Fidelity Sound Bites

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.

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.

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.

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.

Asia’s returns are being driven by a narrow group of semiconductor giants at the centre of the global AI boom raising real questions around concentration, valuation and what investors are actually getting. In this episode Lukasz and Fidelity Investment Director for Asian equity, Gary Monaghan unpack whether the momentum in AI-linked tech is sustainable, and what happens if expectations start to run ahead of earnings. Also covered: We explore how rising oil prices are shaping the outlook across Asia, with different impacts across key markets including India, China and ASEAN. We also discuss the implications of extreme market concentration for diversification, where investors may find overlooked opportunities beyond tech, particularly in under-owned areas like China, and why identifying companies with genuine pricing power is critical in a higher-cost environment.   Learn more about the Fidelity Asia Fund 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 4 June 2026. See omnystudio.com/listener for privacy information.

Diversification has long relied on bonds offsetting equity risk. That relationship is proving less reliable, with recent shocks exposing how quickly correlations can move together. These periods tend to emerge when inflation is more volatile, as it is today. At the same time, markets are being driven by a different force, an investment-led cycle tied to AI and infrastructure, which is supporting earnings despite the noise. In this episode, Matt Quaife sits down with Lukasz to discuss why diversification is behaving differently, what this means for portfolio construction, and why these periods are among the most challenging, but also the most important, for long-term outcomes. Topics covered: The market impact of the Iran conflict and energy shock Why bonds and equities are moving together What’s driving the current investment-led cycle How to think about diversification in a higher inflation world Where opportunities are emerging across regions and sectors Portfolio construction when correlations break down For more information on Fidelity visit fidelity.com.au. Read our full disclaimer. This episode was recorded 19 May 2026

Quality hasn’t failed. It’s cyclical. Over the past 40 years, quality investing has delivered strong long‑term outcomes, yet it has underperformed roughly a third of the time. The current episode stands out: nearly two years in length and around 30% of relative underperformance. History shows quality tends to lag during ‘melt‑ups’, early‑cycle recoveries and strongly risk‑on environments, the very conditions markets have experienced amid AI optimism, capex booms and improving growth indicators. Are we at the end of the underperformance cycle, or is there further to go? In this month’s podcast, Maroun Younes, Co-Portfolio Manager for the Fidelity Global Future Leaders Fund sits down with Lukasz to explore why quality strategies fall behind at certain points in the cycle, how unusual the current drawdown really is and why periods like this are often the most behaviourally challenging but also the most consequential. Learn more about how we uncover these insights with our Research Advantage. For more information on Fidelity visit fidelity.com.au. Read our full disclaimer. This episode was recorded 16 April 2026

IPO activity in Asia is picking up, but the real story starts well before companies reach the market. Strong pipelines often reflect confidence from founders and improving conditions beneath the surface. That can create opportunities for investors willing to look ahead. Portfolio Manager for the Fidelity Special Situations and Asia Pre-IPO Strategies, Dale Nicholls and Investment Director for Private Markets, Tony Liu talk through the current IPO environment in Asia and what it reveals about private company activity. Drawing on their experience across the region, they explain how pre‑IPO investing fits into the broader opportunity set and how they think about risk, timing and growth.   Learn more about Fidelity www.fidelity.com.au 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 23 March 2026

Geopolitics, policy and markets are colliding, but what does a multipolar world mean for portfolios, and why should investors be looking to true, multi‑dimensional diversification in this regime? In this episode, Salman Ahmed, Fidelity's Global Head of Macro and SAA joins Lukasz de Pourbaix to step back from the noise to frame the big forces: shifting power blocs, policy trade‑offs and changing market structures, translating them into a practical way of thinking about portfolio resilience. Expect a focus on reducing concentration risk, building durability across regimes, and using diversification to handle correlation shifts and macro surprises.  Discover what to watch, how to weigh trade‑offs, and where diversification can do the heavy lifting -whether recession risk materialises or not. --------------------------------------------------------------------- Learn more about Fidelity's Global Macro Outlook for 2026. 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 10 January 2026. See omnystudio.com/listener for privacy information.

