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Fidelity Answers is a podcast channel from Fidelity International's editorial team. From tech cycles to The End of the Cycle, from downside protection to the upside of ESG, we bring you in depth conversations and the latest ideas from our analysts, portfolio managers and investment directors to explore the latest investment thinking.
As well as topical standalone episodes you'll find our series 'The Investor's Guide to China' where we put the economic powerhouse under the microscope with on-the-ground experts; and 'Fundamentals', a series where the analysts discuss the implications of their latest research, from 5G technology to the plight of the Orangutan.
***If you enjoy Fidelity Answers then whey not listen to our other show, 'Rich Pickings: Fidelity's Asset Allocation Podcast', where each month we dive into the latest market trends with Fidelity's asset allocation group, asking them how they're positioned and why. What will the portfolio managers reveal about their investment strategies? What are the team's hot cakes this month? And what would they drop like a hot potato?
- 121 - Rich Pickings: The long-term themes challenging investors
What are the big themes that will shape the investment world in the years ahead? For this final episode of the current series of Rich Pickings, Richard Edgar is joined by Fidelity's Head of Equities for Europe Ilga Haubelt, and Portfolio Managers Kris Atkinson and Caroline Shaw to discuss long-term trends and how investors are grappling with them.
With additional contributions from Global Co-CIO Andrew McCaffery.
See omnystudio.com/listener for privacy information.
Thu, 25 Apr 2024 - 120 - The Investor's Guide to China: Shareholder return (#29)
The story of China's economy and stock market has long been one of rapid growth. But as policymakers pivot to focus on the quality - instead of the velocity - of growth, investors are turning their attention to something more long-lasting: shareholder returns.
Dividends and buybacks are moving up the agenda of regulators and companies in China, generating interest for investors across the market, even in sectors of the so-called ‘old’ economy.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities for Asia Pacific, are joined by two of Fidelity International’s portfolio managers: Lynda Zhou and Dale Nicholls. Together, they explore a change in the mindset of Chinese management teams, which industries are most prepared to ramp up payouts for their shareholders, and the role of regulators and investors in the process.
With additional contributions from Shanghai-based analyst Bunny Huangand Singapore-based Portfolio Manager Jochen Breuer.
Read
To read more on the rise of dividends in Asia, please visit fidelityinternational.com to find Lynda and Jochen’s recent article or click the following link: https://www.fidelityinternational.com/editorial/article/asian-stocks-enter-the-dividend-age-b65424-en5/See omnystudio.com/listener for privacy information.
Wed, 24 Apr 2024 - 119 - The Investor's Guide to China: Cities and migration (#28)
Where people live within China - and why - is fundamental to understanding the country’s changing demographics. That, in turn, has important implications for the Chinese economy, consumption trends, and where investors should be looking.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, take you across China through the lens of Fidelity International’s Asia Economist, Peiqian Liu, and Jarlon Tsang, Managing Partner and Head of China at the venture capital firm Eight Roads, Fidelity’s sister company.
What role do migrants play in the past, present, and future development of the Chinese economy? Which Chinese provinces and cities could be home to the next unicorn? What do emerging migration patterns mean for China's cities and their businesses? And what does all of it mean for property markets?
With additional contributions from Portfolio Manager Hyomi Jie and Shanghai-based analysts Eric Zhu and Fiona Shou.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Fri, 08 Mar 2024 - 118 - Rich Pickings: Asia and Latin America are reshaping the world for investors
Asia and emerging markets are our focus this month. Richard Edgar is joined by Fixed Income Portfolio Manager Paul Greer, Asia Economist Peiqian Liu, and Senior Sovereign Analyst Andressa Tezine to discuss whether they're being overlooked by investors. And, as interest rates pivot and pirouette around the world, where income seekers can find harbour.
With additional contributions from Fidelity's Global Macro Economist Anna Stupnytska.
You can read more analysis from Peiqian Liu here, and you can hear more insights on our sister podcast The Investor's Guide to China here.
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Mon, 19 Feb 2024 - 117 - The Investor's Guide to China: China's bond market (#27)
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, tackle a topic that often flies under the radar, but could in fact hold great potential for investors: China’s bond market.
Investors focused on the stock market, and the challenges Chinese property developers are facing, have often overlooked China’s bonds, which have boasted some of the best returns over the past few years.
Hong Kong-based Head of Asian Fixed Income, Lei Zhu, and Fixed Income Portfolio Manager, Alvin Cheng, from our independently run mutual fund business in China, join Catherine and Marty to discuss why the same economic narrative about China is playing out so differently in equities and bonds, and where investors should start their search for opportunities in this vast market.
With additional contributions from Singapore-based Multi-Asset Portfolio Manager George Efstathopoulos and Shanghai-based Senior Credit Analyst Crystal Cui.
Read more at fidelityinternational.com
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Wed, 07 Feb 2024 - 116 - Rich Pickings: Ready for a reset | Analyst Survey 2024
How confident are CEOs as they lean in to 2024? Is inflation still a major worry for businesses or has it been banished? How concerned are company managers about shifting geopolitics?
For well over a decade we’ve been asking our worldwide network of sector analysts these questions (and about 80 more) - to get a unique bottom-up picture of the companies they cover. Their conclusions form Fidelity International's annual Analyst Survey.
This month, Fiona O'Neill, Head of Global Cross-Asset Research Capabilities, Gita Bal, Global Head of Fixed Income Research, and Kris Atkinson,Fixed Income Portfolio Manager, join Richard Edgar to dig through the results.
With additional contributions from analysts Liz Brockway, Eric Tse and Aki Takaesu.
You can read the Analyst Survey in full here or on your local Fidelity website.
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Mon, 29 Jan 2024 - 115 - Rich Pickings: What the lessons of 2023 can teach investors for the year ahead
From artificial intelligence to US resilience, Richard Edgar discusses the big themes of 2023 with a panel of multi asset portfolio managers: Taosha Wang, Ian Samson and Talib Sheikh. What can the investment stories of the year teach us about the year ahead?
With additional contributions from Lee Sotos and Patrick Graham.
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Thu, 21 Dec 2023 - 114 - The Investor's Guide to China: Transition materials (#26)
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, explore the critical role of transition materials — minerals and elements, such as lithium, cobalt, and nickel, that are essential to developing and deploying clean energy technologies.
Demand for these materials around the world continues to grow so securing a reliable supply of them is a priority for countries trying to get to net zero. China has many of them in abundance and it dominates their production and processing, which in turn makes the country indispensable to a successful and sustainable transition.
Catherine and Marty are joined by Analyst and Portfolio Manager, James Richards, from London and Shanghai-based Director of Research for Equities in China,Monica Li, to discuss what investors can do to share in this boom and prepare their portfolios for a greener future.
With additional contributions from Hong Kong-based Analyst and Portfolio Manager Karen Zhouand Shanghai-based Sustainable Investing Analyst Binyu Zhao.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Tue, 19 Dec 2023 - 113 - Rich Pickings: Outlook 2024 - Four ways forward
Richard Edgar is joined by Steve Ellis, Global CIO for Fixed Income, Marty Dropkin, Head of Equities for Asia Pacific, and Global Macro Economist, Anna Stupnytska, to discuss the four scenarios Fidelity's investment teams are watching for 2024.
With additional contributions from Fidelity's Chief Sustainability Officer Jenn-Hui Tan, Head of European Real Estate, Neil Cable, and Head of Private Credit Strategies, Michael Curtis.
You can read Fidelity's 2024 Outlook in full here.
Do you have a question you'd like to put to one of Fidelity's investment team? We're handing the microphone over to you again for our next episode. To take part please send your investment related question to editorial@fil.com by Friday 1st December, and we'll put the best ones to our experts. Look forward to hearing from you!
See omnystudio.com/listener for privacy information.
Mon, 20 Nov 2023 - 112 - The Investor's Guide to China: In conversation with Louis-Vincent Gave (#25)
In this special edition of The Investor’s Guide to China, Catherine Yeung, Investment Director, is joined in Hong Kong by Louis-Vincent Gave, the founder and CEO of Gavekal, a leading independent provider of global investment research.
They tackle questions from the development of China’s AI landscape and what it means for the country’s youth unemployment, to what the stellar performance of the Chinese bond market means for the country, and the internationalisation of the renminbi.
With an additional contribution from Portfolio Manager Tina Tian.
Read more at fidelityinternational.com
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Wed, 25 Oct 2023 - 111 - Rich Pickings: Higher rates - is the transmission mechanism broken... or just delayed
Richard Edgar is joined by Steve Ellis, Chief Investment Officer for Fixed Income,Gita Bal, Global Head of Fixed Income Research, and Salman Ahmed, Fidelity’s Global Head of Macro and Strategic Asset Allocation, to discuss whether the levers central banks have to pull are working.
