Fidelity portfolio manager plans to rebuild gold holdings amid Fed uncertainty
Key Takeaways
- •Samson plans to raise Fidelity’s gold exposure to about 5% of the $3 billion income and growth strategy fund, equal to roughly $150 million.
- •He lowered the fund’s gold position from overweight to neutral in January and February 2026 as prices approached a peak.
- •Gold reached nearly $5,600 per ounce in early 2026 before falling to around $5,000 by mid-July, a decline of about 11%.
- •Samson links the renewed gold interest to uncertainty over Federal Reserve policy and its impact on traditional assets.
- •He expects gold to return to bull market territory in 2027, and says central bank purchases remain an important part of the case for holding the metal.
Ian Samson, a multi-asset portfolio manager at Fidelity International, is shifting from a neutral gold stance back to overweight as uncertainty around US Federal Reserve policy clouds the outlook for traditional assets.
The move involves targeting roughly a 5% gold allocation within a $3 billion income and growth strategy fund, a size that makes the position material but still part of a broader multi-asset portfolio rather than a single-theme bet.
From overweight to neutral and back again
Samson reduced Fidelity’s gold holdings from overweight to neutral in the January-February period, when gold was moving toward its peak. That high came in early 2026 at nearly $5,600 per ounce. Gold then fell sharply from those levels, reaching around $5,000 per ounce by mid-July 2026, a decline of roughly 11% from the peak.
He is not alone at Fidelity in taking that view. George Efstathopoulos, another Fidelity portfolio manager, has said he would consider re-entering gold positions if prices fell another 5% to 7% from current levels.
Why the Fed matters
Institutional investors broadly reduced gold exposure earlier in 2026 as the Federal Reserve maintained a hawkish stance. Higher interest rates typically weigh on gold because they raise the opportunity cost of holding a non-yielding asset, which is why shifts in Fed expectations can quickly affect demand for the metal even when broader market conditions remain unsettled.
Samson expects gold to return to bull market territory in 2027, implying he sees meaningful price appreciation from the $5,000 level over the next six to twelve months.
Central banks continue buying
Sovereign buyers have been accumulating gold reserves at an elevated pace, driven by diversification away from dollar-denominated assets and geopolitical hedging. For Samson, central bank purchasing remains a key part of the investment case alongside expectations for monetary policy adjustments, and it helps explain why gold can stay relevant to institutional portfolios even after sharp pullbacks.
The 5% target allocation in the $3 billion fund translates to about $150 million in gold exposure.
