Investment Risk Management Intern

Soufflé Therapeutics has closed an oversubscribed $135 million Series B round led by Juvia Group. New investors include TCG Crossover Management, BB Biotech, Fidelity Management & Research Company, Balyasny Asset Management, and a sovereign wealth fund. Existing backers such as Amgen Ventures, ARCH Venture Partners, and Temasek also took part. The RNA therapies company will use the money to move its three lead programs into clinical studies. They target facioscapulohumeral muscular dystrophy (FSHD), heart failure with reduced ejection fraction, and muscle and metabolic disorders. It will also advance its pipeline in other cell types and tissues. Its REMEDY (Receptor Mediated Delivery) engine delivers oligonucleotide therapies to specific cells outside the liver. "This exceptional group of investors" backs the engine's potential, said chief executive officer Amir Nashat.

Fidelity's Jurrien Timmer predicts Q3 earnings growth could reach 30% to 35% if recent quarters' typical post-reporting bounce repeats. Despite trailing earnings being up 28% and forward earnings expected to rise another 20%, the market's trailing price-to-earnings multiple has fallen 10% year-over-year. Timmer, Fidelity's Director of Global Macro, notes that investors historically don't pay top multiples for peak earnings growth. Bloomberg data shows Q2 2026 growth estimates at 34% and Q1 2026 at 29%, well above the 11% to 15% posted from Q4 2024 through Q3 2025. The S&P 500 has already reached a record high above 7,800. Schwab's Kevin Gordon warns that a single mega-cap capital expenditure miss could disrupt earnings, noting AI stocks now carry much of the index.

Fidelity International rolls out range of enhanced income ETFs. Global equity and US equity ETFs are the first to launch Fidelity International has unveiled a new range of higher income-focused equity ETFs. The first ETFs to launch in the Equity Enhanced Yield range are the Fidelity Global Equity Enhanced Yield UCITS ETF and the Fidelity US Equity Enhanced Yield UCITS ETF. The strategies combine actively managed equity portfolios with an options strategy designed with the aim of generating additional income. Insights from Fidelity's global fundamental research platform feed into stock selection and portfolio construction while the options overlay systematically sells index call options. ESG considerations are also factored in when assessing investment risks and opportunities. Each ETF will be supported by $5m of seed capital from authorised market participant Susquehanna. Both were listed on Germany's Xetra and Italy's Borsa Italiana on 2 October and on the London Stock Exchange on 5 October. Neil Davies, head of ETFs at Fidelity International, said: "As market volatility continues to challenge investors, International Adviser is seeing growing demand for strategies that can provide alternative sources of income while allowing investors to remain invested in equity markets. "What differentiates this range is that it gives investors access to Fidelity's bottom-up equity research in a systematic way. Alongside this, a disciplined, rules-based options strategy seeks to provide an additional source of income, with the option premiums also helping to cushion some of the impact of market declines." Vincent Li, head of derivatives at Fidelity International, added: "Options can be a powerful tool for reshaping the return profile of an equity investment. Our approach is deliberately systematic, using a disciplined framework to select and implement index call options with the aim of generating consistent additional income, while retaining meaningful participation in equity markets."