With additional contributions from Multi Asset Portfolio Manager Caroline Shaw.
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Thu, 19 Oct 2023 - 110 - The Investor's Guide to China: Japanification (#24)
When you look at some of the big economic issues China is dealing with today—lacklustre growth, a real estate slump, price disinflation, or an ageing population—you quickly realise Japan has been through a lot of the same challenges.
What can we learn from Japan’s experiences? Is there a policy playbook there for how to respond to similar economic pressures for China, or indeed, any other country confronting these challenges?
In October’s episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Miyuki Kashima, Head of Investments, Japan, and Eric Nie, Co-Head of Investments, China, to talk through the lessons learned from Japan’s economic journey and what’s going on in China today.
With additional contributions from Ying Lu, Analyst & Portfolio Manager, and Reggie Pan, Investment Analyst.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Tue, 10 Oct 2023 - 109 - Rich Pickings: Challenging the narrative on recession, inflation and rates
This month's guests challenge the consensus on recession risk and sticky inflation - and where central banks are getting it wrong. Richard Edgar is joined by Fixed Income CIO Steve Ellis, Global Macro Economist Anna Stupnytska, and Portfolio Manager Rosanna Burcheri.
And Nina Flitman takes a look at what the destocking trend in the chemicals sector could tell us about wider market stress with three analysts who cover the industry from different asset class perspectives. You can read more on their discussion here.
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Thu, 27 Jul 2023 - 108 - The Investor's Guide to China: De-dollarisation (#23)
When it comes to currencies, it often feels like it's all about the US dollar. Although the greenback has dominated international trade and finance for decades, some subtle shifts have started playing out among the currencies of major economies. Rising geopolitical tensions and the changing structure of global trade are prompting some countries to rethink and scale back their reliance on the dollar, a process now referred to as ‘de-dollarisation’.
At the same time, China has been pushing to increase the use of the renminbi in international markets with the hope that someday it could challenge the dollar as a major reserve currency. This comes despite China's capital account remaining mostly closed and the renminbi not being freely convertible, and also despite the dollar's current dominance as the world's go to safe haven asset.
In July’s episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, ask Portfolio Manager, Morgan Lau, and Asia Economist, Peiqian Liu, how far can de-dollarisation go? Could it disrupt how companies or countries pay for imports and exports? Or even how the US funds itself as the world's biggest debtor nation?
With additional contributions from Amit Goel, Portfolio Manager, Monica Li, Director of Research, and Shing Zhu, Investment Analyst.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Tue, 18 Jul 2023 - 107 - Private Credit: What role could it play in traditional portfolios?
With the shifting fortunes of economies, what role could Private Credit play in traditional portfolios? Richard Edgar is joined by Fidelity’s Head of Private Credit Strategies, Michael Curtis, and Portfolio Managers Camille McLeod-Salmon and Marc Preiser to discuss what investors can expect from the market in future.
With additional contributions from Oliver Newman and Nina Flitman.
You can read more of our private markets coverage here.
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Mon, 19 Jun 2023 - 106 - The Investor's Guide to China: China Consumer (#22)
China’s economic rebound hasn’t been as strong as many anticipated. But then, it’s not that surprising, as no one was expecting any major stimulus like in previous cycles, such as the global financial crisis. However, the Chinese consumer was really the one that was expected to underpin and power this recovery.
At the beginning of June, Fidelity’s global investment team embarked on a research trip to Shanghai and Hefei in eastern Anhui province where they met with dozens of companies. To get their on-the-ground insights, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined in this episode by portfolio managers Dale Nicholls and Hyomi Jie.
With additional contributions from Eric Zhu, Research Associate, and Eric Tse, Investment Analyst.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Tue, 20 Jun 2023 - 105 - Bioacoustics: Bonus interview with Dr Doug Gurr
Dr Doug Gurr, Director of London's Natural History Museum, joins Richard Edgar to discuss the urgency of tackling biodiversity loss and what the financial community can do to help.
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Thu, 18 May 2023 - 104 - Bioacoustics: Could sound solve biodiversity's data deficit?
How do you measure biodiversity? From the forests of Borneo, with the help of a pioneering team of scientists, Fidelity have followed a project to explore if sound recordings - layered with artificial intelligence - could help to solve biodiversity's data issue. Analyst Minlin Lee travelled to Indonesia to see, and hear, the data gathering in action, while Charlotte Apps followed the analysis in the south of France.
Back in the studio, Richard Edgar is joined by Fidelity International's Global Head of Stewardship and Sustainable Investing, Jenn-Hui Tan, to discuss why investors should be aware of nature loss.
With additional contributions from Portfolio Manager Velislava Dimitrova and Director of the Natural History Museum in London, Dr Doug Gurr.
You can hear Dr Gurr's conversation with Richard in fullhere.
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Thu, 18 May 2023 - 103 - The Investor’s Guide to China: Decarbonising China (#21)
2021 was a big year for the global fight against climate change. China's president, Xi Jinping, again pledged that China would hit peak emissions by 2030 and be net zero by 2060. Then at COP26 in Glasgow, over 100 countries pledged to cut greenhouse gas emissions and eliminate deforestation.
But that appeared to come to a screeching halt when the world was hit by the triple blow of Omicron spreading globally, the war in Ukraine breaking out, and the Fed starting to hike interest rates. For some people, it looked like fighting climate change took a back seat as priorities shifted towards energy security and economic stability.
Coming back to 2023: China is still the biggest greenhouse gas emitter. But has the country slipped on its path to decarbonisation? Or is progress indeed moving ahead?
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Flora Wang, Portfolio Manager & Head of Stewardship, Asia, and Dhananjay Phadnis, Portfolio Manager.
With additional contributions from Senan Yuen, Head of Investments, China, Bunny Huang, Investment Analyst, and James Richards, Senior Industry Analyst.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Tue, 16 May 2023 - 102 - Rich Pickings podcast: Preparing portfolios for climate risks
What impact will climate change have on portfolios? Should investors ready themselves for a disorderly transition to net zero? And what if it all gets sorted out - what are the investment implications for a greener, decarbonised future?
Richard Edgar is joined by Global Macro Economist Anna Stupnytska and Portfolio Managers Kris Atkinson and Caroline Shaw to discuss how investors can rise to the challenge.
With additional contributions from Fidelity's Global Head of Investment Research Ned Salter.
Listen to more from Ned's Trade Offs series here.
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Tue, 02 May 2023 - 101 - The Investor’s Guide to China: Tech Hardware and the ‘Chip War’ (#20)
Chip shortages at the start of the Covid pandemic threw semiconductors into the limelight. More recently, chips have been the focus of trade tensions between China and the US. Now, as China reopens and supply chains adjust, how will the ‘Chip War’ affect the future of the global tech hardware industry, and ultimately the prices of thousands of types of consumer goods?
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Terence Tsai, Analyst and Portfolio Manager, and Tina Tian, Portfolio Manager, as they discuss China's evolving role in the global tech hardware supply chain, the effects of the ‘Chip War’ with US, and what it all means for the economy and investors.
With additional contributions from Miya Huang, Innovation Intelligence Lead in Dalian; Zaf Tiu, Research Associate in Singapore; Chandrasekhar Sridhar, Analyst & NDA in Mumbai; Vivian Pai, Fund Manager, Taipei; Jonathan Tseng, Equity Research Analyst, London; and Vivian Wang, Investment Analyst in Hong Kong.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Wed, 22 Mar 2023 - 100 - Rich Pickings: Looking for cracks in the system after SVB
After the collapse of Silicon Valley Bank, Richard Edgar is joined by Steve Ellis, Global CIO for Fixed Income, Anna Stupnytska, Global Macro Economist, and Gita Bal, Global Head of Fixed Income Research, to discuss the fallout and whether it could be enough to force a rethink at the Federal Reserve.
Asia Economist Peiqian Liualso joins Richard to discuss what China's recovery looks like on the ground.
You can read more analysis on SVB and the fallout on your local Fidelity website or here.
Opening clip:
US President Joe Biden, March 13th, Sky News
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Fri, 17 Mar 2023 - 99 - Trade Offs | Bunge: The Analysis
Bunge is one of the world's biggest agriculture commodity businesses. Linking farmers with customers is a complex job. But doing it sustainably? Bunge's CEO Greg Heckman explains how he's approaching that challenge, and the the choices he's faced as chief executive, in his interview with Ned Salter, Global Head of Investment Research.
Hear about the investment implications of that interview in this episode, recorded in November 2022, where Ned is joined by Senior Industry Analyst James Richards and Global Head of Fixed Income Research Gita Bal.
Listen to the full interview here.
Read and watch more on this interview here.
