How Shifting Markets Shape Investing with Bryan Sajjadi

[00:00:19] Doug Heikkinen: Before we get started, can you share a little bit about yourself and how you got to Fidelity?

[00:00:24] Bryan Sajjadi: Yeah, certainly. So I'm going on 15 years at Fidelity, which is still brand new according to some of my peers. And I've kind of played an exclusive strategist role. So it's really unique. I started out as a sector strategist working with our portfolio managers on sectors like technology biotech, semiconductors, consumer, et cetera. Since then, my role has evolved. I started covering the domestic equity suite of Fidelity products. So things like large cap growth, small cap value, everything in between. That evolved once more to global equities. So international funds, things like developed and emerging markets. And then most recently I was blessed and fortunate to be asked to be a capital market strategist.

So it's all things under the sun, macro, equities, fixed income, alternatives, and the list goes on. So pretty exciting. But, never a dull moment at Fidelity is always what we say.

[00:01:25] Doug Heikkinen: Well, great, because I have a whole list of questions for you surrounding all of that. So let's start out with what makes Fidelity's approach to managing money different from other asset managers.

[00:01:36] Bryan Sajjadi: Yeah, so the way I kind of think about this, it's three things. So I think the investor mindset of Fidelity really offers a different perspective. And the way that I might kind of describe that is, is I think a lot of folks are familiar with the size of Fidelity. So we're currently running $6.8 trillion right now in discretionary assets. We were founded though back in 1946, so 75 years, call it, worth of investment expertise. Where I think the rubber really meets the road and, kind of evolving with that investor mindset is we've been privately owned the entire time. And why is that relevant? Well, what that does is it enables us to take this long-term view that we feel like can really align with client investment objectives. So whether that's investing in things like talent, technology, data, the innovation that we've invested in. It's very much this long-term view of it, not necessarily trying to succumb to, let's say, short-term pressures. And I think, Doug, just to kind of bring that to life a little bit is, if you kind of think about our prowess right now in the cryptocurrency space back in 2011 was the first time that we began to mine Bitcoin. And I would argue that was way before it was garnering headlines, let's call it, in the press. If you fast forward to where we are today we're a very prominent I would say member of the, cryptocurrency space, whether it's through products thought leadership, and the list goes on, right?

So just being able to, kind of stay on the balls of our feet, so to speak, as, it relates to some of the innovation. Number two and three, I think you could argue, are not necessarily groundbreaking, so to speak. So the second one that I would say is the research power that we have at Fidelity. And this is really something that I think differentiates us within the industry. So the depth of the expertise that we have, I would say, is what makes us the skilled investor. But the breadth of it is really what differentiates us.

So right now we have a little over a thousand research professionals spread worldwide, 11 different countries across the globe. But I think really where we kind of differentiate ourselves, and this is a quote from Peter Lynch. "It's the person that turns over the most rocks that wins the game." And Peter Lynch, as you know, was one of the famed investors who ran the Magellan funds, back in the eighties and early nineties. If you sort of quantify that out, it could be the fixed income team that's talking to our equity team about bond issuance. We have a quantitative team here at Fidelity that's using computer data to discover some of this new information that our PMs can use to form their insight. I think that's where the consistency comes from, and that's where we have this repeatable process that allows us to outperform. Which leads me to point number three, Doug, which is, the performance, right? So that strong performance across those asset classes, I would argue are unparalleled. So year in and year out, we're trying to deliver these consistent, strong performance. And I think an example of this, just let me try to bring this to life a little bit. We did an exercise where we took all of the research teams calls. As they relate to buys versus sells, and this is going back to 2003. And what we found out is had you just invested in the buys, not invested in the sells, you would've generated around 28% alpha versus the Russell 1000 growth index. So pretty outstanding, let's call it, in that regard, to be able to lean on these research professionals and then make decisions accordingly. So that to me, I think is a bit of a differentiator as it relates to some of the outperformance that, that we've been doing for so long.

[00:05:38] Doug Heikkinen: How does Fidelity's multi-perspective investment philosophy help deliver results across market cycles?

