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. Read our full disclaimer.

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. Read our full disclaimer.

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. Read our full disclaimer.

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. Read our full disclaimer.

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. Read our full disclaimer.

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.

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.

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

US blow-ups, an uptick in M&A activity, gold near record prices, mismatches in consumer sentiment and rates on pause. March didn’t disappoint when it comes to information overload, so how do investors decipher what this signals in markets right now? This month James tells us what the data is showing to make sense of yet another turbulent month. This episode was recorded 11 April 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity

March continued to put markets into flux with news of SVB collapsing and Credit Suisse being taken over. There was some reprieve locally at the start of April with rates going on hold - so can this be a sign financial contagion fears  have entered the system? This month Paul breaks down contagion risks to Australian banks, his view on April’s rate announcement and where he’s finding bright spots in financials. This episode was recorded 11 April 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity

You’re in for a treat! Welcome to our very first BONUS episode of Sound Bites. In the first of our ‘PM to PM’ series, we have veteran portfolio managers Paul Taylor and James Abela taking you through February 2023 reporting season covering Aussie large, mid and small-caps. In this candid conversation they use their decades of experience to dissect the mixed bag that was the recent reporting season. Find out why it looks like the consumer may be in for a little more pain, the sectors that disappointed and the sectors poised for a better 2023.  Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity

Money is no longer free, investor risk tolerance has come right back, we’re living with higher rates and then there’s the cost-of-living crisis. So how have mid and small caps been impacted in the most recent reporting season? James gives his insights into February’s reporting season, covering the companies that disappointed and why quality businesses have been rewarded. This episode was recorded 8 March 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity

Reporting season finished up with the RBA hiking rates for the 10th time since May. Have they done enough, and which large cap sectors are seeing an impact on earnings? In this episode Paul looks back on February, the most recent rate hike and explains why learning from history is what will make us better investors in 2023. This episode was recorded 8 March 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity

Peak inflation, peak rates, peak fear? Will everything get better from here? Listen in to this month’s episode with Portfolio Manager for the Fidelity Future Leaders Fund, James Abela as he explores what has happened throughout January and the implications for markets, his portfolio and investors. This episode was recorded 31 January 2023. Read our full disclaimer. Find out more about the Fidelity Future Leaders Fund Get the latest insights from Fidelity

China's re-opening: inflation is here to stay but what does it mean for investors? Listen in to this month’s episode with Portfolio Manager for the Fidelity Australian Equities Fund, Paul Taylor as he explores what has happened throughout January and the implications for markets, his portfolio and investors. This episode was recorded 31 January 2023. Read our full disclaimer. Find out more about the Fidelity Australian Equities Fund Get the latest insights from Fidelity

Welcome to Fidelity Sounds Bites - a straight-to-the-point podcast with two of Australia's leading investors. Join us each month to hear from Paul Taylor Portfolio Manager for the Fidelity Australian Equities Fund and James Abela, Portfolio Manager for the Fidelity Future Leaders Fund, where they’ll explore what's happening in markets, how they're positioning their portfolios and the outlook ahead. Read our full disclaimer. Get the latest insights from Fidelity.