Fidelity’s Mike Riddell: US growth is ‘not going to be 3% forever’ and the case for sovereign debt

Sovereign debt could be the next play in a fixed income market, with crowded trades in investment grade and corporate bonds, according to Fidelity’s new lead portfolio manager for its Strategic Bond strategies, Mike Riddell.

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Partner Insight: Markets hold steady amid uncertainty

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund, provides an overview of the macroeconomic environment and outlines his views across the strategy’s main alpha sources. Despite geopolitical tensions and economic concerns, market sentiment remains resilient, with short-lived volatility spikes and credit spreads rallying in recent weeks. Against this backdrop, he highlights why his highest conviction forex position is a short US dollar against a basket of emerging market currencies.

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund

22 July 2025 • 5 min read