Fund Information / Factsheet • Apr 22, 2022
Fund Information / Factsheet
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31.03.2022 Monthly Factsheet
To achieve long-term capital growth from an actively managed portfolio made up primarily of securities issued by companies listed in China and Chinese companies listed elsewhere. The Company may also invest in listed companies with significant interests in China.
| Launch date: | 19.04.10 |
|---|---|
| Portfolio manager: | Dale Nicholls |
| Appointed to trust: | 01.04.14 |
| Years at Fidelity: | 26 |
| Total Net Assets (TNA): | £ 1,401m |
| Ordinary shares in Issue: | 513,957,409 |
| Share price: | 252.00p |
| NAV: | 272.52p |
| Discount: | 7.53% |
| Gross Market Gearing: | 26.2% |
| Net Market Gearing: | 21.5% |
Market Index: MSCI China Index (Net)
The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.
Performance is shown for the last five years (or since launch for funds launched within that period).
| 1m | 3m | YTD | 1yr | 3yr | 5yr | Since 16.04.10* |
|
|---|---|---|---|---|---|---|---|
| Share Price Cumulative Growth | -7.5 | -19.0 | -19.0 | -39.2 | 12.2 | 38.3 | 186.2 |
| NAV Cumulative Growth | -7.4 | -14.8 | -14.8 | -34.9 | 11.4 | 28.9 | 208.6 |
| Index Cumulative Growth | -6.2 | -11.7 | -11.7 | -29.3 | -9.7 | 12.9 | 71.0 |
| Share Price Annualised Growth | - | - | - | -39.2 | 3.9 | 6.7 | 9.2 |
| NAV Annualised Growth | - | - | - | -34.9 | 3.7 | 5.2 | 9.9 |
| Index Annualised Growth | - | - | - | -29.3 | -3.3 | 2.5 | 4.6 |
Basis: bid-bid with income reinvested, in GBP, net of fees.
Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar.
*Performance commencement date.
The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.
Following the recent correction in technology names, the risk/reward payoff has become more favourable for investors. While the risk of new regulation persists, we appear to be close to 'past peak' with regards to regulation-related news flow. The Chinese government has ambitious long-term goals for economic development, which will be difficult to achieve without a vibrant private sector. Valuations for many such companies have moved to historical lows and look compelling versus their global peers.
Chinese equities have fallen over the last 12 months due to tough regulations targeting a raft of areas such as education, data privacy, cyber security, and anti-monopoly concerns, while real estate stocks remain under pressure as default risks prevail for some property developers. However, China's recent accommodative measures, including a set of borrowing rate cuts to stabilise growth, exhibits its commitment to support the economy.
Over the last few months, stocks in industries embroiled in regulatory changes, including 21vianet and software company iClick Interactive Asia, declined. However, the holding in SenseTime continued to rise post its IPO and contributed to returns.
Over the 12 months to 31 March 2022, the Trust's NAV fell by 34.9%, underperforming its reference index, which delivered -29.3% over the same period. The Trust's share price fell 39.2% over the same period.
FIDELITY INVESTMENT TRUSTS
Fidelity China Special Situations PLC
31.03.2022 Monthly Factsheet
| Exposure (% TNA) |
|
|---|---|
| Gross Market Exposure | 126.2 |
| Net Equity | 121.5 |
| Other | -3.5 |
| Uninvested Cash | 0.0 |
Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.
