Vatis: US financials are at 'rock bottom' valuations after correction

Fidelity's US manager Aris Vatis backing US financials after claiming they are trading at rock bottom levels.

Vatis, who took over the £1.2bn Fidelity American fund in February 2007. has delivered 29.4% in the last three years, compared to the IMA North America sector average of 22.4%. He is currently overweight financials by 3% compared to peers, with 18.7% in the sector. The manager joined Fidelity in June 2006. He had previously spent eight years at Pictet Asset Management, where he was responsible for the US research and fund management process for the global equity team. He has also managed US and global equity portfolios for Dresdner RCM. Below he reveals his views on valuations i...