Will sector rotations and AI themes reshape global markets in 2026? And how will valuation shifts and re-ratings influence where investors find growth and opportunity? In this episode of Fidelity Sound Bites, Paul Taylor, Zara Lyons, and James Abela explore the forces set to define the year ahead - from the momentum in resources and small caps to evolving valuation dynamics across sectors. They also dive into productivity trends, the implications for Australian equities, and share bold predictions for what could be a year of broader market dispersion and fresh opportunities. See omnystudio.com/listener for privacy information.

Everyone’s calling this the bubble before it bursts - and that’s a first. In this episode, Maroun Younes joins Lukasz de Pourbaix to unpack the AI boom led by mega-cap giants. Are we witnessing a historic overreach or the early innings of a structural revolution? Tune in for a candid look at valuations, capex, and the physics behind the hype and how investors can tackle this next tech era. --------------------------------------------------------------------- Explore our insights on the AI Boom and how investors can navigate this next tech era. Learn more about the Fidelity Global Future Leaders Fund and Active ETF 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 6 November 2025. See omnystudio.com/listener for privacy information.

Twenty years ago, Asia was the world’s factory floor. Today, it’s powering the future of EVs, semiconductors, and AI. Join Fidelity’s Gary Monaghan and Lukasz de Pourbaix as they unpack how the region has evolved, what’s stayed the same, and where the biggest opportunities lie for the years ahead. Want more? Discover the Fidelity Asia Fund and ETF 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 3 July 2025. See omnystudio.com/listener for privacy information.

CBA took centre stage in the 2025 reporting season and is top of mind for many Australian investors. Sell or buy more? As part of this reporting season’s recap, we’ve asked our Australian equities portfolio managers to weigh in with their views for a detailed discussion on the ASX 200’s top stock. Discover what drives CBA’s powerhouse performance, from unmatched customer loyalty and tech-forward investments like AI to overcoming the country’s most unusual credit cycle. Our experts break down why CBA stands out as a clear market leader, how it manages challenges despite premium valuations, and what investors should watch for from Australia’s financial sector titan in the year ahead. Learn more about investing in Australian Equities. 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 September 2025. See omnystudio.com/listener for privacy information.

Results are in, and dispersion is rewriting the rules on the ASX. We’ve brought together an expert panel to unpack what’s fuelling the wild swings between winners and losers this reporting season. Discover how macro trends, AI innovation and shifting consumer confidence are reshaping valuations, sector rotations and growth prospects for Australian companies. This episode reveals what’s moving the market, who’s thriving and where opportunity (or risk) is hiding for investors right now. Learn more about investing in Australian Equities. 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 September 2025. See omnystudio.com/listener for privacy information.

Systematic investing often gets lumped in with opaque, black-box quant models that seem impossible to explain. But the best strategies can be anything but mysterious. At their core, they’re about applying consistent rules, managing risk with discipline, and making decisions driven by data. So how can incorporating systematic strategies help strip out bias and improve portfolio consistency? This month Lukasz speaks with Matt Jones, Portfolio Manager for Fidelity’s Global Systematic strategies where they discuss the systematic advantage - a process that’s rules-based, risk-aware, and adaptable to multiple investment styles. Discover how they can achieve more consistent results, meet transparency demands, and better align with portfolio objectives. 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 6 August 2025. See omnystudio.com/listener for privacy information.

With Japan shifting monetary gears and global liquidity in flux, could capital rotate from developed markets back into Asia? We’re very lucky this month to have special host, James Gruber, Editor for investment newsletter Firstlinks who sat down with Fidelity’s Asia expert, Anthony Srom where they discuss a scenario few investors are pricing in. They also discuss why Anthony thinks China is no longer ‘uninvestable’, his contrarian plays for ASEAN markets and Indian financials and why he’s not buying into the hype of AI. Learn more about the Fidelity Asia Active ETF. 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 3 July 2025. See omnystudio.com/listener for privacy information.

From shifting tariff regimes to the end of US exceptionalism, and the real-world impact of AI — markets are being reshaped in real time. Staying ahead means understanding how these forces connect — and how they’ll affect long-term wealth outcomes. Fidelity’s Global Equities CIO, Niamh Brodie-Machura, joins Lukasz de Pourbaix to unpack what this global rewiring means for investors: The global policy and economic reset underway How to think about volatility as a strategic tool, not just a risk Why diversification is more important than ever Where AI disruption is already driving productivity gains And whether US exceptionalism still holds up The rules are changing — are portfolios ready? 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 18 June 2025. See omnystudio.com/listener for privacy information.

