Fidelity Global Investment Grade Bond ETF Series L Trust — Fidelity Investments Canada ULC — Fidelity FOCUS 2022 Scottsdale

6 slides from Fidelity Global Investment Grade Bond ETF Series L Trust's conference presentation, October 2022

Slide 1: Contrarian perspectives
Contrarian perspectives Hugo Lavallée Portfolio Manager October 2022 1 © 2022 FIDELITY INVESTMENTS CANADA ULC 527008-v2022923 FOR ADVISOR USE ONLY
Slide 2: What is contrarian investing?
What is contrarian investing? Look for… 1 Stocks that are out of favour, forgotten, unloved. 2 Situations that will improve over the next two to three years. For illustrative purposes only. 2 © 2022 FIDELITY INVESTMENTS CANADA ULC 527008-v2022923 FOR ADVISOR USE ONLY
Slide 3: New player
New player Price/earnings Free cash flow yield 3 © 2022 FIDELITY INVESTMENTS CANADA ULC 527008-v2022923 FOR ADVISOR USE ONLY
Slide 4: Boss level
Boss level Price/net cash Price/book EV/sales EV/gross profits EV/recurring revenues Note: Enterprise value (EV) measures a company’s total value. 4 © 2022 FIDELITY INVESTMENTS CANADA ULC 527008-v2022923 FOR ADVISOR USE ONLY
Slide 5: Final boss
Final boss Price/previous peak earnings per share 5 © 2022 FIDELITY INVESTMENTS CANADA ULC 527008-v2022923 FOR ADVISOR USE ONLY
Slide 6: Important notice
Important notice For advisor use only. No recipient is authorized to pass this communication on to any other person whatsoever or reproduce it by any means without the prior written consent of Fidelity. Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated