The Upside: Fund feature - Unpacking Fidelity managed portfolios

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Hello, and welcome to the Upside Fund Feature.

 

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I'm Helen Pang. I'm here today with Stuart Ng.

 

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Stuart is a product research manager here at Fidelity.

 

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He covers the Fidelity managed portfolio suite which offers a range of income,

 

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balanced, growth and equity portfolios.

 

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Hi Stewart.

 

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Thanks, Helen, great to be here.

 

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The managed portfolios are a big part of what I do day to day so I'm always

 

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glad to talk about them.

 

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We've got lots to cover today.

 

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For the first time we're featuring an entire suite rather than a single fund.

 

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These are risk-targeted investment solutions.

 

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Stewart, can you walk us through what that actually means and what are the

 

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Fidelity managed portfolios and how are they structured?

 

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The simplest way to think about it is instead of buying one fund and

 

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hoping it fits your investment needs a managed portfolio is a complete

 

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professionally built portfolio in a single solution.

 

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We have a range of them from income focus all the way up to fully equity

 

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and each one is targeted to a specific level of risk.

 

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Rather than you assembling and rebalancing a number of funds yourself the

 

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Global Asset Allocation team does that for you, choosing underlying funds,

 

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the asset classes and the mix, as well as adjusting it as

 

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market changes. You pick the risk level that matches your goals and the

 

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portfolio is built around it.

 

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The portfolios that we're managing are offering elegant solutions to really

 

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complex problems. It's so unbelievably powerful, that bottom-up

 

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building block and how we manage the portfolios.

 

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I think one of the edges that we have is, you know, of course

 

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we're picking every underlying manager, we're picking what we lean into

 

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and what we  lean out of but also from an out of benchmark position we can

 

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also choose the asset classes that we're choosing to add there as well.

 

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Asset allocation funds are meant to be all-weather solutions that can

 

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simplify investor's investment portfolio.

 

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Who are these portfolios best suited for and how should investors think about

 

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choosing the right one for them?

 

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Honestly, this is one of the best reasons to work with an advisor.

 

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These are designed to be all-weather core holdings, something that you can own

 

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through different environments without constantly tinkering.

 

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Which one is right really comes down to your timeline, your goals and how

 

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you actually feel in a downturn.

 

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An advisor helps match you to the right risk level and just as

 

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importantly help you stay invested when things get noisy.

 

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That combination is where a lot of the real value gets created.

 

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The Fidelity managed portfolio suite is managed by the Global Asset Allocation,

 

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or GAA team, with portfolio managers David Wolf and David Tulk.

 

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Can you tell us more about the GAA team behind this suite and how they work to

 

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support the strategy?

 

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This is where the suite really stands apart.

 

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The portfolios are run by our Global Asset Allocation team, David Wolf

 

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and David Tulk, people who has operated at the highest levels of

 

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this field. David Wolf for, instance, he advised the governor of the Bank of

 

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Canada before joining Fidelity so you've got some serious

 

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top-down macro expertise setting the direction.

 

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What makes it powerful is what sits underneath them.

 

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They're not picking individual stocks and bonds themselves.

 

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They are allocating across Fidelity's entire global research engine,

 

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hundreds of analysts and portfolio managers worldwide covering every region

 

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and asset class. Their job is to decide where and when

 

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to lean in and where to pull back, then channel that through some

 

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of the strongest underlying managers we have.

 

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That's really the strength of Fidelity, a small focused

 

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team with an enormous research bench behind them.

 

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There has been a lot of headline noise recently, how are the managers

 

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addressing that?

 

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Great question because there's never been more noise and a lot of it is

 

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designed to make you react.

 

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The team's philosophy is almost the opposite.

 

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They're not trying to trade every headline.

 

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They're trying to understand the deeper forces underneath them such as

 

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inflation, interest rates, how different parts of the world are shifting,

 

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and position the portfolios for where things are heading over the next several

 

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years, not the next few days.

 

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I'll let David explain it because he says it much better than I can.

 

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First thing I want to try to articulate, really, is just

 

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chasing the headlines and trying to time the market with this type

 

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of TACO tweet-driven universe is virtually impossible.

 

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We spend a lot of time listening to experts within Fidelity,

 

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the world around. There's an emergent class of retired US army

 

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generals and admirals who offer their services to try and provide the

 

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understanding. The conclusion really is there is no

 

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clear answer as to how these events will proceed from here.