Bonds are back in the spotlight—and this time, they’re offering more than just stability. With global volatility rising, U.S. tariffs in play, and the Fed’s (Federal Reserve) next move up for debate, Harry Hardy, Investment Director for the Fidelity Global Bond Fund unpacks why fixed income deserves a fresh look. In this episode discover our contrarian view and why we believe the market is underestimating just how far the Fed might go with rate cuts—and what that means for yields, credit spreads, and positioning in today’s environment. We also break down the macro environment including how investors can navigate the swings in volatility. Discover more on why now is the time for bonds 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 19 May 2025 See omnystudio.com/listener for privacy information.

As markets begin to breathe a little easier on the news of a pause on tariffs, many investors may be looking into the intriguing narrative surrounding the end of US exceptionalism. But it may not be all it seems, at least for now. This month we have Co-Portfolio Managers for the Fidelity Global Future Leaders Fund and Active ETF, James Abela and Maroun Younes join Lukasz where they discuss why they think US remains an extremely attractive investment destination, why they’re keeping their cool around the current market upheaval, and the surprising market deviation for small and mid-caps from past sell offs. Find out more about the Fidelity Global Future Leaders Active ETF. 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 22 April 2025.  See omnystudio.com/listener for privacy information.

China has experienced a 40% increase in its stock market over the last 12 months, and India is pushing ahead with reforms and measures aimed at boosting growth, so could it be time for investors to revisit emerging markets? In this episode, Amit Goel, Portfolio Manager for the Fidelity Emerging Markets and India Funds explores the dynamic market changes in China, including the stabilisation of property market and consumer recovery, India's growth and innovation, and Brazil's unique interest rate environment and the opportunities in the region. Read our full disclaimer. We’d love to hear from you Email us at PodcastsAustralia@fil.com or visit fidelity.com.au for more information on Fidelity or Fidelity products. This episode was recorded 19 March 2025.  See omnystudio.com/listener for privacy information.

Volatility was the name of the game defining the latest reporting season. As investors grapple with disparities across market caps and sectors, could these chaotic conditions signal a shift in investment strategies? This month we have our experts Casey McLean, Portfolio Manager for the Fidelity High Conviction Fund and Active ETF, Clare Coleman, Australian Tech and Diversified Financials Analyst and Sam Heithersay, our Australian Mining Analyst, to break down the last month of company reporting results. Our speakers/guests/team cover topics including CoStar’s bid on Domain, Wisetech, a possible rotation favouring miners over the banks, and a ‘less worse’ outlook for China, and what that means for the Australian market. Find out how they are using the data analysis from this reporting season to find potential gains in these turbulent times. We’d love to hear from you Email us at PodcastsAustralia@fil.com or visit fidelity.com.au for more information on Fidelity or Fidelity products. This episode was recorded 6 March 2025. Read our full disclaimer. See omnystudio.com/listener for privacy information.

As a key part of net zero, mining is at the heart of the energy transition as producers require vast amounts of materials like lithium, copper and nickel needed. But it’s only the scale of the materials that we need, it's also the speed at which we need them to meet this huge demand. This month Daniela Jaramillo, Head of Sustainability Solutions speaks with two Fidelity experts on transition materials - Oliver Hextall, Portfolio Manager for Fidelity’s Transition Materials Strategy, and Sam Heithersay, Australian Mining Analyst. They examine how Australian miners could be affected by the repeal of the Inflation Reduction Act (IRA) and what the potential outcomes for new tariffs on aluminium and steel mean for producers. They also discuss opportunities for investors outside of net zero including India’s growth and Artificial Intelligence (AI). We’d love to hear from you Email us at PodcastsAustalia@fil.com or visit fidelity.com.au for more information on Fidelity or Fidelity products. This episode was recorded 20 February 2024. Read our full disclaimer. See omnystudio.com/listener for privacy information.

