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Fidelity Perspectives

January 2016

The case for multi asset investment

All investment is based on one key question: how can we use markets to achieve financial goals? In recent years, the investment industry has become more explicitly focused on building 'solutions', responding to growing investor demand for comprehensive strategies to meet their investment needs. Such solutions can include sustainable income, capital preservation, protection against inflation or steady capital appreciation within a low volatility framework.

January 2016

Managing volatility and liquidity in HY and EM debt

Global markets have had a challenging start to 2016. In fixed income, credit has underperformed government debt, with high yield (HY) and emerging market (EM) debt suffering particularly.

January 2016

Inside China: Volatility fails to derail the consumer revolution

There has been much said about the structural shift in China from a production powered economy to one driven by consumption. The government has encouraged the change, with a strong focus on building a sustainable model based on domestic consumption. With GDP growth down and a volatile start to 2016, we argue that consumers continue to lead the change in China, reinforced by growing disposable income and a supportive reform agenda.

December 2015

Prospects for the financial sector

With expectations of a rate rise by the Federal Reserve high, what can we expect from the global financial sector? Despite recent weakness in emerging markets, global economic conditions are relatively supportive for financial sector profits. While banks and insurers are expected to be beneficiaries of US rate rises, other financial subsectors benefit during periods of economic growth. There are also exciting financial business opportunities in emerging markets, which should benefit from long-term structural growth.

November 2015

FF- China Focus Fund
No macro meltdown as reform continues

There has been no shortage of news emanating from China in recent weeks. The 13th five-year plan, reform expectations and changes to the MSCI China index are all factors that can impact the outlook for investors. In this Fund Perspective Jing outlines her current thoughts on these topics and also expresses her outlook for 2016.

October 2015

FF - Global Dividend Fund
Explaining the 'Margin of Safety'

"If you were to distil the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY," wrote Benjamin Graham in his book The Intelligent Investor (originally published in 1949). In this Fund Perspective, Dan Roberts discusses why the concept of a Margin of Safety is important to the investment process he follows in managing the Fidelity Global Dividend Fund. He also explains how he builds a Margin of Safety into the portfolio.

Investors investing in fund(s) denominated in non-local currency should be aware of exchange rate fluctuations that may cause a loss of principal when foreign currency is converted back to the investors' home currency. Exchange controls may be applicable from time to time to certain foreign currencies. All fund prices quoted are calculated as at the latest valuation date and are indicative only. Investment involves risks. Past performance is no guarantee of future returns. Investors should read the Prospectus for further details before investing.

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