| GICS Sector | Net | Index | Relative |
|---|---|---|---|
| Consumer Discretionary | 32.9 | 28.1 | 4.8 |
| Communication Services | 20.3 | 17.6 | 2.7 |
| Information Technology | 18.8 | 6.2 | 12.6 |
| Industrials | 17.8 | 5.8 | 12.0 |
| Financials | 15.2 | 17.1 | -1.9 |
| Health Care | 12.5 | 6.2 | 6.2 |
| Materials | 7.9 | 3.9 | 4.0 |
| Consumer Staples | 3.3 | 5.6 | -2.3 |
| Energy | 3.1 | 2.4 | 0.7 |
| Utilities | 1.8 | 2.7 | -0.9 |
| Real Estate | 1.5 | 4.4 | -2.8 |
| Total Sector Exposure | 135.0 | 100.0 | |
| Other Index / Unclassified | -13.5 | 0.0 | |
| Total Equity Exposure | 121.5 | 100.0 |
| GBP | Net | Index | Relative |
|---|---|---|---|
| >10bn | 30.5 | 72.1 | -41.6 |
| 5-10bn | 8.2 | 12.8 | -4.6 |
| 1-5bn | 31.3 | 11.0 | 20.3 |
| 0-1bn | 41.1 | 0.4 | 40.7 |
| Total Market Cap Exposure | 111.1 | 96.3 | |
| Other Index / Unclassified | 10.4 | 3.7 | |
| Total Equity Exposure | 121.5 | 100.0 |
| Net | Index | Relative | |
|---|---|---|---|
| China A-Shares | 22.7 | 16.7 | 6.0 |
| China B-Shares | 0.3 | 0.2 | 0.1 |
| China H-Shares* | 17.4 | 22.7 | -5.3 |
| Red Chips* | 5.3 | 5.4 | -0.1 |
| Listed in HK** | 36.4 | 45.2 | -8.8 |
| Listed in Singapore | 1.0 | 0.0 | 1.0 |
| Listed in USA | 18.8 | 9.3 | 9.5 |
| Listed in Taiwan | 0.8 | 0.0 | 0.8 |
| Listed in Japan | 2.3 | 0.0 | 2.3 |
| Listed in United Kingdom | 1.5 | 0.0 | 1.5 |
| Listed in Germany | 0.8 | 0.0 | 0.8 |
| Unlisted | 15.8 | 0.0 | 15.8 |
| Other | -1.6 | 0.0 | -1.6 |
| Grand Total | 121.5 | 100.0 | 21.5 |
| *As classified in the website of HKEx. |
**Non-H-share and non-Red-Chip companies listed in Hong Kong, held by the fund or as part of MSCI China.
| GICS Sector | Country | Net | Index | Relative | |
|---|---|---|---|---|---|
| TENCENT HLDGS LTD | Communication Services | China | 11.2 | 12.5 | -1.3 |
| ALIBABA GROUP HOLDING LTD | Consumer Discretionary | China | 8.8 | 9.9 | -1.1 |
| WUXI APPTEC CO LTD | Health Care | China | 3.5 | 0.4 | 3.1 |
| PONY AI INC | Consumer Discretionary | USA | 2.9 | 0.0 | 2.9 |
| SENSETIME GROUP INC | Information Technology | China | 2.6 | 0.0 | 2.6 |
| CHIME BIOLOGICS LIMITED (Convertible Bond) | Information Technology | China | 2.3 | 0.0 | 2.3 |
| NOAH HLDGS LTD | Financials | China | 2.2 | 0.0 | 2.2 |
| CRYSTAL INTERNATIONAL GROUP LTD | Consumer Discretionary | Hong Kong | 2.2 | 0.0 | 2.2 |
| LTD CHINA PAC INS GROUP CO LTD | Financials | China | 2.0 | 0.4 | 1.7 |
| VENTUROUS HOLDINGS LIMITED | Financials | Grand Cayman (UK Overseas Ter) | 2.0 | 0.0 | 2.0 |
| GICS Sector | Country | Net | Index | Relative |
|---|---|---|---|---|
| 11.2 | ||||
| Consumer Discretionary | China | 8.8 | 9.9 | -1.1 |
| Health Care | China | 3.5 | 0.4 | 3.1 |
| Consumer Discretionary | USA | 2.9 | 0.0 | 2.9 |
| Information Technology | China | 2.6 | 0.0 | 2.6 |
| Information Technology | China | 2.3 | 0.0 | 2.3 |
| Financials | China | 2.2 | 0.0 | 2.2 |
| Consumer Discretionary | Hong Kong | 2.2 | 0.0 | 2.2 |
| Financials | China | 2.0 | 0.4 | 1.7 |
| Financials | Grand Cayman (UK Overseas Ter) | 2.0 | 0.0 | 2.0 |
| Net | Index | Relative | |
|---|---|---|---|
| WUXI APPTEC CO LTD | 3.5 | 0.4 | 3.1 |
| PONY AI INC | 2.9 | 0.0 | 2.9 |
