Fidelity Manager Profits From Pre-War Inflation Bet as Oil Surges Above $100 per Barrel

According to Jin10, Fidelity International portfolio manager Mike Riedel bet on rising inflation before the Iran war, acquiring U.S. and U.K. inflation swaps several months prior to the geopolitical escalation. Oil prices subsequently surged above $100 per barrel, validating his contrarian inflation thesis. Riedel stated that the bond market had severely underpriced inflation risk, with global rate-cut expectations failing to account for Middle East conflict risks. He maintains a reduced but ongoing position in inflation swaps.