A global equity income approach can offer higher dividend yields, breadth in sector and regional income sources, and higher risk-adjusted returns relative to U.S. equity income, while also potentially providing traditional equity income characteristics, such as lower than market volatility, risk diversification, inflation protection, and relative downside protection.

The risk-reward profile of the U.S. stock market is not as compelling as it was five months ago when stocks bottomed, so investors may want to ensure they are not over-exposed to risk assets.

The U.S. economy remains in a modest, mid-cycle expansion. Despite the weak outlook for global growth, domestic economic growth has been supported by expanding manufacturing activity, improving credit conditions, and positive developments in the housing market.

Lessons from Japan’s banking crisis in the 1990s can be applied to an analysis of the U.K. in the aftermath of the 2008 global financial crisis.

Consumer spending and confidence have continued to improve, bolstered by improving financial and employment conditions.

The rating agencies continued to downgrade banks and sovereigns while incorporating systemic importance and government support into their rating methodologies.

With the market facing relatively high valuations on dividend-paying stocks, we present a unified valuation framework to reconcile the market’s bifurcated view on dividends versus undistributed earnings.

The infusion of more than €1 trillion in liquidity will help combat the sovereign debt crisis by unlocking the credit needed to rollover sovereign and bank debt. Nonetheless, structural fiscal imbalances still threaten to destabilize the global economy if they are not addressed within the three-year window of LTRO maturities.

Effective November 17th, 2011, Lionel Harris assumed portfolio management responsibility for Fidelity Small Cap Stock Fund. This document provides insight into Lionel’s philosophy on stocks, the process he uses to select them and the portfolio construction discipline he employs to build a diversified small cap core portfolio.

Stock Selector strategies seek repeatability in generating performance that is driven by stock selection, one of Fidelity’s core competencies. These sector-neutral strategies, which span various styles, market capitalizations and geographies, are team-managed by focused sector specialists with significant experience and demonstrated success within each of their respective sector assignments.

Current U.S. economic conditions have similarities to post-bubble Japan; most notably, the aftermath of a real-estate-focused financial crisis and deflationary pressures from deleveraging.

Globalization has made it easier for companies to transact business across borders, but it also has introduced greater complexity to the fundamental equity research process, two Fidelity Asset Management investment professionals write in this market perspectives piece.

For over twenty years at the helm of Fidelity Contrafund, Will Danoff has employed a disciplined investment approach and delivered compelling risk-adjusted performance results that have served to confound efficient market practitioners. In this paper we review the key tenets of Will’s approach, some of the components that he’s refined over time in order to adapt to changes in the market environment and provide an update on the fund’s positioning based on opportunities he’s seeing in today’s dynamic market environment.

Reading many of the 2012 investment outlooks published to date, one could be forgiven for becoming seriously depressed about similarly apocalyptic predictions of imminent “left hand tail” threats to the global financial system, economies, and even society. Conversely, more contrarian-minded folks could be forgiven for getting excited that a market so concerned with wholesale government defaults, banking crises, destruction of currencies, and impending doom, must be too pessimistic in sentiment and therefore represents great valuation opportunities.

The past year began much like it ended, with the money market fund industry experiencing significant volatility and uncertainty.

The leaders of each of the investment divisions at Fidelity asset Management gather regularly to discuss the dynamics driving financial markets. The following is a summary of the most recent CIO Roundtable discussion in December.

The following article provides a perspective from each of our equity sector leaders on the investment themes they believe are likely to have the greatest influence on the performance of each sector during the coming years.

Franco Castagliuolo, portfolio manager for several Fidelity government bond funds, explains why the Fed’s efforts haven’t led to excessive inflation yet, how inflation dynamics could play out in the years ahead, and what that could mean for investors.

Market swings have created potential opportunities in corporate and high-yield bonds and TIPS. Get insight from our experts.

Often thought of as a simple ratio, yield is usually the result of a more complex calculation, and there is typically more than one way to compute it. When misunderstood or used incorrectly, the value of yield as a metric can be diminished—and sometimes even deceptive.

China’s real estate bubble appears to be in the early stage of an eventual bust, with classic signs including expensive market valuations, tightening credit, and excess supply.

U.S. Indicators Improve, But Global and Policy Risks Rise

Market volatility challenges eurozone leaders in delivering a focused solution to the sovereign debt crisis.

Since 1998, the investment environment has alternated between balance sheet deleveraging with asset price deflation, to central bank reflation with asset price inflation.

