The asset manager aims to rebuild gold exposure after cutting to neutral in January-February, citing central bank buying, geopolitical uncertainty and a possible return to a gold bull market in 2027.
Fidelity International plans to raise its gold holdings by allocating about 5% of its $3 billion income and growth strategy fund to the metal after previously cutting exposure to a neutral allocation in January-February. Portfolio managers George Efstathopoulos and Ian Samson said timing remains important: Efstathopoulos said the firm would consider adding on a further 5-7% pullback, while Samson said he expects gold to re-enter a bull market at some point in 2027. Fidelity said structural support for gold includes ongoing central bank buying, geopolitical uncertainty, U.S. fiscal policy factors and the prospect of Federal Reserve rate cuts.