This month Min Zeng the Portfolio Manager for the Fidelity Japan Equities Fund sat down with Lukasz to explore the profound changes in Japan's market dynamics, shedding light on the historic shift from a deflationary environment to a rising inflation trend. Listen in as our experts dissect the impact of this transformation on corporate governance, consumer behaviour, and Min shares his insights into opportunities for investors for Japan's economic resurgence. Learn more about the Fidelity Japan Equities Fund or  email us at PodcastsAustalia@fil.com This episode was recorded 27 November 2024. Read our full disclaimer. See omnystudio.com/listener for privacy information.

As another year wraps up, our Australian equities portfolio managers; Paul Taylor, James Abela and Casey McLean reflect on 2024 and answer some of the pressing questions as we head into the second half of the 2020’s: Will tech continue to rally? Will any sectors be safe from tariffs? Or will 2025 be the year resources beat out the banks? Listen to our final episode of the year to find out. As a little Christmas gift to our listeners, we are running our annual Christmas competition. All you have to do is listen to the episode and use the hints the guys have given to guess their costumes for this years’ Fidelity Christmas party. You can find a picture on our LinkedIn and Facebook pages, or head to our website here. First with the correct answer wins a $100 Westfields voucher. Good luck! See omnystudio.com/listener for privacy information.

Donald Trump is the 47th president of the United States, in a landslide victory for the Republican party. As markets get more certainty, what are the potential impacts of macroeconomic policies, tariffs, and global trade dynamics for investors? We are excited this month to bring you Fidelity’s Global Head of Macro and Strategic Allocation, Salman Ahmed, to discuss the implications of the recent US election results looking closely at the impact of tariffs on inflation, China's economic stimulus measures, and the broader implications for markets and equity sectors. Salman also shares his insights on the risks to our previous soft-landing scenario and why he is optimistic about equity markets amidst the evolving economic landscape. We’d love to hear from you! If you have any topics or speakers you would like to see on the show, email us at podcastsaustralia@fil.com Get the latest insights from Fidelity This episode was recorded 7 November 2024.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

Roughly 70% of the returns driven by the ASX year-to-date can be traced back to six Aussie stocks - Four banks, two miners, a consumer discretionary and a real estate company. But how does China's largest stimulus package since 2015 impact those returns going forward? This month join Lukasz and Casey McClean, PM for the Fidelity Australian High Conviction Fund and Active ETF as the cover Australia’s magnificent six, the outlook for interest rates and their impact on the Aussie market, plus a surprising stock benefitting from the Chinese consumption theme. Want more? Discover the Fidelity Australian High Conviction Active ETF This episode was recorded 1 October 2024. Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au. Read our full disclaimer. See omnystudio.com/listener for privacy information.

While the issue of inflation remains the same, this year it appears the winners are different. From Coles reducing theft to Wise Tech, Pro Medicus, and REA Group leading the charge toward efficiency, tech and tech-savvy companies are driving productivity across industries and helping fight rising costs. But that’s not all our Aussie PM’s came away with from reporting season. Paul Taylor, James Abela and Casey McLean are back and uncovering which companies are thriving, which are struggling, the surprising market dynamics playing out and the challenges the ASX may face as we head into 2025. Quick Links Get the latest insights from Fidelity See why we’re an Aussie expert Funds Fidelity Australian Equities Fund Fidelity Future Leaders Fund Fidelity Australian Opportunities Fund This episode was recorded 4 September 2024. Read our full disclaimer. See omnystudio.com/listener for privacy information.

Anthony Srom, Portfolio Manager for the Fidelity Asia Fund admits how he views the world is a little different, but this may be his superpower when it comes to outperforming the index for nearly a decade*. So what has shaped this veteran investor to ask the questions others aren’t? In this episode Anthony discusses how investors may be getting it wrong on AI, 10 years of lessons and bubbles in Asia, and looking outside Asian giants TSMC and Tencent. Want more? Discover the Fidelity Asia Active ETF This episode was recorded 5 July 2024. *As at 30 June 2024. Past performance information provided in this podcast is not a reliable indicator of future performance. Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au. . Read our full disclaimer. See omnystudio.com/listener for privacy information.