The recent changes in the mortgage market have led most market participants (including Fidelity) to update their prepayment models. Fidelity’s fixed income investment division recently developed a new valuation model that has great transparency and flexibility, while still capturing the essential features required for intelligent security selection. In this paper, we describe this new “Agile Model.”

Heightened concerns with Europe’s fiscal imbalances contributed to a flight from more volatile assets such as stocks.

With no agreement on a budget-reduction bill, see what our experts think it may mean for stocks, bonds, and the economy.

The current environment is tremendously challenging for fixed-income investors. With the baby boom generation beginning to enter retirement and equity markets generating extreme volatility, investors now more than ever before are looking to fixed-income instruments to provide both income and capital preservation.

After years of political wavering, eurozone politicians have finally taken long-awaited steps to restore confidence by announcing a course of action to address the growing risk of financial contagion associated with sovereign defaults.

A Small Mid-Cap Strategy Exposed to the Secular Growth Trends of Ascendant Emerging-Market (EM) Domestic Economies

After several months of disappointing U.S. economic data, recent releases have been better than expected. This is due, in part, to reduced expectations, but it also reflects an overall stabilization of activity in many economic sectors. Most indicators have been in a sustained neutral trend with few signs of significant improvement or deterioration. Consumer- and housing-related activity has remained fairly weak, while other areas—especially those related to corporate activity—have shown significantly more strength. Globally, the European sovereign debt crisis has continued to weigh on sentiment, and the world economy is still slowing

Though market sentiment has improved and global stock prices have recovered in October, the current environment remains characterized by fragile sentiment and a tendency toward volatility. Understanding this market backdrop can provide a useful context for evaluating asset allocation decisions.

What is driving the boom-bust environment in the financial markets? Get answers from Jurrien Timmer.

U.S. and foreign equities had steep declines as volatility was once again the watchword in September. It was the fifth straight month of losses in the S&P 500, Russell 2000, MSCI EAFE, and MSCI Emerging Markets.

The smaller-capitalization segment of emerging markets can present an opportunity to invest in domestically focused companies that benefit from the lift of the virtuous cycle. Smaller companies offer additional benefits beyond their leverage to domestic growth drivers, including entrepreneurial managements, targeted exposure, and market inefficiencies. Through investment in smaller-cap emerging-market companies today, investors can access a compelling growth opportunity at a distinct point in time when large populations are growing rapidly.

Today, the backdrop for investing in emerging markets has evolved considerably. Developing economies’ share of global GDP— currently at 33%—has nearly doubled since the mid-1990s. Emerging markets accounted for nearly two-thirds of the total growth in global output during the past two years alone, compared to one-third in the 1960s. And they now represent more than 85% of the global population.

Entering 2011, the prospects for leveraged loans appeared favorable. U.S. economic growth seemed to be on the mend, and investors sought leveraged loans for protection from any subsequent increase in inflation and interest rates. However, macroeconomic and sovereign debt concerns that materialized during the second quarter changed investors’ outlook for economic growth. Markets were rattled, and leveraged loans were not immune from the turbulence. This article highlights some causes of the recent volatility, and discusses the merits of leveraged loans as a core portfolio allocation based on loan characteristics and current valuations.

The current market environment provides attractive opportunities for generating income from equities, as evidenced by historically high equity yields relative to bond yields. Equity income investing may offer the benefit of lower volatility relative to non-dividend-paying stocks, and dividends have contributed to total equity returns over time. Other non-bond sources of income such as preferred stocks, convertible securities, and REITs may also provide diversification benefits in an investment portfolio.

The economy remains in a muddle. Hear from our SVP of investment research on how to manage through market volatility.

Despite a weak economy, the manager of Fidelity® Magellan® Fund sees growth in biotech, health care, and online retailers.

With historic volatility affecting financial markets worldwide, eurozone officials persistently debate the options to stem potential contagion from the increasing likelihood of a Greek sovereign default. The repercussions from a Greek sovereign default may not be isolated to countries in the European Union; it could spread to neighboring economies and other major trading partners, including the United States.

Risk appetites receded in August as investors flocked to the perceived safe havens of gold and U.S. Treasuries.

What’s driving the market? Where might it go from here? And how should long-term investors behave in the face of such volatility?

Money managers on volatile markets and where they are looking for opportunities. With the stock markets roiling and each day bringing new price swings, many average investors are nervous. But how are professionals reacting?

