Fidelity Answers: The Investment Podcast

China has responded well to the US trade war. But other, domestically-focused economies, could fare even better. Fidelity fund manager George Efstathopoulos and Asia Economist Peiqian Liu join hosts Stuart Rumble and Taosha Wang to discuss China's prospects for the year ahead and how tariffs could reconfigure investment trends across the region as a whole. With additional contributions from analyst Kitty Yang on why there's now money to be made in Japanese banks.See omnystudio.com/listener for privacy information.

An opportunity for the euro? Time to buy gold? Or the advantages of cash in a crisis where interest rates aren’t already at zero. The opportunities and risks of a period of profound volatility on markets dominate the latest Fidelity Answers podcast with multi asset fund managers Talib Sheikh and Caroline Shaw joining hosts Rosie McMellin and Ben Moshinsky. And hear why Fidelity’s analysts think tariffs will be more punitive for America than Asia, with Ben Traynor. (This discussion was recorded on April 9th).See omnystudio.com/listener for privacy information.

Tariffs and chip export bans don't sound like good news for Asian technology companies. But Fidelity fund manager Tina Tian and equities analyst Jonathan Tseng actually view current geopolitical tension as a positive for investors in the region. Why? Find out as they discuss all things Asia innovation with hosts Stuart Rumble and Taosha Wang. See omnystudio.com/listener for privacy information.

Bottom up? Top down? What’s the best way to look for opportunities in volatile bond markets? Fidelity fund managers James Durance and Mike Riddell talk to hosts Rosie McMellin and Ben Moshinsky about how they’re responding to a sudden shift in the market narrative. See omnystudio.com/listener for privacy information.

What do thousands of company meetings tell investors about the state of the world in 2025? What do leadership teams think about the impact of a new US administration? Where can investors seek value in China? And how are companies embracing AI? Fidelity International’s annual Analyst Survey answers these questions and more. Ben Moshinsky is joined by Co-Chief Investment Officer Niamh Brodie-Machura, and analysts Evan Delaney, Alex Dong and Emma Newey Clark to dig through the results. You can read Fidelity International's 2025 Analyst Survey in full on your local Fidelity website or here. See omnystudio.com/listener for privacy information.

As we wrap up 2024, investors remain divided on the future of the Chinese stock market. Bullish investors are betting on policy support to spark a rebound, while the sceptics see structural challenges capping gains in equities. Who is right? Is China a treasure trove or a value trap? What more can policymakers do to restore confidence? And how should stock pickers adapt to an evolving Chinese economy? In this special episode, Marty Dropkin, Head of Equities, Asia Pacific, investigates both sides of this debate with the help of two veteran portfolio managers at Fidelity International: Dale Nicholls, who plays China bull, and Nick Price, who presents the bear case. With an additional contribution from Asia Economist Peiqian Liu. READ Read a summary of this episode here.See omnystudio.com/listener for privacy information.

If 2024 was the year of elections, 2025 is the year when all of those decisions come home to roost. As the world's major economies take increasingly divergent paths in search of growth - where should investors be looking for opportunities? Carsten Roemheld, Capital Markets Strategist at Fidelity, is joined by Steve Ellis, Global Chief Investment Officer for Fixed Income, Rosanna Burcheri, an equities Portfolio Manager, and Marty Dropkin, Head of Equities for Asia Pacific, to discuss this and how they are positioning for the year ahead. You can read Fidelity International's 2025 Outlook in full here.See omnystudio.com/listener for privacy information.

Did you know that America's most popular free iPhone app last year and the world's favourite fast fashion brand the year before were both created by Chinese companies? The rise of online shopping platforms like Temu and Shein are evidence that China is no longer just selling goods to the rest of the world, but exporting entire e-commerce business models. In this episode, Marty Dropkin, Head of Equities, Asia Pacific, is joined by portfolio manager Hyomi Jie and investment analyst Sherry Qin to discuss the origin of Chinese e-commerce platforms and follow their journey across the world.  With additional contributions from investment analyst Elroy Ng.See omnystudio.com/listener for privacy information.

When it comes to decarbonising the world - the scale of the challenge can feel overwhelming. It's going to need astronomical levels of capital, a reconfiguration of markets, and radical regulation. And it needs to happen fast. If you're an investor trying to align portfolios with climate pathways as well as capture all of the opportunities that are out there related to the energy transition - it's a lot to think about. In this edition of Fidelity Answers, Katie Constance, Head of Sustainability for European distribution, is joined by Gabriel Wilson-Otto, Head of Sustainable Investing Strategy, and Portfolio Managers Kris Atkinson and James Richards to discuss the practical steps investors can take, where the risks lie, and importantly where to look for those opportunities. With additional contributions from Adrian Benedict and Nina Flitman. You can read our practitioners guide in full here, or on your local Fidelity website.See omnystudio.com/listener for privacy information.

