FREDERICA ABAN/iStock via Getty Images FUND INFORMATION Manager(s): Ashley Fernandes Trading Symbol: FSDPX Start Date: September 29, 1986 Size (in millions): $ 699.06 Morningstar Category: Fund Natural Resources Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The materials ...
FREDERICA ABAN/iStock via Getty Images FUND INFORMATION Manager(s): Ashley Fernandes Trading Symbol: FSDPX Start Date: September 29, 1986 Size (in millions): $ 699.06 Morningstar Category: Fund Natural Resources Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The fund may have additional volatility because of its narrow concentration in a specific industry. Non-diversified funds that focus on a relatively small number of stocks tend to be more volatile than diversified funds and the market as a whole. Investment Approach Fidelity® Select Materials Portfolio ( FSDPX ) is a sector-based equity-focused strategy that seeks to outperform its benchmark through active management. We conduct in-depth fundamental research, supported by Fidelity's deep and experienced global cyclical team, to develop a differentiated view from consensus on product- and end-market trends. We follow a contrarian investment approach and focus on companies in which we anticipate a positive change in business fundamentals before it is recognized and properly valued in the company's stock price. We also look for reasonably valued stocks of firms with improving returns on capital, healthy free-cash-flow yields, the potential for price-earnings multiple expansion, or defensive-growth characteristics. Sector strategies could be used by investors as alternatives to individual stocks for either tactical- or strategic-allocation purposes. PERFORMANCE SUMMARY Cumulative Cumula...
Kenya plans to stabilize fuel prices as some stations run out of supply in the East African nation that typically depends on Middle East imports to meet demand. Vitol Group’s Vivo Energy, the biggest retailer in the country, said Thursday in a post on X that increased fuel demand resulted in temporary outages at some of its outlets. Kenya’s Treasury Secretary John Mbadi the same day outlined initi...
Kenya plans to stabilize fuel prices as some stations run out of supply in the East African nation that typically depends on Middle East imports to meet demand. Vitol Group’s Vivo Energy, the biggest retailer in the country, said Thursday in a post on X that increased fuel demand resulted in temporary outages at some of its outlets. Kenya’s Treasury Secretary John Mbadi the same day outlined initial measures to be taken by the government to keep petrol and diesel prices from surging. Kenya will utilize its petroleum development levy to cap pump prices, though a lengthy war could become an emergency, Mbadi told lawmakers in the capital, Nairobi. “It is my hope that we will not see this war prolonged for another month or so.” Many African economies, particularly in East and Southern Africa where the Middle East is a major exporter, are running on weeks of stored refined products as the Iran war chokes shipments through the Strait of Hormuz. Governments have this week sought to reassure residents that there are sufficient stocks and asked them not to hoard fuel. Kenya’s outlying gas stations have been the first to dry up as major oil companies are holding back from wholesaling product that would normally be distributed, according to a lobby group of independent operators. “Rural stations are the worst hit — we can’t get product at competitive prices,” said Martin Chomba, chairman of the Petroleum Outlets Association of Kenya. About 68% of Kenya’s 6,200 gas stations are non-franchised and a “substantial number are not able to access products,” he said.
The Iran war weighed on markets once again. The S&P 500 declined 1.7% and the Nasdaq shed 2.4%. Front-month Brent crude gained 5.7% to $108.01 per barrel. Bonds sold off, with the 10-year U.S. Treasury yield jumping 0.
The Iran war weighed on markets once again. The S&P 500 declined 1.7% and the Nasdaq shed 2.4%. Front-month Brent crude gained 5.7% to $108.01 per barrel. Bonds sold off, with the 10-year U.S. Treasury yield jumping 0.
HOT TOPICS National long-term care insurance China is shifting its long-term care insurance system from local pilots to a nationwide rollout. The National Healthcare Security Administration stated there will be no deductible, but reimbursement ratios will differ for residents and employees based on contribution variations to reflect the equivalence of rights and responsibilities. The premium rate ...
