Fidelity highlights European sector and shorting opps

Anas Chakra, portfolio manager of the Fidelity FAST Europe fund, is overweight in the telecom service sector, as he believes there is genuine value in an overly-pessimistic market. Investors are concerned companies in the sector face more EU regulations and fear consumers could cut back their spending during a recession, he says. “However telecom spending is actually a small and fairly inelastic part of total spending and surveys show that consumers are more likely to cut back on a range of other goods and services first.” Chakra believes the healthcare sector is also interesting, as ...