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Tue, 21 Feb 2023 - 98 - Trade Offs | Bunge: The Interview
From farmers to customers, agriculture commodities powerhouse Bunge works with thousands of stakeholders along vast value chains. Its scale means influence - so how is it responding to calls for greater sustainability in the crops it distributes? How is it managing the cost of increased ESG oversight?
In this final episode of the series, recorded in October 2022, Ned Salter, Global Head of Investment Research, talks to Bunge Chief Executive Greg Heckman about the choices and trade offs he's been making since taking the helm in 2019.
Read and watch more on this interview here.
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Tue, 21 Feb 2023 - 97 - Trade Offs | Serco: The Interview
Keeping profits, social responsibility, and public relations on an even keel is no mean feat when you're a government contractor. UK services company Serco employs tens of thousands across the world in areas as diverse as defence, justice, and healthcare.
Rupert Soames joined Serco as chief executive in 2014 and completed his tenure at the end of 2022. In this straight-talking interview, Fidelity International's Global Head of Investment Research Ned Salter hears about his ESG lessons and in particular the social component: could Serco pay their staff more? Yes, but they'd lose business. Should they carry out controversial government policy? Yes, if it's the mandate of a democratically elected government. Is ESG investing a good thing? Not in its more zealous forms, no.
Hear him explain these answers in this episode, and why he sees public scrutiny as an essential part of the job, and then listen to Fidelity's investment team explain the significance of what's been said here.
This interview was recorded in July 2022.
Watch video clips and read bonus material from the interview here.
See omnystudio.com/listener for privacy information.
Tue, 14 Feb 2023 - 96 - Trade Offs | Serco: The Analysis
Managing and looking after people is core to a government services company like Serco. And the risk management that goes with such work demands a very different approach.
In this episode of Trade Offs Fidelity's investment team use highlights from the interview with Serco's former Chief Executive Rupert Soames to illustrate how investors should be considering the 'S' of ESG and why its importance is only set to rise.
Ned Salter, Global Head of Investment Research, is joined by Equity Research Analyst Dominic Hayes and Head of Strategic Initiatives for Global Investment Research Fiona O'Neill.
Listen to the full interview with Rupert Soames here.
Watch video clips and read bonus material from the interview here.
See omnystudio.com/listener for privacy information.
Tue, 14 Feb 2023 - 95 - Rich Pickings: Light at the end of the tunnel | Analyst Survey 2023
Just how confident do CEOs feel about the year ahead? Do they really expect earnings to grow? Is reaching net zero still a priority?
For answers to these questions (and many more), we’ve asked 152 of Fidelity International’s investment analysts for their views – and brought it all together into the annual Analyst Survey.
Fiona O'Neill, Head of Strategic Initiatives for Global Investment Research, and Gita Bal, Global Head of Fixed Income Research, join Richard Edgar to dig through the results.
With additional contributions from Fidelity International's Chief Executive Anne Richards, Global Equities Portfolio Manager Ashish Kochar and analysts Serhat Birbilen, Michael Gaynor and Vivian Wang.
You can read the Analyst Survey in full here, or at your local Fidelity website.
See omnystudio.com/listener for privacy information.
Mon, 13 Feb 2023 - 94 - The Investor's Guide to China: China's reopening and supply chains (#19)
After three years, China has dropped its zero-Covid policy, and 2023 has brought a sharp rebound in activity. Road traffic, hotel bookings and many other indicators are approaching or even exceeding their 2019 levels. It's clearly good news for the economy but what does China’s reopening mean for regional and global supply chains?
In the short term, Covid infections have been disrupting manufacturing as well as logistics networks but there are also some longer-term forces at play. The world looks different today than it did even just a few years ago, before the pandemic. The US-China trade war has prompted companies everywhere to hedge geopolitical risks by diversifying their manufacturing into other markets and shortening their supply chains. The slow burn demographic challenge is also pushing up manufacturing costs.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Evelyn Huang, Multi Asset Portfolio Manager, and Lynda Zhou, Equity Portfolio Manager, to discuss China's rapid reopening and what it means for the country's growth outlook, for its manufacturing competitiveness, and for investors looking to position themselves for the next phase. With additional contributions from James Trafford, Analyst and Portfolio Manager.
Read more at fidelityinternational.com
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Mon, 13 Feb 2023 - 93 - Trade Offs | Baker Hughes: The Interview
Lorenzo Simonellis is chief executive of one of the world's biggest oilfield services and energy technology companies, Baker Hughes. It supports traditional exploration and extraction while also developing the latest energy equipment. As such, it stands in both the 'old' and 'new' spheres of the energy sector.
Mr Simonelli talks to Fidelity International's Global Head of Investment Research Ned Salter about the pros and cons of natural gas at a time of political upheaval and the trade offs he faces while balancing energy security with emissions targets.
Listen to the analysis of this interview by Fidelity's investment team here.
Watch video clips and read bonus material from the interview here.
See omnystudio.com/listener for privacy information.
Tue, 07 Feb 2023 - 92 - Trade Offs | Baker Hughes: The Analysis
What can investors learn from the trade offs an energy CEO is facing and the choices he's making? Fidelity's experts go over the highlights from the interview with Baker Hughes Chief Executive Lorenzo Simonelli, providing context and investment implications.
Ned Salter, Global Head of Investment Research, is joined by Analyst and Portfolio Manager Paul Gooden and Portfolio Manager Rosanna Burcheri.
Listen to the full interview with Lorenzo Simonelli here.
Watch video clips and read bonus material from the interview here.
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Tue, 07 Feb 2023 - 91 - Trade Offs | Bayer: The Interview
Feeding 8 billion people with limited arable land is one of the modern world's most pressing headaches. Add to that a growing concern over the impact intensified farming practices can have on local ecosystems and biodiversity and you get a sense of the challenges facing a company like Bayer.
Founded in the mid-19th century, Bayer is one of Germany's oldest companies. Originally a pure pharmaceuticals manufacturer it diversified into crop science with the purchase of the agribusiness Monsanto in 2019. Its chief executive, Werner Baumann, has overseen that shift and with it the juggling of food security, conservation, and the welfare of farmers and consumers worldwide.
In this second instalment of Trade Offs, Mr Baumann talks to Fidelity International's Global Head of Investment Research Ned Salter about he works to align those issues and what Bayer is doing to boost crop yields while remaining environmentally and socially sustainable.
Listen to the analysis of this interview by Fidelity's investment team here.
Watch video clips and read bonus material from the interview here.
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Tue, 31 Jan 2023 - 90 - Trade Offs | Bayer: The Analysis
In this episode Fidelity's investment team take a closer look at some of the highlights from the interview with Bayer's chief executive Werner Baumann.
Ned Salter, Global Head of Investment Research, is joined by Equity Research Analyst Panpan Xiao and Portfolio Manager Dmitry Solomakhin.
Listen to the whole interview here.
Watch video clips and read bonus material here.
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Tue, 31 Jan 2023 - 89 - Trade Offs | Bank of America: The Interview
As chief executive of one of the world's largest financial institutions for more than a decade Brian Moynihan has led Bank of America through some tumultuous times. The shift from shareholder to stakeholder capitalism - accelerated by the Great Financial Crisis, heightening environmental challenges, and a global pandemic - has demanded careful stewardship, and all against a backdrop of increasing political upheaval.
He talks to Fidelity International's Global Head of Investment Research Ned Salter about how he balances the needs of all stakeholders and the trade offs he faces in guiding Bank of America and the companies it works with on a credible path to sustainability.
Listen to the analysis of this interview by Fidelity's investment team here.
Watch video clips and read bonus material from the interview here.
See omnystudio.com/listener for privacy information.
Tue, 24 Jan 2023 - 88 - Trade Offs | Bank of America: The Analysis
In this episode Fidelity's investment team take a closer look at some of the highlights from the interview with Bank of America's chief executive Brian Moynihan.
Ned Salter, Global Head of Investment Research, is joined by Senior Cross Asset Financials Analyst Lee Sotos and Portfolio Manager Rosanna Burcheri.
Listen to the whole interview here.
Watch video clips and read bonus material here.
See omnystudio.com/listener for privacy information.
Tue, 24 Jan 2023 - 87 - From Davos: Fidelity's CEO on Ukraine, central banks, and management sentiment
As the World Economic Forum in Davos comes to a close, Fidelity's Richard Edgar talks to Chief Executive Anne Richards about her takeaways from the week including the international approach to Ukraine, central bank messaging, and why business leaders are allowing themselves a (tentative) sigh of relief.
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Mon, 23 Jan 2023 - 86 - Trailer: Trade Offs
Tune in for a new series that gets under the bonnet of business and sustainability.
From finance to energy to agriculture, how do business leaders balance the needs of all stakeholders and what are the trade offs they have to make in the process?