[00:05:46] Bryan Sajjadi: So we know that there's no single investment approach that works in every market environment. So we benefit from the size and the scale of the investment decision. That's also going to affect our research team as well. Some of the diverse perspectives that we have, help the investors really pressure test their thesis, and it gives them this 360 degree view. This helps us uncover opportunities and avoid missteps. One of the ways that we're really employing that is leveraging technology. So we have ability right now to use AI models, going back to that quote that I used from Peter Lynch, right? The more rocks you turn over the higher likelihood you are to find gold. These AI models are now being used to turn over more rocks. So we're taking these decades of fundamental research and developing that in some of our systematic capabilities. The example I would give you here, is a portfolio manager, named John Dance, who runs our emerging market fund. He really helped pioneer this machine learning model that we use where we can, it allows them to actually understand the process and philosophy of what John likes to employ. We could turn over more rocks in that regard. And then it narrows down a really robust universe in order to get down to names that might make the cut. Then he could take it from there, apply his fundamental framework and potentially invest in those companies. So having that machine learning tool, I think is just another equip in the arsenal that, that allows us to be able to deliver consistent results. Maybe one last example, Doug, that I would give you here is, it's not just these separate asset classes that sort of operate on their own on an island. If I think about the fixed income team, just as an example, collaborating with the equity team, right? So trying to get an understanding of the entire capital income structure. So I think of a company like Oracle, just here in recent news, Oracle has been building out data centers, right? Benefiting from the artificial intelligence swing that we've seen as of late. Well, they've recently started to issue debt to be able to fund it. Now the equity team has been able to kind of confirm that free cash flow earnings, they can take a look at things like the income statement, the balance sheet. The fixed income team has these conversations directly with companies like an Oracle, just as an example. So being able to kind of have this feedback loop across different asset classes, I think is a really unique way that we can stay on top of what's going on in the market.

[00:08:18] Doug Heikkinen: As you mentioned, Fidelity has a long history of strong performance. What are the factors that have contributed most to that consistency?

[00:08:28] Bryan Sajjadi: The investor mindset and the research power is really what gives the investment teams that informational advantage. So from there, the PMs are going to use their experience, their expertise, their insight, to be able to implement that in real time. And, I think having that disciplined investment process across the division, if you pair that with some of the risk oversight that we're employing, that's where the strong outperformance comes from. The example that I would give is an exercise that my team and I have recently employed. So what we did here was we looked, over the last 10 years, if you take the large cap growth kind of entire industry of funds, actively managed funds that are out there, there's about 154 unique ones through quarter end. What we found out is only 10 of them have outperformed the Russell 1000 Growth Index. So a really small cohort. The punchline here is four out of those 10 that have outperformed, have Fidelity in front of their name. So one of the areas that I would argue that we have a big competitive advantage is not only large cap growth, I would also sort of kind of employ this across the board. But one of the biggest differentiators within the large growth space is not only the ability to overweight and underweight what we believe are perceived winners versus losers, but we also have access to private markets. And I think that really is a huge differentiator of some of the insights that we're able to gain through companies that are choosing to stay private a lot longer. As we know, there's a lot less publicly traded companies today than there was even 25 years ago. So being able to have that access into private markets and then not only gain the insight from those management teams, but build relationships. So if and when they choose to IPO, that's something that we're usually viewed as a business partner of theirs rather than just an investor.

[00:10:26] Doug Heikkinen: You mentioned Fidelity has one of the largest research teams in the industry now being supercharged by AI. How does that scale translate into better outcomes for advisors? And I imagine it's not just numbers.

[00:10:40] Bryan Sajjadi: Yeah, so we talked about the thousand investment professionals across the globe. I think that's a staggering number. That's certainly something that we lean on heavily. Two examples that, I thought about came to mind. Number one, outside of the fundamental analysts that we have specifically to the international team, we also have exposure to a team called the Forensic Accounting Team.

And this is a really unique resource that the international team leans on. So these are the folks that have the ability to dive really deeply into different reports for different companies. So if there's any sort of irregularities, especially for some of the emerging market space, is really what comes to mind, then our portfolio managers will be able to lean on the forensic accounting team to identify any of those irregularities. And I've spoken to that team before. It's fascinating. There's times where, you'll see them get in the car and drive three to five hours to visit companies, only to find out that the address on file is a warehouse with a mailbox listed outside, right? So it's things like that, that not only within, especially in the emerging market space, it's what you do own. A lot of times it's what you don't own, and you can avoid. And so I think that forensic accounting team is integral as it relates to some of the due diligence work that we do. The second one, Doug, that comes to mind and I think is a big comparative advantage of ours, is the sector expertise that we have. And I just mentioned kind of my foray into Fidelity as a strategist being on the sector investing team. Really the way that this manifested kind of interestingly, I was speaking with one of the founders of Fidelity years back.

