The Upside: Inside the Fidelity Canadian Long/Short Alternative Fund with Reetu Kumra

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Hello, everyone, and welcome to The Upside.

 

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I'm your host Emily Anonuevo.

 

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As 2026 rolls along markets are taking shape in different ways that

 

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could expand investor opportunities into alternative investing themes.

 

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Fidelity's Canadian Long/Short Alternative Fund provides that opportunity into

 

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the alternative space by investing in Canadian equities with long and short

 

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positions and also harnessing the power of Fidelity research team.

 

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Portfolio manager and Director of Research, Reetu Kumra, joins me in the studio

 

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today to expand on the fund, how it could diversify an investor's portfolio,

 

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plus where she's seeing opportunities right now here at home in Canada.

 

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Welcome, Reetu, and welcome back into the studio.

 

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Thank you so much for having me.

 

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Wonderful to have you here, ready to dive in.

 

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Before we get into the Canadian Long/Short Alternative Fund

 

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why don't you just lay the foundation for our investors watching in terms of

 

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major market movers this year as we get into the new year.

 

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What major market themes are you keeping an eye on this year?

 

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That's a great question to start off with.

 

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Let's just take a step back with where we were before we came into

 

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2026.

 

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Going back to 2025 it was very much an interesting market,

 

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very volatile, started off the year with very much a risk-off

 

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environment where the focus was the tariffs, reshoring, lack of

 

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immigration. Shortly after Liberation Day all of a sudden the

 

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market went very risk-on where the narrative then became,

 

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wait, tariffs aren't gonna be as bad as we originally thought, there's monetary

 

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and fiscal stimulus down the pipes and the AI trade is very much

 

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alive.

 

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As we turn the page into 2026 there are a few things that we have in

 

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mind. First and foremost, the AI theme.

 

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Here in Canada we have very few ways to play

 

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AI. We can play it through hardware, can play it through nuclear

 

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or power names or even uranium, or potentially industrial

 

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names that are tied to the AI theme.

 

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That's not necessarily what the market is focused on.

 

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The market's more so focused on a different angle, that is what

 

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is AI going to disrupt?

 

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Coming into this year we have seen quite a bit of volatility in

 

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terms of the market questioning the terminal growth rate of some of these

 

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sectors, whether it is software, alternative

 

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asset managers, information services, commercial real estate brokers,

 

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just to name a few.

 

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Beyond AI the second theme that we have in mind, actually

 

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in conjunction with AI, is rising geopolitics.

 

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Between AI and rising geopolitics we can see a path to a CapEx

 

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cycle, which effectively means a hard asset cycle.

 

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Between the build out of the data centres, unfortunately, the world is actually

 

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getting smaller so trade diversification is very topical.

 

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Infrastructure spend is very important.

 

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We see a lot of countries actually hoarding or building

 

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their inventory up of critical minerals which is all causing hard assets

 

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to do very well.

 

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The third theme that I wanted to mention was dedollarization,

 

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which is effectively why we've seen gold do so well.

 

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If we think about why gold has done so well, it's diversification away from the

 

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US dollar, it's central bank buying, it's the monetary and fiscal

 

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stimulus that I talked about, it's the question of rising debt levels

 

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at a sovereign level, as well as central bank independence.

 

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You take those themes and that's against an

 

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economy that's actually doing quite well.

 

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If you think about GDP growth here in Canada we're muddling through, in the US

 

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we're expected to have between 3% and 4% GDP growth.

 

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We're seeing PMIs over 50 for the first time, both services and manufacturing.

 

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The consumer is hanging in there.

 

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Inflation is under control.

 

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We're lapping the tariff narrative.

 

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We're in a monetary and fiscal easing environment.

 

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All that to say is that the investment team is very much focused on

 

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what we do best and we're trying to stock pick our way through this volatility.

 

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Wow, incredible overview there.

 

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Like you said, AI will still be a big theme this year.

 

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Obviously, geopolitical concerns and risks around the world

 

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and, like you mentioned, dedollarization.

 

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Leading into my next question about Canada and opportunities here and what's

 

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piquing your interest, Canada fared really well in 2025,

 

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showing a lot of resilience when it came to the impact of US trade

 

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tariffs. Is that going to continue on as a theme this year, Reetu,

 

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and what other sectors are piquing your interest?

 

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Absolutely. Again, let's take a step back.

 

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I just find it very interesting that just a short few years ago the

 

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market loved to not like Canada, for

 

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legitimate reasons. We had concerns about the levered

 

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consumer, the wall of mortgage maturities, lack of productivity

 

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here, anemic growth.

 

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The setup in Canada didn't feel that good but then 2025 happened

 

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and the market returned over 30%, which is one of the best

 

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performing indices globally.

 

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You may have heard me say this before but the way I think about the TSX is not

 

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that it's a stock market but a market of stocks.

 

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If you actually decompose the TSX, we have roughly 36 to

 

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37% in resources, including 15% in gold.