How one of our seasoned investment pros manages through volatility—and where he has found investing opportunities.

The recent downgrade of U.S. debt signaled a market correction, but the financial troubles in Europe added fuel to the fire. With rumors mounting of sovereign debt and banking risks, the European Central Bank stepped in to try to calm the markets but with only limited success so far.

European fiscal woes have piled on top of an already fragile U.S. economy to aggravate market fears of a global economic slowdown. Concerns mounted on Friday that Greece might have difficulty meeting the terms of its financial aid package. This is occurring as evidence is building that economic activity is slowing in the U.S.

Summary of global capital market performance, macroeconomic trends and long-term investment themes.

Perhaps the primary concern faced by asset managers, investors, and advisors is the need to focus portfolio risk where more skill has been demonstrated, while reducing or eliminating risk where there has been less skill proven. A sector-specialist, sector-neutral approach is one portfolio construction model that focuses active risk on the stockpicking ability of sector-specialist managers to help investors achieve their desired performance outcomes.

The unprecedented volatility of Italian and Spanish sovereign debt yields in July marked an uptick in the stakes of the eurozone debt crisis. The following article provides our view on the remaining options for Europe, with a particular focus on probable policy actions over the coming months, as well as portfolio positioning considerations that may help bond investors during this period of uncertainty and heightened risk.

During times of market volatility, we know that your clients and their employees are looking for information and guidance relative to their investment needs, and that they may be reaching out to you with questions.

Some U.S. officials and regulators have proposed more dramatic reform for money market funds, suggesting they either be subject to the same regulations and capital requirements as traditional banks or abandon the industry’s $1 per share price and adopt a floating share price. In the following article, the appropriateness of these reform proposals is evaluated: first, by examining the roles played by these two entities in our financial system; and then, by comparing their business models, the economic interests of their constituents, and their approaches to managing risk.

Understanding the role leveraged loans can play in a portfolio in today’s markets.

The recent decline in commodities may have a silver lining.

How a global high yield bond strategy can potentially help boost income and manage risk.

What has changed over the last decade of global investing, and what could happen next?

Six Fidelity experts analyze the debate in Washington over raising the debt ceiling—and what it may mean for investors.

Bonds rallied during May as weakening economic reports squelched investors’ appetites for equities. Investment-grade corporate bonds and Treasuries had similar returns, with the Barclays U.S. Credit Index increasing 1.53% and the Barclays Capital U.S. Treasury Index up 1.56%. The U.S. Dollar Index rose 2.34%. The stronger dollar contributed to a pullback in commodity prices, with the DJ-UBS Commodity Index, crude oil, and gold all lower for the month.

Fidelity Global High Income Fund (FGHNX) seeks to tap into the income potential of fast-growing countries and companies around the world. The fund aims to deliver high current income, and potentially capital appreciation, from investing primarily in high yield, lower quality issuers based in the United States, Europe, and Asia, as well as in issuers from emerging markets.

Review of major economic data releases and the performance of the major fixed income market sectors during May

Some suggest the US Treasury "prioritize debt" to avoid default if the debt ceiling is not raised and other tools are exhausted. The implications of that strategy are explored in this report by Fixed Income Portfolio Manager Bill Irving and Director of Institutional Portfolio Management Karthik Ramanathan.

New technology is making renewable energy cheaper every year and creating new investment opportunities.

The May market reversal away from riskier assets such as stocks and commodities at least partially reflects concerns about decelerating economic growth, similar to the market correction during the spring of 2010.

Looking for opportunities amid uncertainty for the fixed income markets.

Muni manager Jamie Pagliocco says opportunities may exist if you examine credit quality.

Large global companies have moved smack into the stock market’s sweet spot, according to Jason Weiner, portfolio manager of the Fidelity Growth Discovery Fund

Lisa Emsbo-Mattingly assesses what a slowdown in the Chinese economy might mean.

Earnings guidance has remained firm for the coming year as companies continued to be upbeat about prospects for profitability despite headwinds from energy prices and other challenges.

Review of major economic data releases and the performance of the major fixed income market sectors during April

Entertainment is changing. What could the future look like, and what could it mean for investors?

The risk-reward profile of the U.S. stock market is not as compelling as it was five months ago when stocks bottomed, so investors may want to ensure they are not over-exposed to risk assets.

Lessons from Japan’s banking crisis in the 1990s can be applied to an analysis of the U.K. in the aftermath of the 2008 global financial crisis.

