{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Ilan Kolet | From US Exceptionalism to Canadian Realism   Fidelity's Global Recalibration","description":"\u201cThings are priced for perfection\u2014but the world isn\u2019t perfect.\u201d \u2014 Ilan Kolet What does it take to navigate a world where the U.S. is no longer the default safe haven? In this powerful episode, Pierre Daillie is joined by Ilan Kolet, Institutional Portfolio Manager on Fidelity Investments Canada\u2019s Global Asset Allocation Team, to break down Fidelity\u2019s latest asset allocation moves\u2014and the four-pillar process guiding them. From trimming U.S. equities to boosting exposure to Europe and gold, to reassessing the Canadian market after a decade-long underweight, Kolet reveals how Fidelity is tactically rebalancing amid macro volatility, political headwinds, and shifting global capital flows. \ud83d\udcc9 We unpack weakening U.S. labor data, \ud83c\udde8\ud83c\udde6 Canada\u2019s slow productivity renaissance, the potential loss of USD tailwind status, and why gold has emerged as a strategic diversifier in a fractured geopolitical landscape. Whether you're an advisor, institutional allocator, or just looking to sharpen your portfolio perspective, this conversation is packed with insights you won\u2019t want to miss. \u23f1\ufe0f CHAPTERS 00:00 \u2013 Welcome + The big shift: From U.S. exceptionalism to global pragmatism 02:30 \u2013 One year later: What\u2019s changed in Fidelity\u2019s outlook 05:45 \u2013 AI tailwinds vs. valuation headwinds 08:25 \u2013 What \u201cneutral\u201d really means for U.S. and Canadian equities 10:10 \u2013 Canada\u2019s lost decade\u2026 and signs of turnaround 14:10 \u2013 The slow return of Canadian capital investment 17:00 \u2013 Productivity as the key to prosperity 19:40 \u2013 Asset allocation as audio mastering: \u201cThe equalizer analogy\u201d 22:00 \u2013 Gold, Europe, and the art of being selectively offensive 25:45 \u2013 The weakening U.S. labor market and the Fed\u2019s dilemma 29:00 \u2013 Canada\u2019s rising unemployment: Recession or reset? 32:00 \u2013 Political interference and the erosion of central bank independence 36:00 \u2013 The U.S. Dollar: Still a hedge, or just a habit? 40:00 \u2013 Why Fidelity slashed its CAD underweight and closed its USD long 44:00 \u2013 Europe\u2019s defense renaissance and the rise of Rheinmetall 46:30 \u2013 Gold as a geopolitical hedge: Inflation, war, and volatility 48:00 \u2013 The power of active management: +40% outperformance over passive 50:30 \u2013 Wrapping up: From big dials to basis points \ud83d\udccc KEY INSIGHTS \ud83d\udcc9 Underweight U.S.: Valuations are too high, concentration is risky, and macro instability is rising. \ud83c\udde8\ud83c\udde6 Neutral Canada: After 10+ years underweight, Canadian equities are finally earning back their spot. \ud83c\udf0d Overweight Europe: A geopolitical awakening in defense spending may unlock long-suppressed value. \ud83e\ude99 Gold Allocation: A 2.5% out-of-benchmark position to hedge inflation volatility and geopolitical tail risk. \ud83d\udcb1 Currency Realignment: From a 20% CAD underweight to just -3%, now diversified beyond USD. \ud83d\udd17 CONNECT WITH US \ud83c\udf10 Visit us at: https:\/\/www.advisoranalyst.com \ud83c\udf99\ufe0f Listen on Apple Podcasts, Spotify &amp;amp; everywhere podcasts are available \ud83d\udce9 Subscribe to our newsletter for more advisor-focused insights #FidelityInvestments #GlobalAssetAllocation #IlanKolet #PierreDaillie #InvestmentStrategy #AssetAllocation #CanadianEquities #USEquities #GoldInvesting #MacroOutlook2025 #PortfolioConstruction #Inflation #InterestRates #USDollar #FinancialAdvisors #ActiveManagement #AdvisorAnalyst #InsightIsCapital ","author_name":"Insight is Capital\u2122 Podcast","author_url":"https:\/\/advisoranalyst.com\/insight-is-capital-podcast.html","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/40687870\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/88AA3C\/\" height=\"90\" width=\"600\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/content\/200315710"}