Webcast – Navigating market shifts amidst trade tensions

April 2025

Join Portfolio Managers Sri Tella and Lee Ormiston as they discuss how rate cut decisions and ongoing trade tensions could affect credit markets, and where they are identifying opportunities in times of volatility.

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The opinions expressed in this webcast reflect those of the presenter(s) (or speakers(s)) and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. These opinions are subject to change at any time based upon market or other conditions and we disclaim any responsibility to update such views. Views are presented as of the date of this presentation and references to time periods (e.g., yesterday, this week) should be understood in that context. These views should not be relied on as investment advice and because investment decisions are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity product. Fidelity does not provide legal or tax advice, and you are encouraged to consult your own lawyer, accountant, or other advisor before making any financial decision. Information presented herein is for discussion and illustrative purposes only and is not a recommendation or an offer or solicitation to buy or sell any securities. Past performance is no guarantee of future results.

Authors

Lee Ormiston

Portfolio manager

Effective October 1, 2020, Mr. Ormiston assumed the role of co-portfolio manager, responsible for several institutional portfolios, as well as mutual funds available exclusively to Canadian investors. Additionally, he co-manages various investment-grade bond sub-portfolios available exclusively to Canadian investors. Prior to assuming his current position, Mr. Ormiston worked as a trader for Canadian-dollar-denominated bonds and derivatives from 2015 to 2020, a rates trader from 2008 to 2015, and as a municipal bond trader from 2006 to 2008. Prior to joining the firm, he worked at State Street Bank and Trust as a senior vice president and portfolio manager from 2001 to 2006, an analyst trader from 1996 to 2001, and an associate public finance banker from 1994 to 1996. He also worked in trading operations from 1991 to 1994. He has been in the investments industry since 1991. Mr. Ormiston earned his bachelor of arts degree in economics from St. Lawrence University and his master of business administration degree, with a concentration in finance from Babson College.

Sri Tella

Portfolio manager

Sri Tella is a portfolio manager in the Fixed Income division at Fidelity Investments. In this role, Mr. Tella co-manages Canadian investment-grade portfolios across retail and institutional assets, including the Canadian Short-Term Bond Fund, the Canadian Bond Fun, and investment-grade bond sub-portfolios for the Fidelity Canadian Asset Allocation Fund and the Fidelity Canadian Balanced Fund. Prior to assuming his current position, Mr. Tella was responsible for trading Canadian dollar denominated bonds and derivatives from 2008 to 2015. He joined Fidelity in 2007, working as a trader in the taxable bond group, trading U.S. treasuries, Agency debentures, and Agency MBS. Prior to joining the firm, Mr. Tella worked as a research analyst at Merrill Lynch from 2006 to 2007, a trader at HSBC Securities from 2001 to 2004, and a trader at Goldman Sachs from 1996 to 2000. He has been in the investment industry since 1996. Mr. Tella earned his bachelor of commerce degree from Queen’s University and his master of business administration from Duke University. He is also a Chartered Financial Analyst (CFA) charterholder.

Webcast – Repositioning Canadian equities for economic uncertainty

As the focus in Canada begins to shift away from interest rates and inflation, political turmoil has entered the conversation as a potential challenge for markets.

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