Back in the eighties, there was a popular show called Wall Street Week with Lou Rukeyser. Might be familiar. And what would happen inevitably is the show would run on a Friday, and by the Monday that the market would open back up, we would have a line outside of our Fidelity investor centers. And they would be asking about what Lou Rukeyser brought on in terms of the Wall Street analyst, if it was an energy analyst or technology.

And the list goes on. And so what we sort of decided to do was say, okay, why don't we package some of these ideas through the investment expertise that we have, right? And that was really what kind of prompted us to launch the first sector fund back in 1980. Since then we've built out that suite and we've expanded it. But the way that I would sort of describe this, getting back to the research capabilities, is that's really the way that our research analysts are carved up. So we have an expertise, let's say, in areas like technology, communication services, healthcare. So If there's any broad based portfolio managers that want to dive deeper into a specific sector or industry, well now we have what we would consider experts in their own regard. And one example that, just to bring this to life. Earlier this year, which sounds crazy to say that because it's already November, 2025, we had the DeepSeek moment. Which was, it spooked investors. And maybe just to keep us on a level playing field, DeepSeek is a private Chinese company that released a new LLM, large language model, and they released an accompanying paper that describes how they were able to basically match if not best results from companies like OpenAI, Anthropic, Meta's LLM called Llama. And it spooked investors because then they were able to do it cheaper. And so investors were thinking, okay, well is all of the AI data center and the investment that we're seeing, is that going to be necessary? Well, what we were able to do, not only were we on top of this, was this something that we were aware of back in December, prior to that in January. But that same day as Nvidia was losing hundreds of billions of dollars worth of their market cap, we were able to get the CEO and founder Jensen Wong. He and his top lieutenants had a conversation with our entire Fidelity portfolio management team, and kind of describe some of the nuances. So, he talked through things like inferencing workloads versus training and how, while training might be made more efficient with this, LLM, the inferencing workload because of the adaptability, you'd actually get a lot more inferencing capabilities, kind of on the heels of this.

So. The point I'm trying to make here is cooler heads eventually prevailed. As we know, artificial intelligence is still alive and well, to say the very least. But that short-term dislocation allowed our portfolio managers to be able to kind of take advantage of some of the volatility that we saw during that timeframe.

What allowed that to happen was the relationships that we have. I think about a gentleman named Adam Benjamin. He's the portfolio manager and the research analyst on our technology and semiconductor fund. He's been able to have a relationship with Jensen going back more than two decades.

So being able to kind of access that level of management. It's just an example, but if you kind of think about that across the board, I think that's something that gives us a really unique comparative advantage versus some of our peers.

[00:16:16] Doug Heikkinen: Can you share an example of how collaboration between fundamental and quantitative teams creates unique investment insights?

[00:16:26] Bryan Sajjadi: Yeah, certainly. so there's a, new term and I didn't create it, but if you haven't heard of it, then feel free to attribute it to me. This new term, Doug is, quantamental. So it's taking this idea of quantitative thinking. and jamming it together with fundamental. And the reason why I bring that up is because we often get asked the question whether we're a quant shop or a fundamental shop.

And I feel like that's the wrong way to maybe think about it. Like, what I think about is we're an alpha shop. We don't discriminate as it relates to alpha. We'll get it where we can. And so constantly looking for these different ways in order to generate alpha, I would say, is paramount.

Whether it's through the quantitative lens or through the fundamental lens. Let me just try to, to maybe, bring this to life though. So every one of our fundamental portfolio managers have a quant on staff. And what his or her responsibility is, is to be able to identify what kinds of factors portfolio managers might either inadvertently or inadvertently have exposure to. So for example, are you skewed towards some of these borrower risk factors like quality, momentum, low volatility, value, high beta versus low beta? The list goes on, right? So we're all familiar with this. Well, the reason why that's really important is because there might be times where some of those factors could skew some of the relative performance. So I think where this really kind of manifests is it allows the portfolio managers to be hyper aware of what those risk frameworks look like so it could help inform their decisions. Now let me just take this one step further. Our quantitative analysts we've had on the payroll since the 1960s, was the first time that, that we had quant analysts on staff.

