Fidelity Unveils Global Long/Short Fund Amid Alternative Investing Boom

TORONTO, ON – January 29, 2026 – Fidelity Investments Canada ULC today announced a significant expansion of its investment lineup, headlined by the launch of the Fidelity Global Opportunities Long/Short Fund and its corresponding ETF series. The move comes as Canadian investors and advisors increasingly turn to alternative strategies to navigate market volatility and diversify portfolios, a trend that has seen the liquid alternatives market swell to over $30 billion in assets.

In addition to the new long/short offering, Fidelity is also introducing the Fidelity American Equity Fund – ETF Series (FCAE) and adding U.S. dollar purchase options to its popular suite of six All-in-One ETF Funds. This multi-faceted launch underscores a strategic push to provide investors with more sophisticated tools and greater flexibility in an era of shifting economic and political tides.

A New Tool for Uncertain Markets

The centerpiece of the announcement, the Fidelity Global Opportunities Long/Short Fund, is designed to adapt to changing market conditions. Managed by portfolio managers Max Adelson and Nicolas Bellemare, the fund employs a strategy that involves taking long positions in undervalued global securities and short positions in those deemed overvalued. This approach allows the fund to seek returns from both rising and falling stock prices, offering a potential buffer during market downturns and a source of returns uncorrelated with traditional stock and bond portfolios.

The timing of the launch is particularly relevant. The Canadian market for liquid alternatives has seen explosive growth since regulatory changes in 2019 made such strategies more accessible to retail investors. In 2025 alone, alternative mutual funds and ETFs recorded record net sales of $7.7 billion and $10.4 billion, respectively. This surge in demand reflects a broader investor sentiment seeking products that can provide downside protection and diversification beyond conventional asset classes.

"Offering choice for investors is critical in this period of change," said Kelly Creelman, Senior Vice President of Products and Marketing at Fidelity, in a statement. "One way Fidelity is meeting that need is through expanding our alternative offerings. Whether driven by valuation, industry trends, or fundamental insights, Fidelity Global Opportunities Long/Short Fund can take advantage of either side of the trade to help seek returns or manage risk."

This new fund joins a growing suite of alternative offerings from Fidelity, which entered the space in 2020. The firm has emphasized a research-driven approach, a strategy that largely eschews the performance fees often associated with alternative investments.

The Fidelity Edge: Research and Homegrown Talent

Powering the new fund is Fidelity's extensive proprietary global research network. This network provides the foundation for Adelson and Bellemare to identify investment opportunities across diverse geographical regions, sectors, and company sizes. The fund’s active management style is positioned as a key advantage, complementing traditional long-only strategies by offering the flexibility to adjust positioning throughout the market cycle.

The two portfolio managers, Max Adelson and Nicolas Bellemare, represent a product of Fidelity's own talent development system. Both are Chartered Financial Analyst (CFA) charterholders who joined Fidelity Canada in 2012 as equity research analysts after earning their investment management degrees from McGill University, where they co-managed a student fund. Their careers at Fidelity have seen them cover a wide range of sectors, including financials, energy, technology, and healthcare, and gain management experience on components of the Fidelity Canadian Disciplined Equity Fund. This shared history and deep integration within the Fidelity system are central to the fund's narrative.

The strategy is not just about picking winners but also about identifying losers. By short-selling stocks they believe are overvalued or face fundamental headwinds, the managers aim to generate alpha and manage overall portfolio volatility, a crucial feature for investors concerned with capital preservation in turbulent times.

Broadening Choice with New ETFs and Currency Options

Beyond the flagship long/short fund, Fidelity's announcement signals a broader commitment to expanding investor choice. The firm also launched the Fidelity American Equity Fund – ETF Series (FCAE), adding another option for investors seeking exposure to the U.S. market within a Canadian-listed ETF structure. Both the new American Equity ETF and the Global Opportunities Long/Short Fund ETF Series (FLSE) began trading today on the Toronto Stock Exchange.

Perhaps most indicative of Fidelity's client-focused strategy is the introduction of U.S. dollar purchase options for its highly successful All-in-One ETF Funds. This suite, which has already amassed $15 billion in assets, provides diversified, single-ticket solutions for various risk profiles. The addition of a USD purchase option addresses a clear demand from investors and advisors who hold U.S. dollars and wish to invest without incurring currency conversion costs, or who want to manage their currency exposure more directly.

This move caters to a growing sophistication among Canadian investors, many of whom manage multi-currency portfolios. It simplifies cross-border investing and provides a valuable tool for financial advisors looking to optimize client accounts. "Fidelity's All-in-One solutions have grown tremendously over the years, driven by robust client demand," Creelman noted. "We designed these products with investor needs at the forefront."

Fidelity's latest moves are a clear reflection of the major currents shaping the Canadian investment industry. The demand for alternative strategies is no longer a niche interest but a mainstream movement, with recent surveys indicating that over 90% of financial advisors already allocate to alternatives and plan to increase those allocations. By expanding its suite of liquid alternatives and enhancing the flexibility of its core products, Fidelity is positioning itself to meet the evolving needs of a new generation of Canadian investors.