Fidelity Manager Increases Indian and Tech Stock Allocations
George Efstathopoulos of Fidelity International is shifting investments into Indian equities and technology stocks following market volatility from the US midterm elections.
Portfolio manager George Efstathopoulos is increasing allocations to Indian equities and technology stocks to capitalize on a valuation gap created by US political uncertainty. This reallocation involves reducing holdings in defensive sectors, such as utilities, to fund the shift toward growth assets.
Efstathopoulos maintains a bullish outlook on memory-chip companies and Nasdaq-listed stocks, citing a favorable semiconductor cycle and strong earnings from hyperscalers. The strategy follows a period of global market volatility triggered by the US midterm elections, in which Democrats secured majorities in both chambers of Congress.
The political shift led to a temporary decline in Nasdaq 100 futures as investors reassessed the policy agenda of President Donald Trump. Efstathopoulos views the resulting disconnect between business fundamentals and market valuations as an opportunity to increase exposure to Asia and the technology sector.