Ned Salter, Global Head of Investment Research at Fidelity International, interviews chief executives in critical sectors about the difficult decisions they face when it comes to ESG.
Episode One with Bank of America's Brian Moynihan coming soon to Fidelity Answers.
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Thu, 19 Jan 2023 - 85 - Rich Pickings: Your questions answered!
For our festive special Richard Edgar is joined by Head of Equities for Asia Pacific Marty Dropkin, Portfolio Manager Aditya Khowala, and Global Macro Economist Anna Stupnytska to answer your questions.
If you’ve been inspired to send in a question, our inbox is still open! You can send your questions to editorial@fil.com, and we’ll pick the best ones to put to our investment team in the new year. Looking forward to hearing from you.
You can hear more from Marty Dropkin in the latest Investors Guide to China podcast here.
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Fri, 23 Dec 2022 - 84 - The Investor's Guide to China: China's Onshore Markets (#18)
China's economy and its markets have faced a number of headwinds in 2022. Slowing growth, geopolitical uncertainty, the impact of the country's Covid policy, and how the PBOC, or the Chinese central bank, is manoeuvring how they ease monetary and fiscal policy as most other global banks move in a more hawkish direction. But despite all that, the opening up of China's onshore financial markets has been kicking into high gear throughout this same period.
In fact, we've seen a drumbeat of announcements about the world's biggest investment companies, Fidelity International included, moving deeper into China's onshore market, either by setting up wholly-owned local subsidiaries or, for instance, many global banks who have been taking control of their existing joint ventures.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Jing Ning, a senior advisor for China equities, and Alvin Cheng, Fixed Income Portfolio Manager, to discuss how China’s local markets and its onshore investment industry are opening, expanding, and ever evolving.
With additional contributions from Helen Huang, Managing Director, China, Senan Yuen, Head of Investment, China, and Lily Cong, Chief Representative, Beijing Representative Office.
Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.
Mon, 12 Dec 2022 - 83 - Rich Pickings: Outlook 2023 - navigating the polycrisis
After a year of volatility and uncertainty, how should investors navigate the year ahead? Richard Edgar is joined by Steve Ellis, Global Chief Investment Officer for Fixed Income, Ilga Haubelt, Head of Equities for Europe, and Victoria Mio, Head of Equity Research for Asia Pacific, to discuss the key themes and risks they'll be watching for in 2023.
With additional contributions from Salman Ahmed, Global Head of Macro and Strategic Asset Allocation, and Michael Curtis, Head of Private Credit Strategies.
Do you have a question you'd like to put to one of Fidelity's investment team? We're handing the microphone over to you for our Christmas episode. To take part please send your investment related question to editorial@fil.com by Tuesday 13th December, and we'll put the best ones to our experts. Look forward to hearing from you!
You can read Fidelity's 2023 Outlook in full here.
Opening clips:
Hallie Jackson, NBC News, September 27th 2022
Robin Brant, BBC News, March 28th 2022
NBC News, July 13th 2022
Victoria Valentine, BBC News, February 24th 2022
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Thu, 08 Dec 2022 - 82 - The Investor's Guide to China: China's Next Phase (#17)
Chinese equities markets have been volatile in the wake of last month’s Communist Party Congress in Beijing, where the country's leadership line up for the next five years was revealed. Investors have been looking for signs or signals in terms of what's going to happen as we enter a new phase of the Chinese growth story under President Xi Jinping's leadership.
Against an evolving backdrop of signature policies like common prosperity and dual circulation, China is seeing weak external demand creating challenges for manufacturers. Moreover, monetary policy is diverging between China and the rest of the world, not to mention Covid-related restrictions where domestic consumers are changing their spending patterns as the rest of Asia eyes China's reopening.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Morgan Lau, Fixed Income Portfolio Manager, and Monica Li, Director of Research, Equities.
With additional contributions from Victoria Mio, Head of Equity Research, Asia Pacific, and Ben Li, Analyst & Portfolio Manager.
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Wed, 09 Nov 2022 - 81 - The Investor's Guide to China: Private Markets (#16)
So much of the investment conversation is dominated by companies that have already gone public. But it's not always just about listed companies.
Investors in private assets, particularly in equities, for many years have considered Asia and especially China as one of the most exciting markets anywhere. And while there have been challenges and setbacks along the way, the private asset space in Asia and China continues to develop at a really impressive pace.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by Jarlon Tsang, Managing Partner & Head of China at Eight Roads, and Jackie Chien, Director of Capital Markets.
With additional contributions from portfolio managers Vivian Liu and Dale Nicholls.
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Thu, 29 Sep 2022 - 80 - Fed hike: What you're missing from the inflation narrative
Fidelity's Chief Investment Officer for Fixed Income Steve Ellis talks toRichard Edgar about the unexpected consequences of the Fed's rate hike cycle and where investors should be looking for protection.
Read more from Steve at fidelityinternational.com or your local Fidelity website.
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Fri, 23 Sep 2022 - 79 - Tell us what you think about Fidelity Answers
Help us make podcasts that give you, our listeners, what you want. Take this short survey and we'll enter you in to a prize draw for £250 of Amazon vouchers or the equivalent donation to a charity of your choice. Entries close this Saturday, September 10th. Go on, click on the link - we really want to hear what you have to say.
fidelityinternational.com/survey
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Wed, 07 Sep 2022 - 78 - The Investor's Guide to China: Engaging with companies in China (#15)
To many outsiders, Chinese equity investing might conjure up images of a huge momentum-fuelled market where investors revel in speculation and sustainability is an alien concept.
But developments on the ground in China show how stereotypes like this are swiftly becoming outdated. The country's markets have been changing shape over the last decade as institutional influence expands in the onshore market and foreign investors increase their exposure. A growing awareness of ESG has followed close behind.
In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, are joined by two of Fidelity’s sustainable investment team: Director of Sustainable Investing & Portfolio Manager Flora Wang and Global Head of Stewardship and Sustainable Investing Jenn-Hui Tan.
With additional contributions from Richard Edgar, Editor-in-Chief, Eric Zhu, Consumer Staples Analyst, and Binyu Zhao, Sustainable Investing Associate.
Read more at fidelityinternational.com
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Help us make podcasts that give you, our listeners, what you want. Take this short survey and we'll enter you in to a prize draw for £250 of Amazon vouchers or the equivalent donation to a charity of your choice. Entries close September 10th. Go on, click on the link - we really want to hear what you have to say.
fidelityinternational.com/survey
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Thu, 11 Aug 2022 - 77 - Rich Pickings: Where next for consumers and a download from Silicon Valley
Fresh from meeting industry leaders in Silicon Valley, Portfolio Manager Hyun Ho Sohnand analyst Jonathan Tseng join Richard Edgarto share their thoughts on how the tech sector will fare in a high-inflation environment. Global macro economist Anna Stupnytska puts it all in perspective and we join Portfolio Manager Aneta Wynimko on a West End shopping trip to see the world from the consumer’s point of view.
With additional contributions from Global Chief Investment OfficerAndrew McCaffery.
Listen to the full interview with Andrew McCaffery here.
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Opening clips:
Norah O'Donnell, CBS Evening News
Greg Milam, Sky News
BBC News
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Mon, 08 Aug 2022 - 76 - Help shape Fidelity Answers
Help us make podcasts that give you, our listeners, what you want. Take this short survey and we'll enter you in to a prize draw for £250 of Amazon vouchers or the equivalent donation to a charity of your choice. Entries close September 10th. Go on, click on the link - we really want to hear what you have to say.
fidelityinternational.com/survey
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Thu, 14 Jul 2022 - 75 - Rich Pickings: Turning the tanker - how engagement on sustainability is changing companies from within
What do companies really think of sustainability? What are they doing to improve their ESG credentials? These are some of the many questions 161 of Fidelity International's investment analysts around the globe have been asked as part the annual ESG Analyst Survey. And with 15,000 meetings with management teams a year under their belts their insights are invaluable for any asset allocator.
To dig through the findings Richard Edgar is joined by Global Head of Research for Fixed Income GitaBal,Head of Strategic Initiatives for the Global Investment Research TeamFiona O'Neill, and Fixed Income PortfolioManagerKris Atkinson.
With additional contributions from Global Chief Investment Officer Andrew McCaffery and analysts Marcel Stötzeland Eric Zhu.
You can read more from this year's ESG Analyst Survey here.
Listen to Andrew's CIO update here.
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fidelityinternational.com/survey
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Mon, 04 Jul 2022 - 74 - The Investor's Guide to China: Common Prosperity (#14)
The phrase "common prosperity" has certainly been getting a lot of air time recently, both domestically in China as well as around the world. Investors have come to know this campaign through a series of tighter regulations across a number of industries within China. But what does it really mean for companies and investors, or even the broader economy?
Hosts Catherine Yeung, Investment Director, and Marty Dropkin, Head of Asian Fixed Income & Hong Kong Investments, are joined by Equity Analyst & Portfolio Manager Yuanlin Lang and Senior Credit Analyst & Portfolio Manager Ming Gong to find out how the three key sectors of healthcare, education, and housing - commonly referred to in China as the 'three mountains' because they represent the rising burden of the cost of living for many households - are adjusting.
With additional contributions from David Hoidal, CEO of the Shanghai-based hospital operator DeltaHealth, and Tina Tian, Equity Portfolio Manager at Fidelity.
Read more at fidelityinternational.com-------------------
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fidelityinternational.com/survey
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Tue, 07 Jun 2022 - 73 - Rich Pickings: No easy answers - the ESG questions raised by the Russia-Ukraine war
From the energy transition to withdrawing from Russian assets, the conflict in Ukraine has put environmental, social and governance issues in the spotlight for businesses and investors. Carsten Roemheld is joined by Portfolio Manager Caroline Shaw, and Portfolio Manager and Director of Equities for the Emerging Markets team Punam Sharma to discuss how companies can navigate these challenges, and the implications for asset allocation.
With additional contributions from Fidelity's Global Chief Investment Officer Andrew McCaffery, and analysts Ben Eaton and Calum Emslie.
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Wed, 11 May 2022 - 72 - The Investor's Guide to China: Supply Chains (#13)
Now over two years into this pandemic and the world is still battling some serious supply chain disruptions - all the more so, of course, with the war in Ukraine and sanctions on Russia, plus Covid-related lockdowns in China. How are companies reacting to the constant stream of disruptions and what are they doing to help mitigate risk? What should China investors be wary of and where are the opportunities?
Catherine Yeung, Investment Director, and Marty Dropkin, Head of Asian Fixed Income & Hong Kong Investments, are joined by Fixed Income Portfolio Manager Belinda Liao and Equity Analyst & Portfolio ManagerTerence Tsai to discuss how China is navigating through these supply chain disruptions.
With additional contributions from Charvi Pandey, Equity Analyst, and Ben Li, Equity Analyst & Portfolio Manager.
Read more at fidelityinternational.com
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Thu, 28 Apr 2022 - 71 - Rich Pickings: Tectonic shifts - mapping the disruption to economies and supply chains
One month on from the start of the war in Ukraine, the knock-on effects for the global economy and the old world order are becoming clearer. With disrupted supply chains, persistent inflation, and a realignment of geopolitics, we take a closer look at how investors can navigate these seismic changes. Carsten Roemheld is joined by Global Head of Macro and Strategic Asset Allocation Salman Ahmed, Head of Multi Asset Investment Management for Europe Eugene Philalithis and Senior Sovereign Analyst Andressa Tezine to discuss the implications for asset allocation.
With additional contributions from Director of Global Equity Research, Fiona O'Neill.
Read the latest thinking from Fidelity International here.
Read Salman's piece onRemapping China risks.
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Tue, 29 Mar 2022 - 70 - The Investor's Guide to China: Debt (#12)
A lot of the financial headlines we’re seeing about China lately involve debt of one form or another. It could be a real estate company that borrowed too much and got into trouble or a new macro policy aiming to rein in leverage in the banking system. But it’s important to differentiate between bad debt and good debt. While companies going bust may be newsworthy, this can also help in reducing so called ‘moral hazard’ if it results in credit risk being priced better by investors. While another positive force is China’s onshore bond market which has nearly doubled in the last five years, and is now the second biggest bond market in the world.
To help explore China's debt markets, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Asian Fixed Income & Hong Kong Investments, are joined by George Efstathopoulos, Multi-Asset Portfolio Manager, and Monica Li, Equities Director. With additional contributions from Olivia He, Portfolio Manager, and Claire Xiao, Credit Analyst.
Read more at fidelityinternational.com
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Mon, 21 Mar 2022 - 69 - Rich Pickings: Mind the roadblocks - the 2022 Analyst Survey
Volatile markets, unpredictable governments, rising costs - how does one begin to run a company in such uncertain times? How are managers feeling about the coming year, what are their plans and what are the implications for investors? We’ve asked over 150 of our global research team for their views as part of Fidelity International’s annual Analyst Survey.
Carsten Roemheld digs through the key findings with Global Head of Research for Fixed Income Gita Bal, Director of Global Equity Research Fiona O'Neill, and Portfolio Manager Caroline Shaw.With additional contributions from Global Chief Investment Officer Andrew McCafferyand analysts and portfolio managers Cenk Simsek, Rebecca Clementsand Alice Li.
Read the full annual Analyst Survey from Fidelity International here.
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Tue, 22 Feb 2022 - 68 - Rich Pickings: Central bank watch - planning for policy shifts
In our first episode of the year we hear from some of Fidelity's keenest central bank watchers about the policy moves they're expecting in 2022. How many hikes will the Fed push through, what path will the PBOC tread, and when does the ECB make its move? And how are all these expectations being reflected in allocations? We also hear where energy prices are heading and why.
Carsten Roemheld is joined by Global Economist Anna Stupnytska and multi-asset Portfolio Managers Charlotte Harington and Matt Quaife.With additional contributions from Energy Analyst and Portfolio Manager Paul Gooden.
Read more at fidelityinternational.com
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Wed, 02 Feb 2022 - 67 - ESG at an industrial titan: BHP’s chief executive on the hard decisions
How do you forge a sustainable future when you're the CEO of one of the world's biggest mining companies? BHP Chief Executive Mike Henry talks to Fidelity International's Global Head of Research Ned Salter about the balancing act he and other corporate leaders face and the importance of minimising ESG trade-offs.
Read more at fidelityinternational.com or your local Fidelity website.
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Tue, 21 Dec 2021 - 66 - 2021: A sustainability odyssey
The pandemic and COP26 made 2021 a big year for sustainability. In this final podcast of the year we round up the main themes and ask where next for investors and ESG. We look back at Fidelity International's inaugural Sustainable World Summit and some of the highlights from speakers including the UN's Special Envoy for Climate and Finance Mark Carney; Former President of the European Commission José Manuel Barroso; and Chief Executive of mining giant BHP, Mike Henry.
Carsten Roemheld is joined by Fidelity's Head of Corporate Sustainability and Enterprise Relationships, Victoria Kelly.
Watch interviews and highlights from Fidelity's Sustainable World Summit here.
Read more at fidelityinternational.com or your local Fidelity website.
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Tue, 21 Dec 2021 - 65 - The Investor's Guide to China: Demographics (#11)
China’s labour pool is shrinking as the population ages and more people retire than enter the workforce. How people save and invest as they think about wealth preservation signals big challenges and opportunities for China’s pension system development. So, how will government policy seek to ensure that the corporate sector remains dynamic and innovative, and can keep attracting the talent it needs? What sectors stand to benefit as a very different, younger generation increases its purchasing power?
To help investigate these questions and more, Paras Anand, Global Chief Investment Officer for Asia Pacific, is joined by three of Fidelity’s portfolio managers, each with a keen interest in the changes underway in China’s population: Aneta Wynimko, Hyomi Jie, and Morgan Lau. With additional contributions from Casey McLean, Portfolio Manager, Catherine Yeung, Investment Director, Lily Cong, Chief Representative for Fidelity’s Beijing Representative Office, and Ren Cheng, Senior Research Advisor at Fidelity Investments in the US.
Read more at fidelityinternational.com
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Tue, 23 Nov 2021 - 64 - Rich Pickings: Catch 2022 - what's in store for the year ahead
Chief investment officers and economists assess the policy dilemmas and big investment themes of 2022.
Richard Edgar is joined by Steve Ellis, Global Chief Investment Officer for Fixed Income, Romain Boscher, Global Chief Investment Officer for Equities, Anna Stupnytska, Chief Economist, with additional contributions from Neil Cable, Head of European Real Estate investing.
Read Fidelity International's 2022 Outlook
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Fri, 19 Nov 2021 - 63 - Rich Pickings: Practical (and green) investing for the climate transition
Climate change is a complex and ever-changing challenge for markets. In this podcast we hear how investors can map a path through the transition while also helping in the battle against a warming planet.
Richard Edgar is joined by Global Head of Macro and Strategic Asset Allocation Salman Ahmed, and two portfolio managers already investing with climate-focused strategies: Cornelia Furse and Kris Atkinson. With additional contributions from Global Chief Investment Officer Andrew McCaffery.
Read more at fidelityinternational.com
Listen to the full Andrew McCaffery interview here
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Thu, 04 Nov 2021 - 62 - The Investor's Guide to China: Regulation (#10)
Regulation in China is nothing new. But anyone observing the financial headlines in recent years, and certainly over recent months, will have noted a real pick up in regulatory activity that has affected some of China’s biggest and most dynamic companies. So, how should investors think about this regulatory new normal? Which sectors align with the country’s new strategic goals and ultimately stand to benefit? And how is all of this likely to impact the quality and quantity of economic growth in the world’s second biggest economy?
To discuss this recent wave of regulatory action in China, Paras Anand, Global Chief Investment Officer for Asia Pacific, is joined by two of Fidelity’s Hong Kong-based investment team: Dale Nicholls, a Portfolio Manager with a focus on China, and Asia Fixed Income Investment Director, Vanessa Chan. With additional contributions from Fidelity’s Tina Tian, Analyst and Portfolio Manager, David Cochrane, Equity Analyst, Ming Gong, Senior Credit Analyst and Portfolio Manager, and Catherine Yeung, Investment Director.
Read more at fidelityinternational.com.
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Wed, 13 Oct 2021 - 61 - Rich Pickings: The uncomfortable trade
A reckoning in China, a debt ceiling in the US, soaring energy prices in Europe: in the month’s Rich Pickings we gather the experts to help make sense of it all.
Richard Edgar is joined by Global Economist Anna Stupnytska, Head of Asia Fixed Income Marty Dropkin, and global equities Portfolio Manager (and a contrarian investor) Dmitry Solomakhin. With additional contributions from global Chief Investment Officer Andrew McCaffery.
Listen to the full interview with Andrew McCaffery here.
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Mon, 04 Oct 2021 - 60 - Ready, steady, pitch! Analysts on their most exciting investment trends
In this month's Rich Pickings three of Fidelity's equity analysts pitch what they think is the most exciting investment opportunity in their sector to a critical panel of portfolio managers.
Richard Edgar adjudicates as analysts Johnny Tseng, Emma Newey,and Alex Laingas they present to portfolio managers Charlotte Haringtonand Aditya Khowala.We also hear about Fidelity's core asset allocation from Global Chief Investment Officer Andrew McCaffery.
Listen to the full interview with Global CIO Andrew McCaffery.
To read more go to fidelityinternational.com.
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Fri, 30 Jul 2021 - 59 - The Investor's Guide to China: China in the world - an interview with Gavekal's Louis-Vincent Gave (#9)
China's role in global affairs is more important - and more complex - than ever. From geopolitics and economics to the battle against climate change, the country's participation in global issues presents investors with opportunities but also requires unwavering attention. Central to any analysis must be an understanding of how China hopes to portray itself and why the country seeks certain roles on the world stage.
To discuss China's place in the world, Paras Anand, Global Chief Investment Officer for Asia Pacific, is joined by Louis-Vincent Gave, Founder and CEO of Gavekal, a leading independent provider of global investment research. With additional contributions from Arthur Kroeber, Gavekal's Head of Research, Velislava Dimitrova, a Fidelity portfolio manager, and Alice Li, an analyst based in Fidelity's Hong Kong office.
Read more at fidelityinternational.com.
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Tue, 06 Jul 2021 - 58 - Rich Pickings: Where next for inflation
Is inflation here today, gone tomorrow? Or in for the long haul? This is the question preying on the minds of central bankers and investors alike. But never fear: Fidelity's analysts and macro team have been poring over the data and in this month's Rich Pickings Richard Edgartalks to them and others from the investment desks about what happens next and what it means for allocations.
Joining Richard are Global Economist Anna Stupnytska, Multi Asset Portfolio Manager Matt Quaife, and Chief Investment Officer for Fixed Income Steve Ellis. With additional contributions from Global Chief Investment Officer Andrew McCafferyand Global Macro Strategist Max Stainton.
Listen to the full interview with Global CIO Andrew McCaffery here.
Read more at fidelityinternational.com.
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Fri, 25 Jun 2021 - 57 - ESG Analyst Survey: A world of opportunity
Fidelity International's first ESG-focused Analyst Survey reveals our analysts believe the opportunities to be had from the decarbonisation megatrend now outweigh the risks. The report sheds light on those sectors where there's most to be gained and where companies are being reticent about burnishing their sustainability credentials - and why.
To discuss these and more findings from the analysts Richard Edgar is joined by editor of the survey George Watson, Head of Global Research for Fixed Income Gita Bal, and Director of Equities in Europe, Terry Raven. We also hear from some of the analysts themselves: Alex Laing, Lulu Xiong, and Karens Muljadi.
You can read the survey in full here: fidelityinternational.com
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Mon, 14 Jun 2021 - 56 - Rich Pickings: The real workhorse of Asia Pacific
China might dominate headlines but there's a lot more to Asia Pacific than a single country. We're talking developed economies with well-established capital markets benefiting from proximity to the world's productivity powerhouses.
To hear about some of the unsung heroes of the Asia Pacific region Richard Edgar talks to Hong Kong-based investment director Catherine Yeung, and portfolio managers Dale Nicholls in Singapore and Paul Taylor in Australia. We also hear from Global CIO Andrew McCaffery on how Fidelity's core allocation is positioned for this phase of the pandemic.
Listen to the full interview with Andrew: Fidelity CIO on why we're calling it a miniboom
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Wed, 12 May 2021 - 55 - The Investor's Guide to China: Trade and growth (#8)
The Investor's Guide to China from Fidelity International takes you deep into the workings of the Chinese economy and its financial markets. Paras Anand, Chief Investment Officer for Asia Pacific, brings you a cast of investment experts working in the world's second largest economy. Hear how they're uncovering this rapidly developing market and avoiding its pitfalls.
Episode 8:Despite trade tensions China continues to be the world's dominant exporter. And thanks to the post-pandemic lead of the Chinese economy its capital markets are proving especially attractive to investors. But will these growth drivers be enough for a country facing high levels of debt and an ageing population? What will reshaped economic policies mean for foreign investors? Our investment teams have some ideas.
Joining Paras to discuss China's trade and other elements of the country's growth trajectory are Alex Zhang, a portfolio manager based in Shanghai, Wen-Wen Lindroth, Lead Cross-Asset Strategist, and Marty Dropkin, Head of Asian Fixed Income. With additional contributions from portfolio manager Bertrand Puiffe and Shanghai-based credit analysts Crystal Cui.
READ: China bond defaults signal a coming of age as state safety net shrinks
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Wed, 07 Apr 2021 - 54 - Rich Pickings: The Testing of The Fed and other tales of central bank credibility
Efforts to mitigate the economic impact of Covid-19 have left us with debt mountains higher than after the second world war. As governments begin to roll out big post-pandemic fiscal programmes and increase the debt still further the role of central banks becomes increasingly vital to the stability of government finances. What does that mean for the functioning of global markets and the construction of portfolios?
In this month's Rich Pickings Richard Edgar talks to Fidelity International's Head of Global Macro and Strategic Asset Allocation Salman Ahmed together with portfolio managers Charlotte Harington and Tim Foster. With additional contributions from Global Chief Investment Officer Andrew McCaffery. You can listen to the full interview with Andrew here.
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Thu, 01 Apr 2021 - 53 - Rich Pickings: Fidelity's Global CIO on inflation and The Fed
Andrew McCaffery, Global Chief Investment Officer at Fidelity International, talks to Richard Edgar about the current psychology of markets, The Fed's stance (is it right?), and how to think about asset allocation at this important juncture.
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Thu, 18 Mar 2021 - 52 - Rich Pickings: Counting down the days - the 2021 Analyst Survey
The results are in for Fidelity's annual Analyst Survey. Over 140 sector experts from across the world have been asked for a detailed picture of how they expect to see their companies perform in the coming year, from the health of balance sheets to the confidence of management teams, and the outlook is encouraging. Richard Edgar talks to the survey's editor, George Watson, to hear the key findings, and to Fidelity's global head of research, Ned Salter, and global economist, Anna Stupnytska, for the fuller context and investment implications. With additional contributions from analysts and portfolio managers Tom Robinson, Christine Miyagishima, and Ben Li.
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Mon, 01 Mar 2021 - 51 - The future of... green investing: How Covid is adding fuel to the decarbonisation megatrend
What impact has the Covid-19 pandemic had on climate policies, companies' approach to environmental issues, and the market for green securities? Editor in Chief Richard Edgar talks to three of Fidelity International's climate investment specialists to understand what's in store for this expanding market: portfolio managers Velislava Dimitrova and Kris Atkinson, and Global EconomistAnna Stupnytska.
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Thu, 17 Dec 2020 - 50 - China stewardship: Witness an evolution
Exclusive research carried out by Fidelity International reveals the changes taking place in the boardrooms of China and amongst its investors. In this podcast, Editor in Chief Richard Edgar discusses the research with Global Head of Sustainability Jenn-Hui Tann and Portfolio Manager Flora Wang and what it's telling us about corporate engagement in China. We also hear from Terence Tsai, an analyst working alongside some of China's biggest companies to help them build more sustainable practices.
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Mon, 07 Dec 2020 - 49 - The Investor's Guide to China: Belt and Road (#7)
The Investor's Guide to China from Fidelity International takes you deep into the workings of the Chinese economy and its financial markets. Paras Anand, Chief Investment Officer for Asia Pacific, brings you a cast of investment experts working in the world's second largest economy. Hear how they're uncovering this rapidly developing market and avoiding its pitfalls.
Episode 7: China's One Belt One Road (OBOR) initiative launched in 2013 as an economic strategy to improve trade connections through a series of massive infrastructure projects. Belt and Road now touches two thirds of the world's population and a third of the global economy. It has not been without its fair share of controversy though and in recent years strained geopolitics have hampered its progress. But could a post pandemic world with a greater emphasis on regionalisation - as witnessed by the recent signing of the Regional Comprehensive Economic Partnership (RCEP) - give Belt and Road a new lease of life and fresh direction?
Paras talks to portfolio managers Lynda Zhou and Alex Duffy, and sovereign credit analyst Nathan Sribalasundaram. With additional contributions from portfolio manager Sumant Wahi and Shanghai-based analyst Alex Dong.
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Thu, 26 Nov 2020 - 48 - From Rich Pickings: US elections and the very different fiscal scenarios
With US elections round the corner we thought this episode from our sister podcast, Rich Pickings, would be of interest to listeners. Fidelity's Global Head of Macro Salman Ahmed talks to Editor in Chief Richard Edgar about what the radically different policies proposed by the two potential administrations could mean for markets and investors.
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Thu, 29 Oct 2020 - 47 - The future of... banking: The rescued to the rescue
The Covid-19 crisis has seen a dramatic turnaround for the banking sector. Vilified for the Global Financial Crisis, banks this time have been a key part of the solution acting as essential shock absorbers for economies across the world.
But as debts rise, rates fall, and economic growth peters out, what will it mean to be a lender in a crisis? Has the role of banks changed for good? And what could that mean for the proliferating fintech companies - and investors? Richard Edgar hears from the experts: Shanghai-based equities analyst Monica Li, and cross-asset analysts Federico Wynne and Lee Sotos.
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Mon, 21 Sep 2020 - 46 - Analyst Survey: The world catches up with China
What are Fidelity's almost 150 analysts saying about the state of the corporate world? Where does management sentiment stand across all regions and all sectors? Richard Edgar talks over the latest findings from Fidelity's Analyst Survey with Global Head of Research for Fixed Income, Gita Bal; Director of Equities, Terry Raven; and editor of the survey, George Watson.
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Thu, 17 Sep 2020 - 45 - The Investor's Guide to China: Consumers (#6)
The Investor's Guide to China from Fidelity International takes you deep into the workings of the Chinese economy and its financial markets. Paras Anand, Chief Investment Officer for Asia Pacific, brings you a cast of investment experts working in the world's second largest economy. Hear how they're uncovering this rapidly developing market and avoiding its pitfalls.
Episode 6:China boasts the biggest consumer market in the world by population with large parts of it still under-penetrated. Wealth and technology are fuelling the sophistication of tastes and diversifying demand, often in unexpected ways. Success in this market is only for the most nimble, bold and canny of businesses and mapping the patterns of Chinese consumption is essential to any investor in the region.
To understand the trajectory of consumption in the country and what it means for markets, Paras talks with portfolio managers Hyomi Jie and Dale Nicholls, with additional contributions from analysts Ben Liand Jason Fu.See omnystudio.com/listener for privacy information.
Thu, 06 Aug 2020 - 44 - The future of... energy: the 1.5 trillion dollar question
A commodity price crash, an extraordinary demand shock, and a mooted 'green' recovery have brought the structural changes facing the energy industry into sharp relief. As societies are forced to think more carefully about how to build resilience against future crises we look at the impact on an industry that underpins every aspect of our lives.
Richard Edgar, Editor in Chief, talks with equity analysts and portfolio managers Paul Goodenand Tom Robinson, and with fixed income analyst Christine Miyagishima. With additional contributions from European utilities analyst, Boya Zhao-Robinson.
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Mon, 06 Jul 2020 - 43 - Analyst Survey: 10 months of disruption remain as leading indicators turn positive
When will things get back to normal and to what extent will companies and economies bounce back? These are just two of the questions being answered by around 150 analysts in this month's survey.
To provide context to the latest results Richard Edgar, Editor in Chief, talks to Marty Dropkin, Global Head of Research for Fixed Income; Fiona O'Neill, Director of Global Research for Equities; and George Watson, Survey Editor.
Additional contributions from Sherry Qin, Harriet Wildgoose, and Tom Robinson.
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Wed, 17 Jun 2020 - 42 - The future of... connectivity: the internet of everything
The 2020 pandemic has opened the eyes of governments to how critical a robust digital infrastructure is to their economies. The time spent online by businesses and consumers for both work and leisure has rocketed - and early indicators show that these changes are structural. There's no going back.
To find out how the Covid-19 crisis is changing the companies at the heart of our digital infrastructure Richard Edgar, Editor in Chief, is joined by Gita Bal, Global Head of Research for Fixed Income; Sumant Wahi, Portfolio Manager with a focus on connectivity; and Ranjeev Juty, Equity Research Analyst covering streaming services and video gaming.
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Fri, 12 Jun 2020 - 41 - The Investor's Guide to China: Technology and innovation (#5)
The Investor's Guide to China from Fidelity International takes you deep into the workings of the Chinese economy and its financial markets. Paras Anand, Chief Investment Officer for Asia Pacific, brings you a cast of investment experts working in the world's second largest economy. Hear how they're uncovering this rapidly developing market and avoiding its pitfalls.
Episode 5: Technology and innovation. It wasn’t long ago that China was regarded as just a manufacturer of finished goods, an imitator rather than an innovator. But now the world is waking up to the technological prowess of China's companies. The proficiency reaches beyond the corporate world too: the online existence we've all been thrown into during lockdowns has long been a way of life for Chinese urbanites.
Talking to Paras about how investors should think about China's growing command of the sector in the context of the country’s broader economy are portfolio managers Raymond Ma and Tina Tian, and senior technology analyst Johnny Tseng, with additional on-the-ground reporting from analysts Yuanlin Lang and Sherry Qin.
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Thu, 21 May 2020 - 40 - Analyst Survey: Society’s big moment
The latest survey of almost 150 analysts shows the first signs of dispersion in expectations for sectors. We look at which are likely to do better during the Covid crisis and why. Plus, new ESG-focused questions reveal how social issues are moving up the agenda at almost all companies.
Richard Edgar, Editor in Chief, talks to Marty Dropkin, Global Head of Research for Fixed Income; Fiona O'Neill, Director of Equities; and George Watson, Survey Editor.
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Mon, 18 May 2020 - 39 - The future of... retail and real estate: liquidity, liquidity, liquidity
As the Covid-19 lockdown transforms consumer behaviour there is one sector that has had to adapt faster than any other: retail. Shuttered shops have forced companies to either expand their delivery businesses or rapidly develop them. The pivot has affected not just the retailers but their suppliers and even their landlords who are racing to keep up.
In this podcast we take a closer look at the changes that these businesses are making; the short-term adaptations as well as those that could prove to be permanent. Joining Richard Edgar, Editor in Chief, to discuss what it means for the high street, for shopping centres, and for the owners of those buildings, are Adrian Benedict, Head of Real Estate Solutions; Rebecca Clements, Senior Credit Analyst; and Serhat Birbilen, Equity Research Analyst.
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Thu, 07 May 2020 - 38 - How our ESG ratings performed during the Covid crash
Market volatility has given the research team the perfect opportunity to put Fidelity's sustainability ratings through their paces and ask the question: do good ESG credentials lead to a better performance in a downturn? The results are eye-opening.
To explain the research and what it means for sustainable investing at Fidelity and beyond, Editor in Chief Richard Edgar is joined by ESG Analyst Ana-Victoria Quaas, Director of Quantitative Research for Fixed Income Joe Hanmer, and Head of Equities and Global Head of Equities Research Ned Salter.
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Wed, 29 Apr 2020 - 37 - CIO update: Inflation (just) on the radar
The CIO updates are now publishing exclusively on our sister channel, Rich Pickings.
With fixed income and equities markets seemingly entering a more benign phase after record swings in recent weeks, should we be looking to the oil price instead for a better guide to future prospects? And as central banks pump in trillions of liquidity, could inflation be on the radar? Chief Investment Officer Andrew McCaffery discusses these topics with Editor in Chief Richard Edgar.