Being a contrarian investor is no walk in the park; when all signs point left, a contrarian’s first instinct is to look right. So, what does it take to short a stock? This month, Lukasz de Pourbaix gets inside the mind of contrarian Portfolio Manager, Dmitry Solomakhin to explore why this type of distinct investing is so fascinating. They walk you through how Dmitry finds and shorts companies in deep water, whether the hype around AI and tech has been overplayed, and signs from a contrarian view that may mean China is attractive again. Learn more about Fidelity and our 400+ investment experts at fidelity.com.au This episode was recorded 14 May 2024.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

Indians took to the polls last week in the world’s largest election where 642 million votes were cast. Modi’s BJP-led alliance won by a thin majority after which markets saw the Nifty 50 to dip (and then bounce back). But is this all just short-term noise when there are long-term opportunities to be found? In this month’s episode Amit Goel, Portfolio Manager for the Fidelity India and Global Emerging Markets Funds (ASX:FIIN and ASX:FEMX) discusses some of these, including the shift to India for global supply chains and the rise of the domestic consumer of India. We’re also really excited to let you know we recently won the Financial Standard MAX Awards Podcast of the Year 2024! Congratulations to Lukasz and the team. Discover the Fidelity India Active ETF This episode was recorded 20 March 2024.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

China's market performance has been challenged lately, but sentiment looks to be turning around. Japan’s stock market barely grew for decades, but it's now on the up. What's changed? In this episode Lukasz and Fidelity’s Head of Equities, Asia Pacific, Marty Dropkin take a closer look at China and Japan, uncovering what our analysts on-the-ground are actually seeing. They dive into what investors may be missing when it comes to the superpower, and the drivers behind Japan's reawakening. Quick Links Get the latest insights from Fidelity This episode was recorded 15 April 2024.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

UNSUNG FACT: Real estate accounts for around 40% of carbon emissions globally. So what’s the investable opportunity for investors? In this bonus episode we have Fidelity’s Head of Real Estate Solutions, Adrian Benedict talking to Lukasz about what he calls a ‘win-win’ for investors, something many of the large super funds have already realised. We’d love to hear from you. Email us at podcastsaustralia@fil.com with your topics and questions and we will answer them in our episodes. Quick Links Get the latest insights from Fidelity This episode was recorded 4 March 2024. Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

Is the era of the magnificent 7 over? Markets watched as the fortunes of the latest tech-gang diverged in recent weeks, but as an investor how can you find the next ‘cool kids on the block’? Listen in this month as our global mid-cap managers, James Abela and Maroun Younes uncover how they hunt for future mega-caps. These ‘goldilocks’ stocks as they call them, don’t dominate headlines like the Magnificent 7 but have seen the same incredible growth, but with less ‘unknowns’ than the smaller end of town. Quick Links Fidelity Global Future Leaders Fund Get the latest insights from Fidelity This episode was recorded 5 March 2024.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

In this special and longer-than-usual episode, we get inside the heads of Andrew McCaffery, Fidelity’s Global CIO and Paul Taylor, Head of Investments in Australia to take us through how we’re currently seeing the world reflect on our latest Analyst Survey. Is China still investable? What may be the global ramifications from the upcoming US elections? And where do we think interest rates will finally land? Because we know time is a precious commodity, you can jump ahead by using the time stamps below. Otherwise you may want to consider listening at 1.25-1.5x. Episode guide 01.30     Lessons from the last 40 years of investing 03.37     What is a soft landing and how does this impact the outlook? 08:31     What should investors consider regarding inflation? 14:22     How will wage inflation play out for companies? 18:35     The outlook for interest rate cuts 25:14     Will corporate activity pick up in Australia? 29.12     Investment opportunities in China 39:16     US elections and the implications for markets 44:28     Investment opportunities for 2024 Want to know more about the Fidelity Analyst Survey and our findings for 2024? Read it here Quick Links Get the latest insights from Fidelity See why we’re an Aussie expert This episode was recorded 9 February 2024.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

It’s a new year, but is it a new market? The guys are back with their thoughts on what 2024 has in store. Will elections go to plan? What stocks are they picking? And what does AI have to do with it? Quick Links Get the latest insights from Fidelity See why we’re an Aussie expert Funds Fidelity Australian Equities Fund Fidelity Future Leaders Fund Fidelity Global Future Leaders Fund Fidelity Australian Opportunities Fund This episode was recorded 7 December 2023.  Issued by FIL Responsible Entity (Australia) Ltd ABN 33 148 059 009, AFSL 409 340. This is general information only and is not intended to be advice of any kind. Consider the PDS and TMD at fidelity.com.au.  Read our full disclaimer. See omnystudio.com/listener for privacy information.

