Fidelity fixed income duo: Investor 'euphoria' over financials will be tested

Fidelity fixed income managers Ian Spreadbury and Sajiv Vaid have begun increasing the allocation to financials on the £3.8bn Moneybuilder Income fund, but warned the recovery might be short-lived.

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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