The wolf in sheep’s clothing: is momentum hiding in your portfolio?

**Momentum has been one of the market's biggest winners in recent years. But what happens when the trade everyone loves starts to unwind?** In this month's episode of Sound Bites, Matt Jones, Portfolio Manager for the Fidelity Research Global Equities Fund explores why momentum has become such a powerful force in markets, why it can act as a "wolf in sheep's clothing" for investors, and how investors can identify hidden concentrations that may be building beneath the surface of portfolios. **Topics covered:** - Why momentum has become a dominant market driver - The risks of factor concentration and crowded trades - How market-cap weighted benchmarks can amplify momentum exposure - Why diversification goes beyond simply owning more stocks - The role of differentiated alpha sources in today's market Read our full disclaimer. This episode was recorded 19 August 2026. See omnystudio.com/listener for privacy information.