Buffett’s famous “Rule 1” of investing is straightforward; don’t lose money. But 10 years into the current business cycle, with unemployment and interest rates at record lows, the window of opportunity for easy returns is closing. Amit Lodha, Portfolio Manager of the Fidelity Global Equities Fund, says that a focus... Show More
Mining companies have traditionally traded at a discount to industrials due to the limited life of their assets. Amit Lodha, Portfolio Manager at the Fidelity Global Equities Fund, likens it to valuing a melting ice cube – here today, but gone tomorrow. Years ago, healthcare companies used to attract large... Show More
Donald Rumsfeld famously called them ‘known-unknowns’ - things we sense are important but don’t fully understand and cannot predict. Bob Dylan put it well, too, when he sneered ‘there’s something going on here, but you don’t know what it is, do you, Mr Jones’. Both point to the investor’s greatest... Show More
With the two largest economies in the world at loggerheads, many investors and commentators are trying to figure out the end game. Alex Duffy, Portfolio Manager at Fidelity instead suggests focussing on the impacts on individual markets. “Specifically, when I look at China, I’m far less worried about the impact... Show More
Volatile times can create opportunities for patient investors, and there’s been no shortage of volatility for emerging markets investors lately. Alex Duffy, Portfolio Manager at Fidelity, says that volatility like this will separate the bad business models from the good. He sees two key areas of opportunity today: Consumption – penetration... Show More
The Fidelity Global Emerging Markets Fund was started in 2013. Since inception, the fund has outperformed the benchmark, delivering 9.59% p.a. (net) to investors. Show More
With rates marching higher in the US, higher risk asset classes such as emerging market equities are seeing rising volatility. As risk reprices across the market, this will cause problems for weaker companies and countries. There’s one group in particular that faces significant challenges, explains Alex Duffy, Portfolio Manager at... Show More
With the 2020s just 15 months away, now is a great time to take a step back and think about the long-term. 10 years ago, the top 10 companies in the world were dominated by energy companies, and Chinese companies. Today, seven of the top 10 companies are technology companies. “When... Show More
In 2005, Fidelity launched its Asia Fund to give clients access to growth opportunities in the Asian region. It’s since delivered an annualised net return of 10.84% (2.22% over benchmark). Show More
Software companies often attract a very high valuation, at least at face value. Drilling down deeper into the economics of these business reveals the real value of owning a business with a sustainable ‘moat’ that can reinvest at high rates of return, says Kate Howitt, Portfolio Manager at Fidelity International. Show More
When, a couple of years ago, Saudi Arabia was twisting the arms of Russia and 22 other oil producing countries to stem the flow of crude, the oil price was already off its low of less than $30 a barrel. But at around $50 in late 2016, it still represented... Show More
The most important ingredient of a great investment is having an outstanding ‘horse and jockey’; a business that’s operating in an attractive industry, and a highly capable management team. Kate Howitt, Portfolio Manager at Fidelity International, explains the attributes they look for, and why Wisetech Global ticks all the boxes. Show More
This time last year, I published an article on Livewire called ‘What Peter Lynch taught me about Facebook’. Here, I made a warning call on the data privacy issues Facebook is facing today. Livewire has since got in touch with us to discuss: what the next 12 months looks like... Show More
A couple of weeks ago, I suggested that 2018 would be the year in which we waved goodbye to Goldilocks. By that, I meant that the unusually favourable conditions investors enjoyed in 2017 - solid growth, lower for longer interest rates, subdued inflation and a lack of volatility - could... Show More
While in Taiwan this week, meeting with executives of the technology/smartphone value chain, my hotel room shook with earthquake tremors. It struck me that nature has a unique way of sending us mortality messages every so often. In a similar vein, hidden in all the volatility last week, ‘Mr Market’... Show More
Most of the time investors don’t need to think too much about market timing or asset allocation. The long-term trajectory of financial markets is up and the only sensible thing to do is to be fully invested and allow the odds to work in your favour. As we enter 2018,... Show More
Technology is enabling businesses to start up at lower costs than ever before. Whether it’s renting server farms from Amazon Web Services, purchasing subscription software on a monthly plan, or hiring cheap developers from overseas, the digital age has brought a myriad of options to entrepreneurs. Show More
Amazon has been a long-term holding in the Fidelity Global Equities Fund, but Portfolio Manager, Amit Lodha, says they’ve recently exited their position, citing three key reasons for the change. Amit shares his views in the video below. Show More
A few years ago, there were concerns over ‘disintermediation’ of the major banks – fintech disruptors were slowly chipping away at the various services the banks provide. Now, it’s a very different story. The banks are spending up on technology investment, with JP Morgan dedicating US$9B to technology each year. Show More
How long can the good times roll? The second-longest yet arguably most-hated bull market in post-war history just grinds on and on, while investors get more worried by the day. Valuations in some areas are certainly becoming stretched, but overall they remain some way off the peaks seen in 2000.... Show More
