Fidelity International’s Maroun Younes on the drivers of equity market behaviour
INTERVIEWSERIES
Maroun Younes, Portfolio Manager, Fidelity International
October 2026
Podcast
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In this exclusive interview, Maroun discusses the forces driving equity market behaviour and shares his views on the sustainability of current market dynamics. He explains where he sees the biggest disconnects today between business fundamentals and market expectations, how he separates genuine tech disruption from market overextrapolation and how he thinks about what constitutes a “moat” across industries, in an AI disrupted world.
Watch the full interview where we ask Maroun:
What do you think is driving equity market behaviour and how sustainable is it?
How do you distinguish between a normal period of factor underperformance and a more fundamental change in what the market rewards?
How useful is the comparison of the late-1990s quality’s underperformance analogy to today’s environment, and where do you think it breaks down?
How do you separate genuine technological disruption from market over-extrapolation?
Has AI caused you to rethink what constitutes a “moat” in any particular industry?
Where are you seeing the biggest disconnects today between business fundamentals and market expectations?
Maroun Younes, Portfolio Manager, Fidelity International
Maroun is the Co-Portfolio Manager on the Fidelity Global Future Leaders Strategy. Previously, Maroun was an analyst in the Fidelity Australian equities team with over a decade of investment experience and has covered a broad range of sectors, which have included Internet & Technology, Media, Telecommunications, Building & Construction Materials, Packaging, Transport, Infrastructure, Chemical and Steel. Maroun joined Fidelity in 2012.
Prior to Fidelity, Maroun worked at Willis Towers Watson from 2006 to 2012, where he was advising institutional investors, superannuation funds and endowments on asset allocation, risk control and effective investment decision making.
Maroun graduated from Macquarie University with a Bachelor in Business Administration (Finance and Management) and a Bachelor of Economics (Econometrics). Maroun is also a CFA Charterholder.
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