HOT TOPICS National long-term care insurance China is shifting its long-term care insurance system from local pilots to a nationwide rollout. The National Healthcare Security Administration stated there will be no deductible, but reimbursement ratios will differ for residents and employees based on contribution variations to reflect the equivalence of rights and responsibilities. The premium rate will be controlled at around 0.3%, with the contribution base linked to income levels.
ismagilov/iStock via Getty Images Key takeaways Fund performance Invesco Short Duration High Yield Municipal Fund Class A shares outperformed its style-specific index, the Custom Short Duration High Yield Municipal Index. Seeking attractive opportunities through collaborative management Invesco Municipal Bond team uses a collaborative management approach. Relying on our size and experience, we see...
ismagilov/iStock via Getty Images Key takeaways Fund performance Invesco Short Duration High Yield Municipal Fund Class A shares outperformed its style-specific index, the Custom Short Duration High Yield Municipal Index. Seeking attractive opportunities through collaborative management Invesco Municipal Bond team uses a collaborative management approach. Relying on our size and experience, we seek to identify the best opportunities to achieve potentially better outcomes for shareholders. Analysis focused on creditworthiness Our team uses a bottom-up fundamental credit process focused on creditworthiness of individual issuers with an overlay of macroeconomic factors to capitalize on market inefficiencies. Our process has been time tested over full market cycles. Manager perspective and outlook • In the fourth quarter, investment grade, high yield and taxable municipals delivered positive returns of 1.42%, 1.11% and 1.05%, with annual returns of 4.25%, 2.46% and 7.89%, respectively. 1 Despite a lengthy federal government shutdown, long-duration municipal bonds performed well during the quarter, bolstering market strength. 1 • New municipal issuance reached $143 billion for the quarter and a record $584 billion for the year, surpassing last year's record $509 billion. Shifting interest rate policies, higher costs and political uncertainty likely encouraged more issuers to come to market. 1 • Net flows for municipal mutual funds and exchange-traded funds (ETFs) were strong, totaling approximately $17.5 billion for the quarter and $52.4 billion for the year. 2 • The US Federal Reserve (Fed) cut the federal funds rate twice, by 0.25% in October and 0.25% in December. The Fed reiterated its commitment to balancing maximum employment and a 2% inflation target. 3 • We believe state and local municipal budgets remain healthy. While credit rating upgrades have moderated, upgrades outpaced downgrades in 2025, demonstrating to us strong fundamentals. 4 • Our experienced credit ...
Apple (NASDAQ:AAPL) is planning on ending its exclusive ChatGPT partnership and will open Siri to rival AI assistants in iOS 27, according to Bloomberg. This flips Wall Street’s narrative literally overnight. What looked like corporate hesitation suddenly appears as a masterstroke. Instead of racing to build the biggest models or burn the most capital, Apple ... Apple Skipped the AI Arms Race – No...
Apple (NASDAQ:AAPL) is planning on ending its exclusive ChatGPT partnership and will open Siri to rival AI assistants in iOS 27, according to Bloomberg. This flips Wall Street’s narrative literally overnight. What looked like corporate hesitation suddenly appears as a masterstroke. Instead of racing to build the biggest models or burn the most capital, Apple ... Apple Skipped the AI Arms Race – Now Its Strategy Looks Like Pure Genius
Tony Pulis explains why international breaks can be an opportunity as well as a problem for managers, and what he did when one of his players did not return on time.
Tony Pulis explains why international breaks can be an opportunity as well as a problem for managers, and what he did when one of his players did not return on time.
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Brits are holding onto their purse strings. And can you blame them? People are saving more and splashing out less, GfK found, as they try ride out the economic impact of the Iran war. GfK’s gauge of major purchase plans plunged to the lowest since April last year (remember the...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Brits are holding onto their purse strings. And can you blame them? People are saving more and splashing out less, GfK found, as they try ride out the economic impact of the Iran war. GfK’s gauge of major purchase plans plunged to the lowest since April last year (remember the US trade war and hiked bills?). That follows similar findings from BRC yesterday, reinforcing the perception that economic concerns are starting to ripple through the UK economy. Now, while households remain relatively confident about their own finances, they’re less sure about the prospects for the economy. For a country that’s pretty reliant on consumer spending, that doesn’t bode well. Even before the war, retail sales fell in February for the first time since November, showing shops have entered a turbulent time on a weak footing. Still, there could be some light at the end of the tunnel, with Bank of England rate-setters casting doubt about the threat of a price spiral from the Iran war, even with markets expecting three hikes this year. It’s not all gloom this Friday. P.S. My colleagues Sachin and Chloe will guide you through next week when I’m away. Have a lovely long Easter weekend and see you in April! What’s your take? Ping me on X , LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching The antitrust watchdog is investigating five companies, including Autotrader, Pasta Evangelists and Just Eat, over potential “fake and misleading reviews.” It’s part of a wider crackdown, given the influence it says reviews have on consumer spending decisions. Metlen Energy - a relatively new edition to the London Stock Exchange - has delayed its full year results by nine days, at the request of its auditors, PwC. It reiterated guidance. Shares fell...