The rating agencies continued to downgrade banks and sovereigns while incorporating systemic importance and government support into their rating methodologies.

With the market facing relatively high valuations on dividend-paying stocks, we present a unified valuation framework to reconcile the market’s bifurcated view on dividends versus undistributed earnings.

The infusion of more than €1 trillion in liquidity will help combat the sovereign debt crisis by unlocking the credit needed to rollover sovereign and bank debt. Nonetheless, structural fiscal imbalances still threaten to destabilize the global economy if they are not addressed within the three-year window of LTRO maturities.

Globalization has made it easier for companies to transact business across borders, but it also has introduced greater complexity to the fundamental equity research process, two Fidelity Asset Management investment professionals write in this market perspectives piece.

The past year began much like it ended, with the money market fund industry experiencing significant volatility and uncertainty.

The leaders of each of the investment divisions at Fidelity asset Management gather regularly to discuss the dynamics driving financial markets. The following is a summary of the most recent CIO Roundtable discussion in December.

The following article provides a perspective from each of our equity sector leaders on the investment themes they believe are likely to have the greatest influence on the performance of each sector during the coming years.

Franco Castagliuolo, portfolio manager for several Fidelity government bond funds, explains why the Fed’s efforts haven’t led to excessive inflation yet, how inflation dynamics could play out in the years ahead, and what that could mean for investors.

China’s real estate bubble appears to be in the early stage of an eventual bust, with classic signs including expensive market valuations, tightening credit, and excess supply.

U.S. Indicators Improve, But Global and Policy Risks Rise

Market volatility challenges eurozone leaders in delivering a focused solution to the sovereign debt crisis.

Since 1998, the investment environment has alternated between balance sheet deleveraging with asset price deflation, to central bank reflation with asset price inflation.

Heightened concerns with Europe’s fiscal imbalances contributed to a flight from more volatile assets such as stocks.

With no agreement on a budget-reduction bill, see what our experts think it may mean for stocks, bonds, and the economy.

After several months of disappointing U.S. economic data, recent releases have been better than expected. This is due, in part, to reduced expectations, but it also reflects an overall stabilization of activity in many economic sectors. Most indicators have been in a sustained neutral trend with few signs of significant improvement or deterioration. Consumer- and housing-related activity has remained fairly weak, while other areas—especially those related to corporate activity—have shown significantly more strength. Globally, the European sovereign debt crisis has continued to weigh on sentiment, and the world economy is still slowing

Though market sentiment has improved and global stock prices have recovered in October, the current environment remains characterized by fragile sentiment and a tendency toward volatility. Understanding this market backdrop can provide a useful context for evaluating asset allocation decisions.

What is driving the boom-bust environment in the financial markets? Get answers from Jurrien Timmer.

U.S. and foreign equities had steep declines as volatility was once again the watchword in September. It was the fifth straight month of losses in the S&P 500, Russell 2000, MSCI EAFE, and MSCI Emerging Markets.

The economy remains in a muddle. Hear from our SVP of investment research on how to manage through market volatility.

Despite a weak economy, the manager of Fidelity® Magellan® Fund sees growth in biotech, health care, and online retailers.

Risk appetites receded in August as investors flocked to the perceived safe havens of gold and U.S. Treasuries.

What’s driving the market? Where might it go from here? And how should long-term investors behave in the face of such volatility?

European fiscal woes have piled on top of an already fragile U.S. economy to aggravate market fears of a global economic slowdown. Concerns mounted on Friday that Greece might have difficulty meeting the terms of its financial aid package. This is occurring as evidence is building that economic activity is slowing in the U.S.

Summary of global capital market performance, macroeconomic trends and long-term investment themes.

Bonds rallied during May as weakening economic reports squelched investors’ appetites for equities. Investment-grade corporate bonds and Treasuries had similar returns, with the Barclays U.S. Credit Index increasing 1.53% and the Barclays Capital U.S. Treasury Index up 1.56%. The U.S. Dollar Index rose 2.34%. The stronger dollar contributed to a pullback in commodity prices, with the DJ-UBS Commodity Index, crude oil, and gold all lower for the month.

Review of major economic data releases and the performance of the major fixed income market sectors during May

Earnings guidance has remained firm for the coming year as companies continued to be upbeat about prospects for profitability despite headwinds from energy prices and other challenges.