It's really interesting, there's a picture, it's a black and white photo of a gentleman named Stuart Rooney, who was the first quant employed by Fidelity. He has a pipe in his mouth, he's sitting in front of kind of an old school computer. And the picture just next to it was a portfolio manager with hundreds and hundreds of papers, right, from a fundamental perspective, trying to get the edge. And so, being able to rely on this quantitative database that we have. What that allowed us to do was when we wanted to take the foray into factor ETFs, well, now we can go back to this database that we have and really try to hone in on what defines a factor, right?

So, one example I would give is, what do you consider value? Is it price to earnings? Is it price to book? What do you consider? Well, what we did was we can go into our database and we can say, Hey, there's four discrete factors that we think do a really good job to identify value. It's things like forward price to earnings, price to tangible book value. The EV to ebitda, enterprise value to earnings before interest, taxes, depreciation and amortization, and the price to free cash flow. And the reason why we did that was being able to go back to this database, it's really hard to manufacture and fudge numbers across all three of those different income statements. And so I just used that as an example, Doug. But, trying to bring that to life, that was really the crux of our factory ETFs that we launched back in 2016. If you fast forward to where we are today those same quant analysts have been integral to launch what we call our enhanced ETFs, which I'm happy to maybe expand on. But it's combining some of this multifactor approach with active management. Then the same would go for the fundamental ETFs that we've recently launched, which, that's another one where we take some of our best ideas across Fidelity and we're looking at things like active overweights versus the index. We're looking at overlap versus other portfolios. And there's kind of a secret recipe in here. Well, essentially we're getting the best ideas across a specific asset class, and we're giving folks access to that in one easy to use way, in an ETF. So I realize I'm kind of on the soapbox here, but the point I would make is, that quantitative advantage that we have. Not only helps us, right, behind the scenes when it comes to the fundamental portfolio managers, but you're also getting access to that directly right through things like ETFs.

[00:20:59] Doug Heikkinen: Fidelity recently earned top rankings from Barron's and Lipper, IBD, Bloomberg. Congratulations. What do all these awards mean for advisors and their clients?

[00:21:09] Bryan Sajjadi: Well, that's why we do what we do, Doug, right? It's for the, it's for the third party accolades. No, I'm kidding. Obviously it's great. You love to see four and five stars, which we're up to a little over 400 of our funds now kind of rank in that category. Barron's ranked us the number three family in the Best Fund Families list recently. That was for the one year performance. Five in 10 years. So they're sort of aggregating all that information. Refinitiv Lipper, so we have 23 funds right now that have earned different Lipper fund awards just in this year alone. So I think that's just a reaffirmation and, as you know, just working with advisors, which I've been able to be fortunate enough to do now for almost 15 years. While we can talk about all of the qualitative differences of things like Fidelity, you want to be able to lean on some of these third party research firms to help kind of confirm that and we feel like we have the edge on that. Another just quick example of it. Adam Benjamin, who I mentioned on the tech and semis fund. He was voted the Bloomberg Stock Picker of the year for the third year out of the last five years. So being able to sort of lean on him, especially as there's questions related around artificial intelligence, what does the future look like in terms of some of the technology, being able to have some of the investment expertise that we do, I think it's really special. And having that third party affirmation, I think, just helps sort of seal the deal. Kind of stamp us, if you will for, for the rest of the industry.

[00:22:52] Doug Heikkinen: Right. Here comes the crystal ball question, which has to be incredibly difficult in this environment. What trends do you see shaping the investment landscape in 2026 and beyond, and how is Fidelity preparing for them?

[00:23:05] Bryan Sajjadi: Yeah, so, so this is where I'm going to try to take an hour long presentation that I