 

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What we wanna do is we wanna take a bit of a step back and just try to

 

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understand the deeper fundamentals and I think that's always good advice to

 

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investors everywhere.

 

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We think that this is a world that's more subject to inflation,

 

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inflationary bursts, inflationary shocks, and that has a myriad of implications

 

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for how we want to invest and how we wanna asset allocate within the funds that

 

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I'm responsible for.

 

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It's kind of scary but we think we have an understanding of the underlying

 

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dynamics involved. We can't predict Iran and we can exactly predict

 

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AI but we can have an understanding of the risks that are associated with

 

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those. Ao far we seem to be doing a pretty good job of navigating

 

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those risks.

 

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These portfolios are actively managed, what does that process look like?

 

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It's a continuous discipline process, not a

 

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set it and forget it. Every portfolio has a long term neutral mix,

 

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say 60% stocks and 40% bonds for the balanced ones.

 

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That's the anchor. The team can then tilt around that within

 

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set limits based on where they see risk and opportunity,

 

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adding to an asset class they like and trimming ones that they don't.

 

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They're constantly testing those views against the research and they rebound so

 

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the portfolio doesn't drift from your risk level.

 

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You get two things at once, a stable foundation and

 

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active decisions layered on top.

 

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My job is ultimately a risk control and

 

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portfolio construction job.

 

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We have all the equity managers choosing the stocks and that's all very

 

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exciting and that drives return but we're the ones putting the package

 

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together, make sure that we're able to harness those returns while still

 

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managing the overall risk for the portfolios.

 

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One of the ways that you manage risk, at least historically,

 

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you have some bonds with your stocks and bonds hedge stocks when you have

 

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equity drawdowns, and that's fine.

 

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In an inflationary world, as we talked about earlier, bonds are not gonna

 

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protect you so you need other things to protect you.

 

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One of those things is commodities.

 

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If you think about it, if you're worried about an inflationary shock you kinda

 

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want the thing that's part of the inflation and that's commodities.

 

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We've allocated there as well.

 

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Let's look at some performance data.

 

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The original six Fidelity managed portfolios are 5-star rated and the suite has

 

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been delivering strong performance.

 

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Can you please tell us a bit more about that?

 

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The numbers back it up. As of the end of May all six of our original

 

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portfolios are 5-star rated by Morningstar.

 

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They have delivered that consistently across both

 

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short and long term timeframes, including a full 15-year

 

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track record through multiple cycles.

 

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To me, that kind of consistency over that long period of time isn't luck,

 

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it's the process showing up.

 

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I think you made the point that the economy is not the market and that's

 

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certainly true. There's also the notion that the market can move well in

 

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advance of developments in the economy as well.

 

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We want to try to take that forward-looking perspective when it comes to

 

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investing the funds. Just a comment on the economy.

 

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I take all your points, my back is also feeling a little sore as well,

 

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the notion the things don't feel particularly great now.

 

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Growth happens on the margin.

 

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A big part of our outlook is that things don't have to feel great today

 

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but we just have to get the sense that things are improving so that tomorrow

 

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will feel a little bit less bad than it does today.

 

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That line, things moving from very bad to less bad, that can be quite

 

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powerful. As asset allocators we have to be thinking about where things are

 

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heading, not where things are right now.

 

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Things moving very bad to less bad, that's a great line but it also explains

 

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why none of us are in sales, I think.

 

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What about the positioning and outlook?

 

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Where do the managers see opportunities?

 

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This is the part I find more interesting right now.

 

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The team's view is that we've entered a different kind of world, more

 

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fragmented, more prone to inflation shocks, than the last few decades.

 

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That changes the playbook.

 

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Two themes that stand out, one is commodities and real assets

 

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including gold as a different kind of protection that bonds used to

 

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provide. The other is Canada.

 

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After years of being cautious the team has actually turned more constructive.

 

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I'll let David and David walk through the thinking because this is where the

 

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macro work really shows.

 

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Just going back to geopolitics, I think you can imagine a scenario that at

 

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some point the conflict in Iran goes away but it would be

 

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also prudent to think that there's probably a lingering geopolitical

 

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risk premium priced into oil and the world will look for more

 

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sources of reliable resource industries.