Review of major economic data releases and the performance of the major fixed income market sectors during April

The U.S. economy remains in a modest, mid-cycle expansion. Despite the weak outlook for global growth, domestic economic growth has been supported by expanding manufacturing activity, improving credit conditions, and positive developments in the housing market.

Lessons from Japan’s banking crisis in the 1990s can be applied to an analysis of the U.K. in the aftermath of the 2008 global financial crisis.

Consumer spending and confidence have continued to improve, bolstered by improving financial and employment conditions.

Current U.S. economic conditions have similarities to post-bubble Japan; most notably, the aftermath of a real-estate-focused financial crisis and deflationary pressures from deleveraging.

The recent downgrade of U.S. debt signaled a market correction, but the financial troubles in Europe added fuel to the fire. With rumors mounting of sovereign debt and banking risks, the European Central Bank stepped in to try to calm the markets but with only limited success so far.

Six Fidelity experts analyze the debate in Washington over raising the debt ceiling—and what it may mean for investors.

Some suggest the US Treasury "prioritize debt" to avoid default if the debt ceiling is not raised and other tools are exhausted. The implications of that strategy are explored in this report by Fixed Income Portfolio Manager Bill Irving and Director of Institutional Portfolio Management Karthik Ramanathan.

The May market reversal away from riskier assets such as stocks and commodities at least partially reflects concerns about decelerating economic growth, similar to the market correction during the spring of 2010.

Lisa Emsbo-Mattingly assesses what a slowdown in the Chinese economy might mean.

A global equity income approach can offer higher dividend yields, breadth in sector and regional income sources, and higher risk-adjusted returns relative to U.S. equity income, while also potentially providing traditional equity income characteristics, such as lower than market volatility, risk diversification, inflation protection, and relative downside protection.

The risk-reward profile of the U.S. stock market is not as compelling as it was five months ago when stocks bottomed, so investors may want to ensure they are not over-exposed to risk assets.

With the market facing relatively high valuations on dividend-paying stocks, we present a unified valuation framework to reconcile the market’s bifurcated view on dividends versus undistributed earnings.

Effective November 17th, 2011, Lionel Harris assumed portfolio management responsibility for Fidelity Small Cap Stock Fund. This document provides insight into Lionel’s philosophy on stocks, the process he uses to select them and the portfolio construction discipline he employs to build a diversified small cap core portfolio.

Stock Selector strategies seek repeatability in generating performance that is driven by stock selection, one of Fidelity’s core competencies. These sector-neutral strategies, which span various styles, market capitalizations and geographies, are team-managed by focused sector specialists with significant experience and demonstrated success within each of their respective sector assignments.

Globalization has made it easier for companies to transact business across borders, but it also has introduced greater complexity to the fundamental equity research process, two Fidelity Asset Management investment professionals write in this market perspectives piece.

For over twenty years at the helm of Fidelity Contrafund, Will Danoff has employed a disciplined investment approach and delivered compelling risk-adjusted performance results that have served to confound efficient market practitioners. In this paper we review the key tenets of Will’s approach, some of the components that he’s refined over time in order to adapt to changes in the market environment and provide an update on the fund’s positioning based on opportunities he’s seeing in today’s dynamic market environment.

Money managers on volatile markets and where they are looking for opportunities. With the stock markets roiling and each day bringing new price swings, many average investors are nervous. But how are professionals reacting?

How one of our seasoned investment pros manages through volatility—and where he has found investing opportunities.

Perhaps the primary concern faced by asset managers, investors, and advisors is the need to focus portfolio risk where more skill has been demonstrated, while reducing or eliminating risk where there has been less skill proven. A sector-specialist, sector-neutral approach is one portfolio construction model that focuses active risk on the stockpicking ability of sector-specialist managers to help investors achieve their desired performance outcomes.

New technology is making renewable energy cheaper every year and creating new investment opportunities.

Large global companies have moved smack into the stock market’s sweet spot, according to Jason Weiner, portfolio manager of the Fidelity Growth Discovery Fund

Entertainment is changing. What could the future look like, and what could it mean for investors?

A global equity income approach can offer higher dividend yields, breadth in sector and regional income sources, and higher risk-adjusted returns relative to U.S. equity income, while also potentially providing traditional equity income characteristics, such as lower than market volatility, risk diversification, inflation protection, and relative downside protection.

Globalization has made it easier for companies to transact business across borders, but it also has introduced greater complexity to the fundamental equity research process, two Fidelity Asset Management investment professionals write in this market perspectives piece.

A Small Mid-Cap Strategy Exposed to the Secular Growth Trends of Ascendant Emerging-Market (EM) Domestic Economies

The smaller-capitalization segment of emerging markets can present an opportunity to invest in domestically focused companies that benefit from the lift of the virtuous cycle. Smaller companies offer additional benefits beyond their leverage to domestic growth drivers, including entrepreneurial managements, targeted exposure, and market inefficiencies. Through investment in smaller-cap emerging-market companies today, investors can access a compelling growth opportunity at a distinct point in time when large populations are growing rapidly.

Today, the backdrop for investing in emerging markets has evolved considerably. Developing economies’ share of global GDP— currently at 33%—has nearly doubled since the mid-1990s. Emerging markets accounted for nearly two-thirds of the total growth in global output during the past two years alone, compared to one-third in the 1960s. And they now represent more than 85% of the global population.

Money managers on volatile markets and where they are looking for opportunities. With the stock markets roiling and each day bringing new price swings, many average investors are nervous. But how are professionals reacting?

The rating agencies continued to downgrade banks and sovereigns while incorporating systemic importance and government support into their rating methodologies.

The infusion of more than €1 trillion in liquidity will help combat the sovereign debt crisis by unlocking the credit needed to rollover sovereign and bank debt. Nonetheless, structural fiscal imbalances still threaten to destabilize the global economy if they are not addressed within the three-year window of LTRO maturities.

Reading many of the 2012 investment outlooks published to date, one could be forgiven for becoming seriously depressed about similarly apocalyptic predictions of imminent “left hand tail” threats to the global financial system, economies, and even society. Conversely, more contrarian-minded folks could be forgiven for getting excited that a market so concerned with wholesale government defaults, banking crises, destruction of currencies, and impending doom, must be too pessimistic in sentiment and therefore represents great valuation opportunities.

Market swings have created potential opportunities in corporate and high-yield bonds and TIPS. Get insight from our experts.

Often thought of as a simple ratio, yield is usually the result of a more complex calculation, and there is typically more than one way to compute it. When misunderstood or used incorrectly, the value of yield as a metric can be diminished—and sometimes even deceptive.

The recent changes in the mortgage market have led most market participants (including Fidelity) to update their prepayment models. Fidelity’s fixed income investment division recently developed a new valuation model that has great transparency and flexibility, while still capturing the essential features required for intelligent security selection. In this paper, we describe this new “Agile Model.”

The current environment is tremendously challenging for fixed-income investors. With the baby boom generation beginning to enter retirement and equity markets generating extreme volatility, investors now more than ever before are looking to fixed-income instruments to provide both income and capital preservation.

After years of political wavering, eurozone politicians have finally taken long-awaited steps to restore confidence by announcing a course of action to address the growing risk of financial contagion associated with sovereign defaults.

Entering 2011, the prospects for leveraged loans appeared favorable. U.S. economic growth seemed to be on the mend, and investors sought leveraged loans for protection from any subsequent increase in inflation and interest rates. However, macroeconomic and sovereign debt concerns that materialized during the second quarter changed investors’ outlook for economic growth. Markets were rattled, and leveraged loans were not immune from the turbulence. This article highlights some causes of the recent volatility, and discusses the merits of leveraged loans as a core portfolio allocation based on loan characteristics and current valuations.

The current market environment provides attractive opportunities for generating income from equities, as evidenced by historically high equity yields relative to bond yields. Equity income investing may offer the benefit of lower volatility relative to non-dividend-paying stocks, and dividends have contributed to total equity returns over time. Other non-bond sources of income such as preferred stocks, convertible securities, and REITs may also provide diversification benefits in an investment portfolio.

With historic volatility affecting financial markets worldwide, eurozone officials persistently debate the options to stem potential contagion from the increasing likelihood of a Greek sovereign default. The repercussions from a Greek sovereign default may not be isolated to countries in the European Union; it could spread to neighboring economies and other major trading partners, including the United States.

Fidelity Global High Income Fund (FGHNX) seeks to tap into the income potential of fast-growing countries and companies around the world. The fund aims to deliver high current income, and potentially capital appreciation, from investing primarily in high yield, lower quality issuers based in the United States, Europe, and Asia, as well as in issuers from emerging markets.

Looking for opportunities amid uncertainty for the fixed income markets.

Muni manager Jamie Pagliocco says opportunities may exist if you examine credit quality.