In this episode Lukasz de Pourbaix is joined by our powerhouse of Aussie Portfolio Managers, Paul Taylor, James Abela and Casey McLean to break down 2023: What went right, what went wrong and has this made them bullish or bearish going into 2024? Quick Links Get the latest insights from Fidelity See why we’re an Aussie expert Funds Fidelity Australian Equities Fund Fidelity Future Leaders Fund Fidelity Australian Opportunities Fund This episode was recorded 7 December 2023. Read our full disclaimer. See omnystudio.com/listener for privacy information.

A once in a hundred-year event seems to be happening every other month these days, with threats of recession and intensifying geopolitical tensions. What’s an investor to do? This month Lukasz de Pourbaix is joined by Portfolio Managers, Paul Taylor and James Abela as they look back previous periods of crisis and uncertainty and discuss their playbook on finding opportunity amidst the current volatility. Got questions for us? Email podcastsaustralia@fil.com Quick Links Get the latest insights from Fidelity See why we’re an Aussie expert Funds Fidelity Australian Equities Fund Fidelity Future Leaders Fund Fidelity Global Future Leaders Fund This episode was recorded 8 November 2023. Read our full disclaimer. See omnystudio.com/listener for privacy information.

Elvis may have been talking about love, but can’t the same be said for markets? GLP1 drugs like Ozempic’s success in the weight loss arena have disrupted the healthcare sector. Most notably ResMed, whose stock price plummeted on the back of predicted decreased demand. But where there is disruption and volatility, Paul Taylor sees opportunity. This month Paul talks about why taking an immediate view can cloud investors thinking and where he’s seen this all before. Got questions for us? Email podcastsaustralia@fil.com See why we’re an Aussie expert This episode was recorded 3 October 2023. Read our full disclaimer. See omnystudio.com/listener for privacy information.

It’s an unusual time for markets. Just when it looked like we could pop the champagne, September swiftly put it back on ice as “Australia’s slowest recession” continues to plod all the way to the bottom. However, for active fund managers like James Abela, these dislocations are where they find the unloved darlings. This month James jumps headfirst into the whiplash of Aussie small caps, what stock her considers to be an unloved darling and his pick for what he thinks investors should really be considering in this environment. Got questions for us? Email podcastsaustralia@fil.com See why we’re an Aussie expert This episode was recorded 3 October 2023. Read our full disclaimer. See omnystudio.com/listener for privacy information.

This month we’ve brought out our top brass. Portfolios managers Paul Taylor (Fidelity Australian Equities Fund), James Abela (Fidelity Future Leaders Fund) and Casey McLean (Fidelity Australian Opportunities Fund) join forces to dissect August’s reporting season. How are shifting market dynamics are changing their outlooks for 2024? and how are they stacking the odds in their favour for the year ahead? 00:52: Reporting season recap 03:22: Company cost impacts  07:14: Consumer impacts and changing consumption behaviour 10:40: Interest rates and property 13:53: Commodities and will China bounce? 19:35: Wrap up reporting season in 3 words 21:35: Has reporting season changed the outlook? Got questions for us? Email podcastsaustralia@fil.com See why we’re an Aussie expert This episode was recorded 7 September 2023. Read our full disclaimer. See omnystudio.com/listener for privacy information.

With high grade copper being harder and harder to find and demand increasing, what will the world’s largest miners do to meet global supply targets? Paul speaks with Sam Heithersay, Fidelity’s mining analyst who just came back from a recent research trip to Mongolia to discuss the outlook for copper, and how miners and mines are evolving to meet demand. Read more about Oyu Tolgoi here. Got questions for Paul? Email us at podcastsaustralia@fil.com This episode was recorded 2 August 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

James looks back on 10 years of investing in Aussie small and mid-caps, and some of the names that helped him get here. We also analyse the current environment, and why it may not be just earnings driving markets as reporting season kicks off. Got questions for James? Email us at podcastsaustralia@fil.com This episode was recorded 2 August 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