| SENSETIME GROUP INC | 2.6 | 0.0 | 2.6 |
| CHIME BIOLOGICS LIMITED (Convertible Bond) | 2.3 | 0.0 | 2.3 |
| CRYSTAL INTERNATIONAL GROUP | 2.2 | 0.0 | 2.2 |
| LTD NOAH HLDGS LTD | 2.2 | 0.0 | 2.2 |
| VENTUROUS HOLDINGS LIMITED | 2.0 | 0.0 | 2.0 |
| SKSHU PAINT CO LTD | 1.9 | 0.0 | 1.9 |
| BYTEDANCE LTD | 1.8 | 0.0 | 1.8 |
| CHINA PAC INS GROUP CO LTD | 2.0 | 0.4 | 1.7 |
| Fund | Index | |
|---|---|---|
| Top 10 | 39.7 | 41.4 |
| Top 20 | 57.0 | 52.1 |
| Top 50 | 91.8 | 66.8 |
| Net | Index | Relative | |
|---|---|---|---|
| CHINA CONSTRUCTION BANK | 0.0 | 3.3 | -3.3 |
| MEITUAN | 0.6 | 3.7 | -3.1 |
| JD.COM INC | 0.3 | 2.7 | -2.4 |
| PING AN INS GROUP CO CHINA | 0.1 | 2.3 | -2.2 |
| LTD Short Position - name withheld | -0.6 | 1.3 | -1.9 |
| CHINA MERCHANTS BANK CO LTD | 0.0 | 1.8 | -1.8 |
| INDUSTRIAL & COML BK CHINA | 0.0 | 1.7 | -1.7 |
| BAIDU INC | 0.0 | 1.7 | -1.7 |
| BANK OF CHINA LTD | 0.0 | 1.5 | -1.5 |
| Short Position - name withheld | -0.2 | 1.3 | -1.4 |
Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts. Figures may not always sum to totals due to rounding.
The manager has a disciplined, bottom-up security selection approach. The fund seeks out investments in companies with good long-term prospects, cash generative businesses and companies controlled by strong management teams. Ideally these factors are not well understood by the market, and are therefore not reflected in valuations. The manager also focuses on smaller companies as these tend to be less well researched and, therefore, more mispriced. However, smaller companies tend to be higher risk, so risk management is key and meeting company management teams is essential in order to understand them and monitor their progress. On the long side, the manager looks for undervalued companies where returns are expected to go up over time.
| Financial Year End: | 31st March |
|---|---|
| Reference currency: | UK Sterling (GBP) |
| Company domicile: | United Kingdom |
| Company legal structure: | Investment Trust |
| Capital guarantee: | No |
| ISIN: | GB00B62Z3C74 |
| SEDOL: | B62Z3C7 |
| Bloomberg: | FCSS.LN |
| Distribution frequency: | Annual |
| Charges made to income or capital: | 25/75 |
| Other Ongoing Costs (including | |
| AMC/excluding Portfolio transaction costs): | 1.08% |
| Portfolio Transaction Costs: | 0.64 |
| Annual Management Charge: | 0.90% (net assets) |
| on the first £1.5bn | |
| of assets and | |
| 0.70% (net) on | |
| funds in excess of | |
| £1.5bn. +/- 0.20% | |
| (based on | |
performance relative to the Market Index)
Last VMF adjustment (+/- 0.2%) applied at month end: +0.20%
This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.
The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.
The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.
Portfolio composition data has been calculated and presented according to several general principles, which are listed below.
Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated.
Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.
Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.
"Basket" securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.
Monthly Factsheet
ESG refers to 'environmental, social and governance' criteria which are three central factors used in measuring the sustainability of an investment in securities of an issuer. By way of example, "environmental" may cover themes such as climate risks and natural resources scarcity, "social" may include labour issues and product liability risks such as data security and "governance" may encompass items such as business ethics and executive pay.
The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. Representation of this data is for informational purposes only. If the SFDR classification is shown as 6 below then this fund does not promote environmental or social characteristics nor does it have a sustainable investment objective. If it is shown as 8, the data shown should not be interpreted as promoting any environmental or social characteristics for the fund or providing a sustainable investment objective. Product-specific information can be found on our website at www.fidelityinternational.com.
| Fund | Index | |
|---|---|---|
| MSCI ESG Fund Rating (AAA-CCC) | BBB | N/A |
| Weighted Average Carbon Intensity (tCo2e/\$M) | 118.6 | 264.2 |
| Carbon Footprint (tCO2/\$M Invested) | 132.7 | 261.9 |
| SFDR Classification | N/A | N/A |
31.03.2022
*N/A will be displayed if there is no ESG data available for the fund/index or if the coverage of underlying securities is under 50%. *NR - Not rated
MSCI ESG Fund Rating: This shows the funds ESG rating based on the Quality Scores given to the fund by MSCI. This ranges from AAA, AA (Leader), A, BBB, BB (Average) to B, CCC (Laggard).
Weighted Average Carbon Intensity: is calculated as the sum of each portfolio weight multiplied by the Co2e per \$M of Revenue of each holding. This metric provides a snapshot of the fund's exposure to carbon-intensive companies and includes scope 1 and scope 2 carbon emissions.
Carbon Footprint: Provides a normalized snapshot of the funds contribution to carbon emissions.
SFDR Classification: Shows the classification given to each fund as part of the EU Sustainable Finance Disclosure Regulation (SFDR). Article 9 funds aim to achieve an ESG outcome and are products with ESG objectives. Article 8 funds focus on promoting ESG characteristics and this must be a primary focus of the product. Article 6 funds integrate sustainability risks into investment analysis and decision-making, without the funds promoting environmental or social characteristics or having sustainable investments as their objective.
ESG Rating Source: ©2022 MSCI ESG Research LLC. Reproduced by permission, no further distribution. MSCI ESG Research LLC and its affiliates (the "ESG Parties"), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The information is as at the date of production based on data provided by MSCI. There may be timing differences between the date at which data is captured and reported. For more up to date information, you can visit https://www.msci.com/esg-fund-ratings
Carbon Data Source: Data provided by ISS ESG. All rights in the information provided by Institutional Shareholder Services Inc. and its affiliates (ISS) reside with ISS and/or its licensors. ISS makes no express or implied warranties of any kind and shall have no liability for any errors, omissions or interruptions in or in connection with any data provided by ISS. The information is as at the date of production based on carbon data provided by ISS. There may be timing differences between the date at which data is captured and reported. SFDR Classification is assigned by Fidelity in line with the EU Sustainable Financial Disclosure Regulation.
Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).
The net positive exposure to the market with short and hedge positions subtracted from long positions.OTHER
The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.
This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.
The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.
If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.
If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.
Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.
The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and
Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.
The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.
The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.
Those companies in which the largest percentages of the trust's total net assets are effectively invested. Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.
Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.
Illustrates the weight of the top 10, 20 and 50 positions in the trust and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.
ONGOING COSTS (KID)
These include Portfolio transaction costs (the costs of us buying and selling underlying investments) and Other ongoing costs (the costs that we take each year for managing the investment).
These are based on the methodology prescribed by EU Regulation (PRIIPS) and differ from other presentations of costs such as the Ongoing Charge Figure (OCF) in the Company's Annual Report & Accounts.
PORTFOLIO TRANSACTION COSTS
These are costs incurred when trading underlying investments.
GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 sub-industries.
More information is available at http://www.standardandpoors.com/indices/gics/en/us
ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/
Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America.
Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.
This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.
Unless otherwise stated, all views are those of Fidelity.
Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.
Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.
This fund is managed by FIL Investments International.
Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.
Issued by FIL Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom.
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