do, Doug, and I'll condense it to maybe a minute and a half. All right. So three things. From a macro perspective, we have a team of Fidelity called the asset allocation Research Team. A lot of really talented folks that are trying to identify where we are in the business cycle. And what they've most recently come to the conclusion of is that we are in this late cycle expansion. The way that I would describe the thoughts going forward is kind of breaking up into three different macro factors. One is inflation, which we have an inflation guru, here at Fidelity that believes that we are going to see inflation slightly tick up in the short term before it peaks and begins to come back down. The important point here is we're not going back to that 9% level that we came from back in 2022. So inflation. Still a bit of a wild card, but we feel like it's not going to get down to that 2% level, as the Fed has dictated, as quickly as they want. But we're, trending in the right direction. The labor market has been something that we're keenly aware of. And right now we do payroll for 13% of the workforce out there. And one example I would give here is if you type the words 401k.com into your internet browser, it brings you to Fidelity. So that's something that we, being able to use that insight, right, to be able to get some of this proprietary data, one thing that we feel like is you're going to continue to see some ambiguity around things like unemployment numbers, payroll data, et cetera. But it's not enough to tip us into a recession. And the reason why we say that is the third point, which is the consumer. So we feel like there's going to be a pretty significant amount of stimulus that's coming in the form of both fiscal and monetary. And the fiscal example I would give you here is tax refunds that you're going to see coming through the One Big Beautiful Bill Act. And you're also seeing that manifest through basically an effective tax cut rate for corporations. So suffice it to say, economically there's a lot of moving parts here in the US, but we still feel like we're on firm footing. Points number two and three, I'll try to be more succinct. Number two, I would say the fundamental backdrop right now for equities, both the US and international, is more attractive than we've seen in years. And really what I'm using to kind of dictate the fundamentals is earnings. So right now, if you look across the board, US, MSCI EAFE, which is kind of what we use for our international develops, and MSCI EM. All three of those major equity asset classes are projected to grow earnings by double digits next year in 2026. Now, why is that? A lot of that is, is artificial intelligence. It's also things like fiscal spend, right?

Defense and infrastructure spending. Some corporate reform. So a lot of kind of positive catalysts. You're also seeing the dollar weaken, which has served as a catalyst for the international space. The point I would make though, is you want to be really selective, right? Because I think there's a lot more dispersion coming in 2026, and that's going to feed itself well into point number three, Doug, which is diversification. So outside of just the equity markets, if you think about things like fixed income as an example. That's been working. Alternatives, right? Being able to kind of use not only for diversification purposes, but things like yield, absolute returns, hedging, right? Whether it's adding some downside protection. And the list goes on. I think going into 2026, we are cautiously optimistic. But with that being said, we wanna make sure that we're diversified. So how did I do? Hopefully, that's, I was able to consent it, Doug, but, that's, the, short version, let's call it, of what we're seeing in the new year.

[00:27:00] Doug Heikkinen: Alright. I think you did great. Last one for you. How does Fidelity balance innovation like ETFs and factor strategies with its legacy of active management?

[00:27:10] Bryan Sajjadi: Yeah, I think this is, kind of one of the most important points that I would try to make, is we continue to see this evolving landscape of investments, right? And, I think the pedigree of Fidelity, we sort of launched ourselves on as active managers. Now, the way that's manifested in years past has really been through mutual funds. Up until more recently, now we're able to launch active managers in an agnostic product form. Now, let me just kind of expand on what I mean by that. What we think of is ETFs, SMAs, direct indexing, mutual funds and the list can even go on. So whether it's BDCs, interval funds, at the very core of this is active management. And so what we really pride ourselves on is being able to continuously provide alpha to our shareholders. Now we're able to offer that in different vehicles. So whether that's thinking about qualified versus non-qualified accounts, well now if you're in a non qual account, you can use an ETF, which tends to be a lot more tax efficient, but you can have your cake and eat it too, so to speak.

Meaning you can have an active manager that's actively trying to outperform his or her index, but you can get the tax efficiency through an ETF or even an SMA. The same would go outside of that. Qualified, if you think about, mutual funds, that's not going away anytime soon. The point that we're really trying to get at here, though, is having that edge, whether it's through a quantitative lens, fundamental, but being able to really capture all of that and offer that to clients that's what we continue to strive to do.

And I think the performance really speaks for itself. But, going forward, I think that's going to continue to be the wood that we try to chop, at least here at Fidelity.

[00:29:11] Doug Heikkinen: Brian, this has been really great. So informative. You love what you do. Thanks for being with us.

[00:29:18] Bryan Sajjadi: Thanks for having me, Doug.

[00:29:20] Doug Heikkinen: If you would like to learn more about Fidelity's top performing mutual funds and ETFs for financial advisors, visit i.Fidelity.com/topfunds. We are on all social media platforms @Advisorpedia. Please give us a follow. For our producer Tory Miller and everyone at Advisorpedia, thank you so much for listening.

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