 

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Canada scores very highly, I think, on that list.

 

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You can image that investors overseas, even within Canada, are

 

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going to now have that renewed incentive to invest within that

 

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industry. That's a theme that we really want to reflect in our positioning.

 

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The notion of that commodity piece, and there's a lot

 

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more that we'll unpack along those lines, that gives us the motivation after a

 

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long period of being very concerned about Canada to now display some latent

 

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optimism where in quarters past we had trimmed the underweight and now we're

 

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comfortable expressing an outright overweight.

 

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The slide is a great window into how the team is actually expressing those

 

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views right now. Quick way to read it, anything above the line is where they're

 

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making a bigger bet than their benchmark, anything below is where they're

 

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holding back. A few things stand out.

 

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On stocks the headline is Canada.

 

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They're meaningfully overweight and that's a real turnaround from a year ago as

 

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when they were actually underweight.

 

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That's the renewed confidence in Canada I mentioned.

 

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At the same time, they've trimmed the US a touch where valuations

 

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are stretched. On bonds, this is where it gets interesting.

 

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They're well below their benchmark overall, especially in traditional

 

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global government bonds.

 

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As David will explain hose just aren't the reliable shock

 

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absorber they used to be.

 

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Where they are putting money to work is in areas that actually pay you for

 

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the risk, like credit and short term bonds that are less exposed

 

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to rate swings.

 

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The part that really reflects a new playbook is over here.

 

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They're overweight gold, alternatives and the Canadian dollar.

 

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Those are the diversified differently positions, protection

 

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that doesn't lean on the old stock-bond relationship.

 

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David explains the why behind all of it really well.

 

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The biggest thing for us as asset allocators is a

 

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more chopped up world is a world that's going to be more prone to

 

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inflationary shocks.

 

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You think for 30 years the world got more integrated, it got more efficient,

 

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it got less costly, that's something that will tend to put downward pressure

 

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on inflation.

 

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Corresponding to that 60-40 works pretty well in that world because

 

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stocks and bonds are negatively correlated so when you do have drawdowns, when

 

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you get a growth scare, bonds tend to do relatively well.

 

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Now all of that is going in reverse.

 

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DT mentioned the correlation, what that means is bonds are likely no

 

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longer going to be hedging your stocks.

 

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We saw that in 2022 with the inflationary shock, we seem to be seeing

 

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it again. That means for us as asset allocators we want to think

 

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about diversification differently, more creatively.

 

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One of the places that leads us to is commodities.

 

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So commodities are something that we've been buying into for some time,

 

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our gold position, in particular, which has helped us a lot over the past

 

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year, year and a half or so.

 

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A way to think about it is inflation is, obviously, not

 

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good for fixed income, and it tends to be not good for fixed income at the

 

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same time as it's not good for equities, so you need to own something else.

 

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The something else you want to be a real hard asset.

 

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Ideally, you want it to be something that is actually part of what's inflating.

 

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Again, that's led us to commodities.

 

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That's all for today's show. Please follow us on our socials including

 

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Instagram, YouTube, LinkedIn, Facebook, and Reddit for more great content and

 

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the latest financial updates.

 

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You can also head to fidelity.ca's investor education section to check

 

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out our articles, sign up for The Upside newsletter, get information about

 

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upcoming live webcasts and on-demand videos.

 

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Whether you're learning investment basics or looking for more advanced

 

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knowledge we can help you become a more informed investor.

 

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As always, working with a financial advisor is among the best investments you

 

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can make. Thanks for watching and I hope you'll join us again on The Upside.

 

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Thanks for listening to, or watching,

Fidelity Canada's The Upside podcast.

 

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Subscribe on your podcast platform

of choice so you don't miss an episode.

 

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If you like what you're hearing,

please leave a review or a five star rating.

 

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Fidelity Mutual Funds

and ETFs are available by working

 

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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

more information on future live webcasts,

 

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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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00:14:50,289 --> 00:14:53,392

or sponsorship of any entity or securities

cited.

 

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Read a funds prospectus before investing.

 

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Funds are not guaranteed.

 

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00:14:57,062 --> 00:15:00,532

Their values change frequently

and past performance may not be repeated.

 

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Fees, expenses and commissions

are all associated with fund investments.

 

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Thanks for tuning

in. We'll see you next time.