Fidelity's Wright gears up to buy through market sell-off

'Interesting opportunity'

Fidelity’s Alex Wright has levered up as he looks to capitalise on the “exceptionally low level of valuations” after UK equity markets’ coronavirus-related plunge.

After further falls on Monday morning, the FTSE 100 and FTSE 250 were down 32.5% and 37% respectively as travel bans come into effect and central banks introduce interest rates cuts and monetary stimulus to shield economies. Last week, a precipitous fall in the oil price also led equities lower. However, while many were pulling cash out of equities, many long-term investors decided to take the opportunity to top up at lower valuations. Wright said the sell-off had thrown up "a really interesting opportunity", with markets as cheap as he has seen them over his 12-year tenure as a fund ...