Fidelity International's top fund manager said on Wednesday that he preferred US stocks to Europe, in contrast to the views of many others in the market. Several fund managers have said Europe is their preferred regional equity market, given the prospect of more economic stimulus measures from the European Central Bank (ECB) which has contrasted to a recent interest rate hike in the United States.
However, Dominic Rossi, global chief investment officer of equities for Fidelity, backed the US market as he felt it contained better software, social media, gaming and biotech companies. "I'm very firmly of the view that when the markets will recover, the same leadership will reassert itself," said Rossi, whose firm is responsible for $87 billion in assets under administration. "In 2011, it was intellectual property and intangible assets ... That leads you to software, IT, social media, biotech and gaming," he told reporters in a conference call.