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.

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

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.

Inside AI: What 30+ ASX boardrooms reveal

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.

Asia&rsquo;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.
&nbsp;
Learn more about the&nbsp;<a href="https://www.fidelity.com.au/funds/fidelity-asia-fund/?utm_medium=podcast&amp;utm_source=soundbites&amp;utm_campaign=AU_2026_ISS-Wholesale_Awareness_Asset-Class-equity&amp;utm_content=English_audio_na_show-notes-asia-fund-tech" data-saferedirecturl="https://www.google.com/url?q=https://www.fidelity.com.au/funds/fidelity-asia-active-etf/?utm_medium%3Dpodcast%26utm_source%3Dsoundbites%26utm_campaign%3DAU_2025_ISS-End-Investor_Awareness_Asset-Class-ETF_Traffic_ETFs%26utm_content%3DEnglish_audio_na_show-notes-asia-fund-liquidity&amp;source=gmail&amp;ust=1752717797534000&amp;usg=AOvVaw1-LqMJYZQjaVRXFEnanfBV">Fidelity Asia Fund</a>
We&rsquo;d love to hear from you! Email us at <a href="mailto:PodcastsAustralia@fil.com">PodcastsAustralia@fil.com</a>&nbsp;with suggestions for episodes or guests. For more information on Fidelity visit&nbsp;<a href="http://fidelity.com.au/" data-saferedirecturl="https://www.google.com/url?q=http://fidelity.com.au&amp;source=gmail&amp;ust=1752717797534000&amp;usg=AOvVaw1pHfHcy-183lgwCCkn2Xm3">fidelity.com.au</a>.
<a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/" data-saferedirecturl="https://www.google.com/url?q=https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/&amp;source=gmail&amp;ust=1752717797534000&amp;usg=AOvVaw0VtO7oUKPLL7k2SVNezIQD">Read our full disclaimer.</a> This episode was recorded 4 June 2026.
See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.

Asia’s tech trade: Powered by a few, missed by many

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

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:
<ul>
<li>The market impact of the Iran conflict and energy shock</li>
<li>Why bonds and equities are moving together</li>
<li>What&rsquo;s driving the current investment-led cycle</li>
<li>How to think about diversification in a higher inflation world</li>
<li>Where opportunities are emerging across regions and sectors</li>
<li>Portfolio construction when correlations break down</li>
</ul>
For more information on Fidelity visit <a href="http://fidelity.com.au/">fidelity.com.au</a>. <a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/">Read our full disclaimer.</a> This episode was recorded 19 May 2026

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

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