Separating what's real from the hype: Roblox, Games Workshop and more - James Abela | Fidelity

11 snips

Sep 11, 2025

In this discussion, James Abela, Portfolio Manager of the Fidelity Global Future Leaders Fund, shares insights on navigating the investment landscape. He discusses why mid-cap stocks are thriving and what his five years managing the Future Leaders Fund have taught him. Abela reveals his reasons for avoiding Roblox and elaborates on the success of Arista Networks as a prime pick. He also dives deep into Games Workshop's impressive growth and future potential, highlighting the balance between market expectations and real opportunities.

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INSIGHT

Blend Styles To Smooth Volatility

A balanced, blended investment style smooths returns across volatile market cycles.
Fidelity's 'quality value transition momentum' approach aims to avoid big losses in down markets while participating in up markets.

INSIGHT

Tech Valuations Evolved

Technology changed valuation paradigms: cash flow and profitability now drive market value more than pure top-line growth.
Investors must reassess how they judge tech businesses' valuation horizons.

ANECDOTE

Applovin: From Losses To 500% Gain

James recounts buying Applovin two years ago and seeing it rise roughly 500%.
He uses this to show how loss-making tech can become highly profitable once scale and margins shift.

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With so much opportunity being presented to investors everyday, it can be a challenge separating good opportunities from great ones.

Today we speak to James Abela, Portfolio Manager of the Fidelity Global Future Leaders Fund, about the companies in his portfolio but also two that are not. Together, we unpack:

Why global small and mid cap stocks are proving such a fruitful part of the market
What he has learned from 5 years managing the Future Leaders Fund
Why James has avoided Roblox
When James looks to sell his winners - using Arista Networks as a case study
A deep dive into Games Workshop, a stock in his portfolio

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Thank you to Fidelity for sponsoring this episode.

Learn more about the Fidelity Global Future Leaders Fund by visiting their website.

Read Maroun's report: Unveiling Tomorrow's Titans

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