 

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I just had made a case for why resources have done well and why

 

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they can continue to do well.

 

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We have another 40% in interest rate sensitives and in

 

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a monetary easing environment that could be very much a tailwind.

 

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The remaining of the TSX is in very much sectors that

 

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are stock picking sectors. We have the consumer, health care,

 

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industrials, tech. You have the ability to kind of stock pick your way through

 

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the sector because there are the haves and the have nots in

 

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those sectors. As a result, you can see why the market

 

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has done so well and why there's a case for Canada on a go-forward basis.

 

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Absolutely. What I'm hearing is materials, industrials, and natural

 

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resources to keep an eye out in Canada.

 

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Now, continuing with the Canadian theme, this is the perfect time to highlight

 

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that the Canadian Long/Short Alternative Fund is celebrating its two

 

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year anniversary.

 

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Remind the folks on the line, Reetu, what this fund is all about

 

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and what kind of strategy and approach does it involve?

 

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Absolutely. So the Fidelity Canadian Long/Short Alternative Fund is a 130/30

 

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long/short product that effectively has the ability

 

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for an investor to actually own our research here in Canada.

 

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A great way to put it.

 

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The genesis of this fund actually came out of a study that we did back in 2019

 

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where, as you can imagine, here at Fidelity we have a ton of data on

 

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our research.

 

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Our risk and quant team, they helped us dissect that data

 

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and really understand if there are any sort of systematic patterns in our

 

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research. What we came out with is that we do

 

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a good job of picking our long-only idea, our

 

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buy-rated names. We actually do that with remarkable accuracy and consistency.

 

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We actually do an even better job of picking our sell-rated names.

 

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What that led to is the idea of creating

 

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a product such that we can go long on our buy-rated names and go

 

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short on our sell-rated names so we can actually capture the full

 

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excess returns being generated by our research.

 

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We do that in a very systematic way where we use our rules-based

 

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approach so that we can really manage our

 

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returns while having consistent risk metrics over time.

 

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A little bit of a less known fact about this fund is actually it tilts

 

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small-cap. The average market cap of the TSX is roughly

 

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45 billion and the average cap of this fund is

 

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roughly 10 billion, give or take.

 

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You could argue that you're being exposed to an arguably less

 

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efficient part of the market.

 

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Really interesting point there about tilting more small-cap and,

 

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like you said, harnessing the power of Fidelity's research team.

 

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I know when you launched this two years ago that was the unique trait

 

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about it, that you can capture the long and short side

 

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and, obviously, our years of research and research

 

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ratings.

 

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What kind of investor would this fund appeal to?

 

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More conservative investor, risky investor?

 

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Where would you categorize it?

 

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The way I consider this fund is I really just consider this a core Canadian

 

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130/30 long/short product.

 

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You get directional alignment to the Canadian market but you also get

 

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the opportunity to own our research because we go long on our buy-rated names,

 

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we go short on our sell-rated names, so you can really capture that accuracy,

 

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the consistency and that repeatability of our research process.

 

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If you want to own the research here at Fidelity this fund could be for you.

 

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Now, Reetu, you joined Fidelity back in 2012 as an equity

 

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research analyst. You're now the director of research and portfolio

 

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manager. You have an interesting background.

 

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I know that you didn't initially start in finance.

 

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I believe your main focus was statistics.

 

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How does that background still come into play today in

 

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your line of work, and how did you sort of make your way into the financial

 

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services industry?

 

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Good question. I did start off in statistics and mathematics.

 

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I did my master's in statistics with the idea that I really wanted to approach

 

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investing from a quantitative lens.

 

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Over time that deviated. After I did my MBA I decided that I

 

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wanted to do more fundamental equity research.

 

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That's how I started my career at Fidelity, on the fundamental equity

 

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research side. I was an analyst for a number of years, covered a

 

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number of sectors, rotated around the TSX like every analyst does, covering

 

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Canadian securities.

 

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Fast forward to today and looking at this fund, I think my background really

 

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complements what this fund is all about.

 

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This fund is an intersection between our

 

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systematic, rules-based approach which lends well to my

 

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background in statistics and mathematics, but it also combines the fundamental

 

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equity research that we have in-house which lends well

 

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to background here at Fidelity.

 

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I feel like this fund, it's really resonated with me.

 

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Are you still keeping the learning tools and learning methods that you had as

 

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an equity research analyst, obviously, in your role as PM,

 

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obviously, all the research, all the reading you have to do, all the homework

 

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you have do on the companies, plus, obviously, dipping into

 

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all the research resources we have here at Fidelity, still helps

 

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you to this day, I imagine.

 

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Absolutely. Once an analyst, always an analyst.

 

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Can you break down how the research team here at Fidelity functions,

 

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it's main purpose and how you sort of navigate that team.

 

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I have the absolute privilege of helping to build, develop, and

 

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mentor an amazing group of analysts.

 

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I do this in conjunction with my co-DOR, Steve MacMillan.

 

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Effectively, these individuals are people and investors

 

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that come into work with one purpose in mind, that is to

 

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be the best analyst in their respective sector so that they can bring

 

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their research output into the funds to benefit our fundholders.

 

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Here at Fidelity we have analysts covering roughly 25 stocks a

 

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piece. What they're doing is they're trying to put a mosaic

 

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together of all the research that they do.

 

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Just to name off some of the things that they do, they're doing industry

 

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research, they're doing company research, meeting with management teams, going

 

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to conferences, building models, forecasting profitability and cash flow,

 

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dissecting balance sheets, looking at valuation,

 

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talking to experts, this is just to name a few things.

 

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They do that 25 times over and they're constantly trying to maintain

 

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their theses to see if anything changes over time and if our

 

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position should change over time accordingly.

 

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This group is a magnificent group of individuals that have the fire

 

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to make sure we're generating alpha for our fundholders.

 

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The reason we choose to have in-house experts and such a

 

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large team is that we feel that if you can go deeper into your research it'll

 

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help you and it'll help our fundholders with position sizing, figuring

 

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out what we should go long versus what we should go short, and then also just

 

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helping us generate the alpha so we can beat the benchmark.

 

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Especially during volatile times like we've seen in the last several years,

 

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time is money so having these in-house experts and our research

 

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analysts, it really speaks volumes and it really helps.

 

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Reetu, you mentioned how we have a large in-house team of research

 

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analysts. How does that give us a cutting edge against other firms, would you

 

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say?

 

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I would say size, sheer size is is so important.

 

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The fact that we have so many analysts covering US

 

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and Canadian securities here based in Toronto is very

 

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helpful because they have the time to go knee-deep into the analysis

 

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that we do. To give you a flavour of what that size looks like, we have

 

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between 20 and 25 analysts in Canada covering

 

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Canada and the US, we have another team based in London

 

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covering US securities, not to mention the analysts that we

 

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have globally.

 

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They have the ability to do that analysis, to turn over that extra stone

 

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so that we can bring that alpha to our fundholders.

 

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Huge competitive edge there, for sure.

 

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Now, Reetu, you've been with Fidelity for a long time, I'm just curious to know

 

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what do you love most about your job and what keeps you motivated in this line

 

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of work day in and day out?

 

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For me, I come to work every day with a purpose, whether

 

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that is helping Canadians feel more financial security

 

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or it's helping develop our future PMs on the team.

 

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For me, it's twofold. It's just having that purpose in what

 

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I do is just what drives me.

 

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Just lastly, if I can put this question to you, Reetu, as we wrap up the show,

 

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for the investors watching today, whether they're a new

 

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investor or seasoned investor, as we roll into 2026 what do you

 

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think they should keep top in mind in terms of where they see investment

 

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opportunities and their interests lie.

 

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What would you say?

 

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I think 2026 will be very similar to what we've seen in prior years and it will

 

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be full of volatility. It's these kind of environments where

 

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we do best because we're able to stock pick our way through it both on the long

 

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and the short side.

 

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Absolutely. Reetu, always a pleasure to have you here in the studio.

 

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Thank you so much for joining me today.

 

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Thank you for having me.

 

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And thank you for watching The Upside.

 

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For more investor content be sure to subscribe to our YouTube page so you never

 

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miss an episode. Plus sign up for our Upside newsletter for alerts to

 

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upcoming shows. Remember, working with a financial advisor is the

 

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best investment you can make on your financial journey.

 

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For The Upside I'm Emily Anonuevo.

 

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Thanks for listening to, or watching,

Fidelity Canada's The Upside podcast.

 

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00:16:27.119 --> 00:16:30.889

Subscribe on your podcast platform

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If you like what you're hearing,

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00:16:34.760 --> 00:16:37.596

Fidelity Mutual Funds

and ETFs are available by working

 

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00:16:37.596 --> 00:16:41.000

with a financial advisor

or through an online brokerage account.

 

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Visit fidelity.ca/howtobuy

for more information.

 

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While on fidelity.ca, you can also find

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and don't forget to follow Fidelity Canada

on LinkedIn, YouTube, Instagram or X.

 

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We'll wrap things up today

with a quick disclaimer.

 

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The views and opinions

expressed on this podcast

 

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are those of the participants,

 

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and do not necessarily reflect

those of Fidelity Investments Canada ULC

 

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or its affiliates.

 

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This podcast is for informational

purposes only

 

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and should not be construed as investment,

tax or legal advice.

 

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It is not an offer to sell or buy,

or an endorsement, recommendation

 

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00:17:14.266 --> 00:17:17.369

or sponsorship of any entity or securities

cited.

 

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00:17:17.369 --> 00:17:19.338

Read a funds prospectus before investing.

 

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Funds are not guaranteed.

 

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00:17:21.040 --> 00:17:24.510

Their values change frequently

and past performance may not be repeated.

 

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00:17:24.510 --> 00:17:28.747

Fees, expenses and commissions

are all associated with fund investments.

 

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Thanks for tuning

in. We'll see you next time.