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Thu, 23 Apr 2020 - 36 - CIO update: Credit markets and central banks
How are economic data playing into markets and what is scenario planning telling us about how to approach different asset classes during the pandemic? Chief Investment Officer Andrew McCaffery talks to Editor in Chief Richard Edgar about where we find ourselves after the Easter break and how the support of central banks is influencing investor behaviour.
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Thu, 16 Apr 2020 - 35 - Analyst Survey: The shutdown and the solvency squeeze
The global coronavirus shutdown will put a significant dent in corporate earnings this year, according to 150 Fidelity analysts surveyed this month, raising concerns about a looming solvency squeeze.
Marty Dropkin, Head of Research for Fixed Income, and Fiona O'Neill, Director of Equities, join Editor-in-Chief Richard Edgar and Survey Editor George Watson to discuss the context for and implications of the findings.
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Tue, 14 Apr 2020 - 34 - CIO update: Look to Asia
Fidelity's Chief Investment Officer Andrew McCaffery talks to Editor in Chief Richard Edgar about why we might see a change in market leadership as China and other parts of Asia benefit from their handling of the pandemic, and what public rescues of private companies mean for sustainable investing.
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Wed, 08 Apr 2020 - 33 - CIO update: Finding value and income
Fidelity's Chief Investment Officer Andrew McCaffery talks to Editor in Chief Richard Edgar about where markets find themselves in response to both the pandemic and the oil price, the possibilities emerging in credit markets, and how the crisis might re-frame the active-passive debate.
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Thu, 02 Apr 2020 - 32 - Positioning for a post-pandemic world
It's hard to see into the future when so much is up in the air. But in this podcast we try and decipher some of the early indicators of what a post-coronavirus world might look like. What changes will take place in the corporate landscape and how will the role of the state play out? Which companies will emerge stronger and which will be utterly transformed? What about the future of markets themselves? Answering these questions and more are Paras Anand, Fidelity's Chief Investment Officer for Asia Pacific; Ned Salter, Head of Equities; and portfolio manager with a consumer and demographics focus, Aneta Wynimko. Hosted by Richard Edgar.
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Tue, 31 Mar 2020 - 31 - CIO update: The end of the beginning
Fidelity's Chief Investment Officer Andrew McCaffery - complete with his new home podcasting kit - talks to Editor in Chief Richard Edgar about where we are in the coronavirus crisis, the speed and consequences of huge government stimulus interventions, and how analysts and portfolio managers are looking for idiosyncratic opportunities.
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Thu, 26 Mar 2020 - 30 - Coronavirus and the new reality: Fidelity's Chief Investment Officer Andrew McCaffery
Chief Investment Officer for Fidelity International, Andrew McCaffery, talks to Richard Edgar about how latest market developments square up to similar past events, how he's advising portfolio managers, and what's helping him to navigate the liquidity and logistical challenges of the pandemic.
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Tue, 17 Mar 2020 - 29 - We surveyed our analysts this week and China is best placed to lead a recovery
Over 150 analysts across Fidelity's global network have reported on how they think their sectors and companies are positioned to manage with the fall-out from the coronavirus pandemic. Their observations are based on the very latest conversations they've been having with their companies' management teams.
Discussing the findings with Editor in Chief Richard Edgar are Global Head of Fixed Income Research Marty Dropkin and Director of Research for Equities Fiona O'Neill.
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Fri, 13 Mar 2020 - 28 - Fundamentals: Tesla, VW, and the big electric bet
As the most advanced electric car designer and one of the biggest traditional car manufacturers make big pushes this year to bring electric vehicles to the mass market we ask our analysts whether 2020 is the year EVs finally put their foot to the floor.
While neither Tesla or Volkswagen have been without their controversies in recent years, both now offer game-changing interventions for the electric car market: Tesla with its finely-honed technology and proof that a company can turn a profit selling these vehicles, and VW with its colossal scale. But significant hurdles remain. So just how big a risk are the companies taking and what could success mean for consumers and investors?
Richard Edgar, Editor in Chief, talks to Oliver Trimingham, Equity Research Analyst, and Lucy Van Amerongen, Credit Analyst.
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Wed, 04 Mar 2020 - 27 - The Investor's Guide to China: Environment (#4)
The Investor's Guide to China from Fidelity International takes you deep into the workings of the Chinese economy and its financial markets. Paras Anand, Chief Investment Officer for Asia Pacific, brings you a cast of investment experts working in the world's second largest economy. Hear how they're uncovering this rapidly developing market and avoiding its pitfalls.
Episode 4: Environment. China holds a unique title as the most polluting and greenest nation on the planet. It generates more renewable energy than any other country but also builds the most coal-fired power plants. How should investors approach this dichotomy? And what does the country's commitment to peak carbon emissions by 2030 mean for markets?
Talking with Paras are three China and sustainability experts: Belinda Liao, a portfolio manager with a focus on Chinese credit, Jenn-Hui Tann, Fidelity's Head of Sustainability, and Marty Dropkin, Global Head of Fixed Income Research. We also hear from equity analystAlice Li about the state of China's third largest power source - wind energy - and portfolio manager Bertrand Lecourt explains the opportunities he sees in China's water and waste sector.
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Tue, 18 Feb 2020 - 26 - Fidelity's Analyst Survey 2020: Cycle, what cycle?
Fidelity's Analyst Survey, now in its 10th year, asks over 150 investment analysts to report on what they've learnt from their research and the 15,000 company meetings they've held over the he past year. The information builds a unique forecast of what they expect to see from their companies and sectors in the year ahead.
In this podcast, Editor in Chief Richard Edgar draws out some of the key findings from this year’s report with editor of the survey, George Watson, Deputy Head of Research for Equities, Fiona O’Neill, and Global Head of Research for Fixed Income, Marty Dropkin.
Enjoy Fidelity Answers? Try our sister show, Rich Pickings: Fidelity's Asset Allocation Podcast.
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Thu, 13 Feb 2020 - 25 - Audio article: No pain, no gain - Chinese defaults are rising and recovery rates are falling
China’s onshore credit market has seen immense growth but it still presents challenges for investors - not least in relation to defaults, which are on the rise. While more defaults are a good thing for the Chinese market and investors in the long run, research shows that bondholder recovery rates have fallen. This podcast explores what's fuelling this new dynamic and how market participants should be thinking about it.
This popular article, first published in September 2019 and which you can read here, draws on the work of a white paper that provides a comprehensive look at the rising number of defaults in China - why the are occurring, why they are a good thing in the long run, and what investors should do about them. You can read the white paper here.
Enjoy Fidelity Answers? Try our sister show, Rich Pickings: Fidelity's Asset Allocation Podcast.
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Mon, 13 Jan 2020 - 24 - Fundamentals: The battle for 5G (and what else we learned in Silicon Valley)
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Fidelity's investment team has just returned from a research trip to the US West Coast where they met with some of the biggest names in technology. They dug into a range of issues with their hosts including privacy, regulation and competition, as well as the latest innovations and their potential applications. One of the most interesting was 5G, which promises to increase network bandwidth significantly and in the process revolutionise connectivity and consumers' digital experiences. But 5G presents a battleground for supremacy between the US and China. So who will win this high-stakes contest and what else will this disruptive technology do?
Richard Edgar, Editor-in-Chief, talks to Sumant Wahi, Portfolio Manager, and Jonathan Tseng, Senior Technology Analyst. With contributions from Tina Tian, Investment Analyst, Ranjeev Juty, Equity Research Analyst, and Amit Lodha, Portfolio Manager.
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Thu, 05 Dec 2019 - 23 - A guide to factor investing in fixed income
This is a special edition of Fidelity Answers following a popular white paper on the topic of factor investing in fixed income. It will be of particular interest to professional investors working in credit markets.
We find out why factor investing in bond markets has been so much slower to catch on than in equity markets, and the ways our fixed income team is approaching the challenge.
Joe Hanmer, Director of Quantitative Fixed Income, tells us how the multifactor strategy his team has developed selects companies and bonds; Lucette Yvernault, Head of Systematic Fixed Income, explains how the model goes from theory to practice; and Jennifer Jackson, Associate Trader, sheds some light onto the execution of systematic portfolio orders. Hosted by George Watson,Investment Writer.
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Tue, 03 Dec 2019 - 22 - Audio article: The challenge of investing sustainably in sovereign debt
Engaging with governments on sustainability issues is much harder for investors than engaging with companies. But despite the challenges, doing it well can lead to stronger economic growth for the issuing sovereign and positive alpha for investors.
This article was originally published on our website in April 2019 and is written by Jan Berthold, Sovereign Analyst, Martin Dropkin, Global Head of Research for Fixed Income, and George Watson.
Read by George Watson.
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Tue, 19 Nov 2019
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