While Fidelity uses a stock picking, bottom-up approach to investment, it does not entirely ignore its house view about the prospects of a particular market, says Mark Konyn, senior director in charge of institutional investment.
'We do put our stock selection in an asset allocation framework, but we won't rely on our country view to generate excess returns,' Dr Konyn said.
The company used broker research, but mainly to help provide an understanding of where the consensus view was.
'Obviously if we are identifying opportunities which have not been fully identified by our competitors then we believe there will be a price movement as the market slowly becomes aware of the opportunity.
'We build our bottom-up framework into a country view,' he said.
'Then once a quarter we have an international meeting to assess how our stock views are going to impact on a portfolio at a country level and whether or not there are risks with having too many or not enough stocks relative to an index weighting in a particular country.'