Video description: Daniel Dupont, Portfolio Manager at Canada Life Fidelity Northstar, talks about what sets them apart from others in the industry.

Video content:

Description: A text banner appears stating Interview with Daniel Dupont. Portfolio Manager for the Canada Life Fidelity NorthStar. The Canada Life logo appears at the right side of the screen.

Description: A text banner appears stating What is your investment philosophy?

Description: A text banner appears stating Daniel Dupont, Portfolio Manager, Canada Life Fidelity NorthStar. A man in business attire sits in a room and looks to an interviewer off-screen.

Daniel Dupont: Sometimes forgetting one little thing, one big loss, one small mistake can cost you a lot, so my investment processes around protecting capital, it is about minimizing mistakes, making sure that we don't lose, so we win by not losing.

Description: A text banner appears stating What sets Canada Life Fidelity NorthStar® apart?

Daniel Dupont: Very simply, my investment process is based on capital preservation and being very defensive, protecting people's capital. And despite the fact that maybe in some years some people didn't like the fact that we weren't going up as much as some other funds were doing, I think over time the compounding creates a very, very solid return. It allows you to outperform the benchmark, outperform the markets generally with less volatility and therefore allows you the patience to survive through the ups and downs and to stick to your investment process.

Description: A text banner appears stating How do you approach volatility in the markets?

Daniel Dupont: Interestingly, volatility for my process is very welcome. When you have a very low volatility process and product, when the markets become volatile and opportunities arise, you can deploy capital that you have. You can use some of that very, very low volatility, some of these stocks that are just not moving and sell them and buy stocks that have been discounted massively, maybe because they're a bit more cyclical because people are afraid of recession or changes in interest rates or these sorts of things.

Daniel Dupont: So starting off with very low volatility in your fund, a fund that's very defensive, allows you the patience to wait for really good opportunities and when they arise, you're not nervous. You're not afraid of buying something that's more cyclical because already your fund is not very cyclical. You can afford to take in a bit more volatility and longer term the lower draw downs. Meaning, when your fund goes down less than the market, it allows you better variability.

Daniel Dupont: On the upside, you can go up a little less. But still on a compounded basis, you're going to do just as well or better.

Description: A text banner appears stating How has this focus on volatility impacted fund performance?

Daniel Dupont: We have done better by losing less when the markets are down, so winning by not losing. Slightly counterintuitive, but works really well long term for the very patient investor because of that allows us to compound at faster rates than average.

Description: A text banner appears stating What is the most exciting part of the job?

Daniel Dupont: The most exciting part of my job is when I finally get the opportunity to deploy capital that I've been sitting on for a decent amount of time. To be able to see the future performance through what you're doing now is really, really exciting. As they say, your performance is not when you sell a stock, it's when you buy it.

Daniel Dupont: It's when you plant the seeds, you know that that particular company at the price it was purchased is most definitely going to give you a good return over time. So that is the most exciting part of my job is when everything comes together and the market gives you an opportunity to deploy the capital you've been sitting on.

Description: A text banner appears stating If your fund was a car, what kind of fund would it be?

Daniel Dupont: So if I had to compare my fund, or my investment process to a car, I would say it probably resembles more of a tank than anything else. I think we are built for war. We are built for really bad times and when the bombs start dropping and people are driving around in their Porsches, I think we will survive better than others around us. So it means that you're going a little slower when things are really, really sunny and rosy, and the skies are blue and the rainbows are out. But when the going gets tough, your tank will always be there to protect you.

Description: Canada Life logo appears. Canada Life and design are trademarks of The Canada Life Assurance Company.

Description: Text appears stating This video may not be redistributed in whole or in part without the prior consent of Fidelity. From time to time, a manager, analyst or other Fidelity employee ay express views regarding a particular company, security and industry or market sector. The views expressed by any such person are the views only of that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time, based upon markets or other conditions, and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity Fund are based on numerous factors, may not be relied on as indication of trading intent on behalf of any Fidelity Fund.

Certain Statements in this commentary may contain forward-looking statements (FLS) that are predictive in nature and may include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest and assuming no changes to applicable tax or other laws or government legislation. Expectations and projections about future events are inherently subject to, among other things, risks and uncertainties, some of which may be unforeseeable and, accordingly, may prove to be incorrect at a future date. FLS are not guarantees of future performance, and actual events could differ materially from those expressed or implied in any FLS. A number of important factors can contribute to these digressions, including, but not limited to, general economic, political or market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition and catastrophic events. You should avoid placing any undue reliance on FLS. Further, there is no specific intention of updating any FLS whether as a result of new information, future events or otherwise.