodes.

Fidelity Sound Bites

BONUS | Dividends, data centres and dirt: Inside the resources rally

Reporting season exposed a market moving in two very different directions. While resources and AI-linked infrastructure businesses continue to benefit from powerful global tailwinds, many consumer and housing-exposed companies are facing a more challenging outlook.

Join Fidelity Australian equity portfolio managers Paul Taylor, Sam Heithersay and James Abela, with host Lukasz de Pourbaix, as they unpack what the latest results revealed about the economy, earnings and where opportunities are emerging.

Key topics discussed:


Why dispersion is growing across the Australian market, with stark differences emerging between sectors and individual companies.


Where capital is flowing, from AI infrastructure and resources to quality businesses offering earnings resilience and certainty.


What separates the winners from the losers, including management quality, margin resilience and capital discipline in a tougher environment.


Where the team is finding opportunities, as volatility and changing valuations create openings across technology, property, resources and consumer stocks.

Read our full disclaimer. This episode was recorded 31 August 2026.

Reporting season exposed a market moving in two very different directions. While resources and AI-linked infrastructure businesses continue to benefit from powerful global tailwinds, many consumer and housing-exposed companies are facing a more challenging outlook.
Join Fidelity Australian equity portfolio managers&nbsp;Paul Taylor, Sam Heithersay and James Abela, with host&nbsp;Lukasz de Pourbaix, as they unpack what the latest results revealed about the economy, earnings and where opportunities are emerging.
Key topics discussed:
<ul>
<li>
Why dispersion is growing across the Australian market, with stark differences emerging between sectors and individual companies.
</li>
<li>
Where capital is flowing, from AI infrastructure and resources to quality businesses offering earnings resilience and certainty.
</li>
<li>
What separates the winners from the losers, including management quality, margin resilience and capital discipline in a tougher environment.
</li>
<li>
Where the team is finding opportunities, as volatility and changing valuations create openings across technology, property, resources and consumer stocks.
</li>
</ul>
<a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/">Read our full disclaimer</a>. This episode was recorded 31 August 2026.

2026 reporting season: The great divide

Momentum has been one of the market's biggest winners in recent years. But what happens when the trade everyone loves starts to unwind?

In this month's episode of Sound Bites, Matt Jones, Portfolio Manager for the Fidelity Research Global Equities Fund explores why momentum has become such a powerful force in markets, why it can act as a "wolf in sheep's clothing" for investors, and how investors can identify hidden concentrations that may be building beneath the surface of portfolios.

Topics covered:
Why momentum has become a dominant market driver
The risks of factor concentration and crowded trades
How market-cap weighted benchmarks can amplify momentum exposure
Why diversification goes beyond simply owning more stocks
The role of differentiated alpha sources in today's market

Read our full disclaimer. This episode was recorded 19 August 2026.

Momentum has been one of the market's biggest winners in recent years. But what happens when the trade everyone loves starts to unwind?
In this month's episode of Sound Bites, Matt Jones, Portfolio Manager for the <a href="https://fidelity.staging.webqem.net/funds/fidelity-research-global-equities-fund/">Fidelity Research Global Equities Fund</a> explores why momentum has become such a powerful force in markets, why it can act as a "wolf in sheep's clothing" for investors, and how investors can identify hidden concentrations that may be building beneath the surface of portfolios.
Topics covered:
<ul>
<li>Why momentum has become a dominant market driver</li>
<li>The risks of factor concentration and crowded trades</li>
<li>How market-cap weighted benchmarks can amplify momentum exposure</li>
<li>Why diversification goes beyond simply owning more stocks</li>
<li>The role of differentiated alpha sources in today's market</li>
</ul>
<a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/">Read our full disclaimer</a>. This episode was recorded 19 August 2026.

The wolf in sheep’s clothing: Is momentum hiding in your portfolio?

AI is reshaping business faster than most investors realise, and Fidelity is on the front line.

In this episode, Lukasz de Pourbaix speaks with Sam Heithersay and Sue Lyn Stubbs, who share rare, first-hand insights from over 30 ASX boardroom conversations. They unpack where companies are truly at on AI adoption, the gap between hype and reality, and how governance is emerging as the critical signal for long-term winners. A must-listen for investors navigating the next phase of AI.

We’d love to hear from you! Email us at PodcastsAustralia@fil.com with suggestions for episodes or guests. For more information on Fidelity visit fidelity.com.au.

Read our full disclaimer. This episode was recorded 2 June 2026.

AI is reshaping business faster than most investors realise, and Fidelity is on the front line.
In this episode, Lukasz de Pourbaix speaks with Sam Heithersay and Sue Lyn Stubbs, who share rare, first-hand insights from over 30 ASX boardroom conversations. They unpack where companies are truly at on AI adoption, the gap between hype and reality, and how governance is emerging as the critical signal for long-term winners. A must-listen for investors navigating the next phase of AI.
We&rsquo;d love to hear from you! Email us at PodcastsAustralia@fil.com&nbsp;with suggestions for episodes or guests. For more information on Fidelity visit&nbsp;fidelity.com.au.
<a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/">Read our full disclaimer</a>. This episode was recorded 2 June 2026.

BONUS | Dividends, data centres and dirt: Inside the resources rally

In 1 playlist(s)

Fidelity Sound Bites

Social links

Follow podcast

Recent clips