As we gear up for reporting season, mid and small cap universe dynamics are shifting with a significant dispersion between small and mid-cap companies. With less fear  being seen in the market, valuations have expanded on the expectation of earnings growth. But the burning question for investors remains, will companies be able to deliver come August’s reporting? This month James sheds light on the market's journey from a value-driven rally to the current momentum-focused climate and which sectors he believes are expected to thrive and which ones might face challenges ahead of reporting season. Got questions for James? Email us at podcastsaustralia@fil.com This episode was recorded 18 July 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

In a slightly longer episode than usual, Paul looks back on 20 years of running the Fidelity Australian Equities Fund, with stories of some of the biggest winners and valuable lessons from the occasional losers. Hear the secrets behind the Fund’s success which has seen it outperform it’s benchmark by over 2% p.a (after fees)* for over two decades and why Paul has the confidence to continue to provide returns for investors well into the future. The Fund's latest performance information can be obtained via [Fidelity Australian Equities Fund]. Please refer to the relevant footnotes and disclaimers regarding performance and related matters in the Fidelity Product performance summary - Monthly report 30 June 2023. Past performance is not a reliable indicator of future performance.  Got questions for Paul? Email us at podcastsaustralia@fil.com This episode was recorded 18 July 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

Could the rising demand for critical minerals reshape Australia’s commodities sector? In this month’s episode, Paul explores the concept of the “green premium” and its implications for Australian commodities in light of changes to the US’s Inflation Reduction Act and regulation in the EU. We also analyse the recent RBA rate rise and whether this changes his outlook for a domestic recession. Got questions for Paul? Email us at podcastsaustralia@fil.com This episode was recorded 7 June 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

Is the consumer sector heading for trouble? Join Andrew, James and Consumer Investment Analyst, Brendan Mowry, as they explore the challenges facing consumers as cyclical cracks begin to appear. From the impact of rising rates to mortgage cliffs, what parts of the market are going to be under stress, and where do the opportunities lie? Got questions for James? Email us at podcastsaustralia@fil.com This episode was recorded 7 June 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

Tuesday night saw Labor's 2023 Federal budget handed down. While many were focused on the household impacts, our analysts were looking at potential impacts on sectors and portfolios.  In this bonus episode, Portfolio Manager of the Fidelity Australian Opportunities Fund,Casey McLean, Analyst and Portfolio Manager covering healthcare, Zara Lyons and Consumer Analyst, Brendan Mowry give you their budget breakdown. Have a topic you want us to cover? Email us at podcastsaustralia@fil.com This episode was recorded 10 May 2023. Read our full disclaimer. Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

As rates revert back to rising, property may not seem like a great place to be investing right now - but there’s still growth to be found. Paul breaks down why he thinks industrial property is the place to be in the current environment, and what makes Goodman Group his preferred play. We also discuss April’s performance and cover off the recent M&A activity including bids for Blackmores and Silk Laser. Got questions for Paul? Email us at podcastsaustralia@fil.com This episode was recorded 3 May 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

The last decade gave us cheap money and no-flation, and oh how times have changed. Inflation may have finally peaked, but the same can’t be said for rates. So how does a seasoned investor find the winners of tomorrow when the landscape has evolved? This month James takes you through how he makes sense of markets and the characteristics he’s looking for in the current environment with some look throughs on Altium, Orica, Auckland Airport & Vicinity Centres. Got questions for James? Email us at podcastsaustralia@fil.com This episode was recorded 3 May 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.

Materials stocks are now dominating the mid and smalls index sitting at circa 30%, something that’s only happened twice previously in over two decades.   We’ve got prices soaring from demand shocks from COVID, supply shocks from the Russia and Ukraine conflict, the acceleration of EV adoption driving the lithium rally, gold now back to its safe haven status reaching new heights, and then there’s the ramp up in M&A activity. How long can it last? In this topical bonus episode Fidelity’s resources analyst Sam Heithersay joins Portfolio Manager James Abela where they ‘dig’ into what’s this means for local and global markets, and where investors can focus to take advantage of the current opportunity. Have a topic you want us to cover? Email us at podcastsaustralia@fil.com This episode was recorded 10 May 2023. Read our full disclaimer. Get the latest insights from Fidelity See omnystudio.com/listener for privacy information.