China has come out with a string of policies that are targeted to reinvigorate economic growth. Some of the policies are adding leverage to the government's balance sheet. A question that investors are asking is: how much more will China realistically spend to stimulate the economy? So far, these policies have focused on shoring up demand - unlike after the financial crisis, when China spent trillions of renminbi to expand supply. That is an importance difference because it implies policymakers remain disciplined in the way they choose to manage debt. Marty Dropkin, Head of Equities, Asia Pacific, asks Fidelity International's Director of Research for Fixed Income, Asia Pacific, Bich Nguyen, and Fixed Income Portfolio Manager, Tae Ho Ryu, about how investors should approach the issue. With an additional contribution from Portfolio Manager Olivia He. This episode was recorded on September 12th, 2024, before the most recent policy measures were announced. READ Read a summary of this episode here. Read our analysis on how China keeps its debt in order here. For a more in-depth take on China's bond market, listen to the previous podcast episode on the renminbi here.See omnystudio.com/listener for privacy information.

In this bonus episode, we're hearing about three investment ideas that are exciting Fidelity's Asia portfolio managers and how they play into the megatrends of artificial intelligence, the energy transition, and shifting supply chains. Marty Dropkin, Head of Equities, Asia Pacific, is joined by Monica Li, Fidelity International's Director of Research for China. With additional contributions from three of the company's portfolio managers who have recently returned from a research trip in China: Dale Nicholls, Taosha Wang, and Madeleine Kuang.  READ To read more on the three megatrends discussed in this podcast, please visit fidelityinternational.com Marty and Monica also discussed the Third Plenum - an important economic policy meeting that took place recently. For our analysis on that, read this article here. For a more in-depth take on China's currency and interest rates, listen to the previous podcast episode on the renminbi here.See omnystudio.com/listener for privacy information.

Growing numbers of investors are turning to active ETFs. What's behind this boom, and what role can they play in portfolios? Ben Moshinsky is joined by Stefan Kuhn, Fidelity International's Head of ETF Distribution for Europe, Caroline Shaw, multi asset Portfolio Manager, and Andrew Craswell, Head of Client Relationship Management at Brown Brothers Harriman to discuss what makes an active ETF active, and how they're reshaping the investment landscape. With additional contributions from Portfolio Manager Ilia Chelomianski.See omnystudio.com/listener for privacy information.

In this episode, we turn our attention to something that affects almost every investor in China: a weakening renminbi. The Chinese currency has lost almost 10 per cent against the US dollar in the last 18 months. Is this a result of economic weakness in China or just another chapter in the strong dollar story? How is the renminbi performing against other currencies like the Japanese yen? Is currency weakness a cyclical challenge for the country or a structural trend? And what should investors do about it? To help answer these questions, Marty Dropkin, Head of Equities, Asia Pacific, is joined by Asia Economist, Peiqian Liu, and Fixed Income Portfolio Manager, Belinda Liao. With additional contributions from Portfolio Manager Casey McLean. To read more on the renminbi, please visit fidelityinternational.com To read Belinda's article on hedging, click here. To listen to the previous podcast episode on ‘Japanification', click here.  See omnystudio.com/listener for privacy information.

Chinese healthcare is a vast universe, spanning everything from biotech to traditional medicine. It is also increasingly important as a growth driver for the economy as China's population gets older. But recent policy shifts - both domestically and internationally - have obscured that structural story. Is it time for investors to pause and rethink their approach to the sector? Or should they double down for the growth opportunity at current valuations? To help answer these questions, Marty Dropkin, Head of Equities, Asia Pacific, is joined by two of Fidelity International's portfolio managers who invest in Chinese healthcare: Hyomi Jie and Tina Tian. With additional contributions from healthcare analysts Duanting Zhai and Lizheng Zhu. They also talked about Hyomi and Duanting's recent article on medical device makers in China. To read that article and find out more about China's healthcare sector, please visit fidelityinternational.com or click the following link: https://www.fidelityinternational.com/editorial/article/will-an-older-china-unleash-the-potential-for-homegrown-medical-tech-84e45f-en5/See omnystudio.com/listener for privacy information.

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.

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 Huang and Singapore-based Portfolio Manager Jochen Breuer. ReadTo 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.

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.

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.See omnystudio.com/listener for privacy information.

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.comSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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 Zhou and Shanghai-based Sustainable Investing Analyst Binyu Zhao. Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.

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.

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.comSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.

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. See omnystudio.com/listener for privacy information.

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.

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.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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 full here. See omnystudio.com/listener for privacy information.

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.

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.See omnystudio.com/listener for privacy information.

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.

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 Liu also 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 NewsSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. Listen to the Trade Offs Analysis for the investment implications of this interview with Fidelity's experts. Read and watch more on this interview here.See omnystudio.com/listener for privacy information.

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.

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.

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. Follow this link to Trade Offs, our new podcast where we interview CEOs about the tough choices they're making when it comes to ESG.See omnystudio.com/listener for privacy information.

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.comSee omnystudio.com/listener for privacy information.

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.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.

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.

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.See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.